ING Groep NV Buys Shares of 11,438 Wynn Resorts, Limited (NASDAQ:WYNN)

Key Points

• ING Groep NV acquired 11,438 shares of Wynn Resorts, valued at approximately $955,000, marking a new investment in the casino operator during the first quarter of the year.
• Several hedge funds increased their stakes in Wynn Resorts, with the State of Tennessee Department of Treasury enhancing its stake by 73% and BI Asset Management by 190.9% in the fourth quarter.
• This week, analysts issued varied ratings on Wynn Resorts, with Goldman Sachs giving a "buy" rating and a target price of $122, while UBS and Citigroup maintained "neutral" ratings at $101 and $114, respectively.

ING Groep NV acquired a new position in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 11,438 shares of the casino operator's stock, valued at approximately $955,000.

Other hedge funds have also recently made changes to their positions in the company. State of Tennessee Department of Treasury increased its stake in shares of Wynn Resorts by 73.0% in the fourth quarter. State of Tennessee Department of Treasury now owns 23,791 shares of the casino operator's stock worth $2,050,000 after buying an additional 10,041 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its stake in shares of Wynn Resorts by 190.9% in the fourth quarter. BI Asset Management Fondsmaeglerselskab A S now owns 19,798 shares of the casino operator's stock worth $1,706,000 after buying an additional 12,993 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in shares of Wynn Resorts in the fourth quarter worth $2,296,000. Alliancebernstein L.P. increased its stake in shares of Wynn Resorts by 12.4% in the fourth quarter. Alliancebernstein L.P. now owns 122,760 shares of the casino operator's stock worth $10,577,000 after buying an additional 13,553 shares during the period. Finally, Boothbay Fund Management LLC increased its stake in shares of Wynn Resorts by 67.2% in the fourth quarter. Boothbay Fund Management LLC now owns 27,973 shares of the casino operator's stock worth $2,410,000 after buying an additional 11,238 shares during the period. 88.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Patricia Mulroy sold 2,262 shares of the stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $92.12, for a total transaction of $208,375.44. Following the sale, the director directly owned 3,066 shares of the company's stock, valued at approximately $282,439.92. This represents a 42.45% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.52% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on WYNN shares. The Goldman Sachs Group started coverage on shares of Wynn Resorts in a research note on Monday, July 7th. They issued a "buy" rating and a $122.00 target price on the stock. UBS Group reissued a "neutral" rating and set a $101.00 price objective (up from $83.00) on shares of Wynn Resorts in a research report on Tuesday, July 8th. Citigroup reissued a "neutral" rating and set a $114.00 price objective (up from $108.00) on shares of Wynn Resorts in a research report on Wednesday, July 9th. Mizuho reduced their price objective on shares of Wynn Resorts from $132.00 to $122.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Finally, Macquarie boosted their price objective on shares of Wynn Resorts from $110.00 to $124.00 and gave the company an "outperform" rating in a research report on Friday. Four equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $116.57.

Wynn Resorts Stock Down 0.8%

Shares of NASDAQ:WYNN traded down $0.82 during midday trading on Friday, reaching $106.41. The company's stock had a trading volume of 4,211,185 shares, compared to its average volume of 1,679,787. The firm has a 50 day moving average of $99.81 and a 200-day moving average of $89.69. The firm has a market capitalization of $11.13 billion, a P/E ratio of 31.96, a PEG ratio of 2.96 and a beta of 1.41. Wynn Resorts, Limited has a 12-month low of $65.25 and a 12-month high of $112.36.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its earnings results on Thursday, August 7th. The casino operator reported $1.09 earnings per share for the quarter, missing analysts' consensus estimates of $1.20 by ($0.11). Wynn Resorts had a negative return on equity of 58.99% and a net margin of 5.51%. The business had revenue of $1.74 billion during the quarter, compared to analysts' expectations of $1.74 billion. During the same period in the prior year, the company earned $1.12 earnings per share. The firm's quarterly revenue was up .6% compared to the same quarter last year. On average, research analysts predict that Wynn Resorts, Limited will post 5.17 EPS for the current year.

Wynn Resorts Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Investors of record on Monday, August 18th will be given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Monday, August 18th. Wynn Resorts's dividend payout ratio is 27.78%.

Wynn Resorts Company Profile

Wynn Resorts, Limited designs, develops, and operates integrated resorts. The company operates through four segments: Wynn Palace, Wynn Macau, Las Vegas Operations, and Encore Boston Harbor. The Wynn Palace segment operates private gaming salons and sky casinos; a luxury hotel tower with suites, and villas, including a health club, spa, salon, and pool; food and beverage outlets; retail space; meeting and convention space; and performance lake and floral art displays.