KG&L Capital Management LLC Acquires New Position in Wynn Resorts, Limited (NASDAQ:WYNN)

KG&L Capital Management LLC acquired a new stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,500 shares of the casino operator's stock, valued at approximately $292,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of WYNN. Norges Bank purchased a new position in shares of Wynn Resorts in the 4th quarter valued at approximately $117,352,000. Jericho Capital Asset Management L.P. purchased a new position in Wynn Resorts during the 4th quarter worth approximately $101,375,000. Raymond James Financial Inc. purchased a new position in Wynn Resorts during the 4th quarter worth approximately $75,872,000. Barrow Hanley Mewhinney & Strauss LLC raised its position in Wynn Resorts by 18.4% during the 4th quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 3,125,668 shares of the casino operator's stock worth $269,308,000 after buying an additional 485,204 shares during the last quarter. Finally, Deutsche Bank AG raised its position in Wynn Resorts by 108.5% during the 4th quarter. Deutsche Bank AG now owns 848,636 shares of the casino operator's stock worth $73,118,000 after buying an additional 441,558 shares during the last quarter. 88.64% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Wynn Resorts

In related news, major shareholder Tilman J. Fertitta purchased 100,000 shares of the company's stock in a transaction that occurred on Monday, April 7th. The shares were purchased at an average price of $67.62 per share, with a total value of $6,762,000.00. Following the purchase, the insider now owns 13,000,000 shares of the company's stock, valued at $879,060,000. The trade was a 0.78% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Patricia Mulroy sold 2,262 shares of Wynn Resorts stock in a transaction on Thursday, May 29th. The shares were sold at an average price of $92.12, for a total transaction of $208,375.44. Following the completion of the sale, the director now directly owns 3,066 shares in the company, valued at $282,439.92. This represents a 42.45% decrease in their position. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.

Wynn Resorts Price Performance

Shares of NASDAQ WYNN opened at $92.64 on Friday. The stock has a market capitalization of $9.69 billion, a price-to-earnings ratio of 25.73, a PEG ratio of 2.60 and a beta of 1.37. Wynn Resorts, Limited has a 12 month low of $65.25 and a 12 month high of $107.81. The firm's 50 day simple moving average is $87.30 and its 200-day simple moving average is $85.28.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The casino operator reported $1.07 EPS for the quarter, missing analysts' consensus estimates of $1.24 by ($0.17). Wynn Resorts had a negative return on equity of 62.13% and a net margin of 6.17%. The firm had revenue of $1.70 billion for the quarter, compared to analyst estimates of $1.74 billion. During the same period in the previous year, the business earned $1.59 EPS. Wynn Resorts's revenue for the quarter was down 8.7% compared to the same quarter last year. Analysts anticipate that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 16th were paid a $0.25 dividend. The ex-dividend date was Friday, May 16th. This represents a $1.00 dividend on an annualized basis and a yield of 1.08%. Wynn Resorts's dividend payout ratio is currently 27.78%.

Analysts Set New Price Targets

WYNN has been the subject of a number of recent research reports. Stifel Nicolaus set a $113.00 price target on shares of Wynn Resorts in a research report on Wednesday, May 7th. Mizuho reduced their price target on shares of Wynn Resorts from $132.00 to $122.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Citigroup raised shares of Wynn Resorts from a "neutral" rating to a "buy" rating in a research report on Wednesday, May 7th. JPMorgan Chase & Co. initiated coverage on shares of Wynn Resorts in a research report on Monday. They set an "overweight" rating and a $109.00 price target for the company. Finally, Wall Street Zen lowered shares of Wynn Resorts from a "buy" rating to a "hold" rating in a research report on Wednesday, March 12th. Three research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.82.

Wynn Resorts 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.

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