California State Teachers Retirement System Increases Holdings in Wynn Resorts, Limited $WYNN

Key Points

• California State Teachers Retirement System increased its Wynn Resorts stake by 9,349.7% in the second quarter, acquiring nearly 9 million additional shares and ending with an 8.83% ownership position valued at approximately $882.9 million.
• Wynn Resorts reported quarterly earnings of $1.24 per share, exceeding the $0.99 consensus estimate, while revenue rose 6.9% year over year to $1.86 billion. The company also maintains a $0.25 quarterly dividend, equivalent to a 1.1% yield.
• Analysts remain generally positive, with a consensus “Moderate Buy” rating and an average price target of $133.35, although Wynn shares recently traded near their 52-week low at $87.70.

California State Teachers Retirement System boosted its position in shares of Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 9,349.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 9,093,255 shares of the casino operator's stock after purchasing an additional 8,997,027 shares during the quarter. California State Teachers Retirement System owned approximately 8.83% of Wynn Resorts worth $882,864,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in WYNN. Hantz Financial Services Inc. grew its stake in Wynn Resorts by 54.9% in the 4th quarter. Hantz Financial Services Inc. now owns 251 shares of the casino operator's stock worth $30,000 after acquiring an additional 89 shares during the period. QRG Capital Management Inc. boosted its holdings in shares of Wynn Resorts by 4.9% during the first quarter. QRG Capital Management Inc. now owns 2,071 shares of the casino operator's stock worth $210,000 after purchasing an additional 96 shares during the last quarter. Parallel Advisors LLC grew its position in shares of Wynn Resorts by 21.6% in the third quarter. Parallel Advisors LLC now owns 563 shares of the casino operator's stock valued at $72,000 after purchasing an additional 100 shares during the period. Larson Financial Group LLC grew its position in shares of Wynn Resorts by 23.5% in the fourth quarter. Larson Financial Group LLC now owns 557 shares of the casino operator's stock valued at $67,000 after purchasing an additional 106 shares during the period. Finally, New York Life Investment Management LLC increased its stake in Wynn Resorts by 1.0% in the fourth quarter. New York Life Investment Management LLC now owns 11,420 shares of the casino operator's stock valued at $1,374,000 after purchasing an additional 110 shares during the last quarter. 88.64% of the stock is owned by institutional investors and hedge funds.

Wynn Resorts Stock Performance

Wynn Resorts stock opened at $87.70 on Monday. The stock's 50 day moving average price is $97.22 and its 200 day moving average price is $100.72. Wynn Resorts, Limited has a one year low of $86.96 and a one year high of $134.72. The firm has a market capitalization of $9.03 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 1.05 and a beta of 1.00.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last announced its earnings results on Tuesday, August 4th. The casino operator reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.99 by $0.25. Wynn Resorts had a net margin of 6.05% and a negative return on equity of 46.52%. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.83 billion. During the same period in the prior year, the firm earned $1.09 earnings per share. The business's quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts forecast that Wynn Resorts, Limited will post 4.55 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Friday, August 14th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Friday, August 14th. This represents a $1.00 annualized dividend and a dividend yield of 1.1%. Wynn Resorts's dividend payout ratio (DPR) is presently 24.81%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on WYNN shares. Argus raised their price target on Wynn Resorts from $115.00 to $130.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Mizuho dropped their price objective on shares of Wynn Resorts from $133.00 to $125.00 and set an "outperform" rating for the company in a research note on Tuesday, July 28th. Wells Fargo & Company cut their price objective on shares of Wynn Resorts from $141.00 to $131.00 and set an "overweight" rating on the stock in a report on Wednesday, August 5th. Weiss Ratings reissued a "hold (c)" rating on shares of Wynn Resorts in a research report on Wednesday, June 24th. Finally, Barclays upped their price target on shares of Wynn Resorts from $134.00 to $136.00 and gave the stock an "overweight" rating in a research report on Wednesday, August 5th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $133.35.

Key Stories Impacting Wynn Resorts

Here are the key news stories impacting Wynn Resorts this week:

• Positive Sentiment: UBS remains bullish despite a lower target. UBS reduced its price target from $145 to $138 but maintained a “buy” rating, implying substantial upside from current levels. The lower target may reflect more cautious assumptions rather than a change in its overall view. Benzinga analyst ratings
• Neutral Sentiment: Options activity suggests traders are positioning for a potentially large move. Elevated or notable options-market activity indicates uncertainty and expectations for increased volatility, but it does not establish a clear directional signal. Options traders betting on a big move in Wynn Resorts stock
• Neutral Sentiment: Wynn priced $900 million of senior notes due 2035 at a 6.875% coupon. The offering extends the company’s debt maturities and provides liquidity, but the relatively high interest rate increases financing costs. Proceeds and use-of-funds details were not provided in the reports. Wynn Resorts prices senior notes offering
• Negative Sentiment: Credit concerns are weighing on the financing news. Fitch reportedly characterized Wynn’s credit improvement as “slow,” reinforcing investor concerns about leverage and the cost of servicing debt. The new notes’ high coupon may add to those worries. Wynn Resorts senior notes and Fitch credit outlook
• Negative Sentiment: Recent market momentum has been poor. Wynn underperformed competitors and touched a new 52-week low, signaling continued selling pressure and weakening investor sentiment. Wynn Resorts reaches 52-week low
• Negative Sentiment: Former Wynn Las Vegas employees allege they were fired because of union activity. If substantiated, the claims could create labor-relations, legal and reputational risks for Wynn Resorts. Former Wynn Las Vegas employees allege firings tied to union activity

Wynn Resorts Company Profile

Wynn Resorts, Ltd. is a global luxury hospitality and entertainment company that develops and operates integrated resorts. Its properties combine casino gaming with hotel accommodations, fine dining, retail shopping, nightlife, entertainment, spas and meeting facilities.

The company operates Wynn Las Vegas and Encore Las Vegas in Nevada, Encore Boston Harbor in Massachusetts, and Wynn Macau and Encore Macau in Macau. These properties serve leisure and business travelers, gaming customers and convention guests across the United States and Asia.

Founded in 2002 by casino executive Steve Wynn, Wynn Resorts has expanded its portfolio through destination resorts focused on premium service and design.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.