Sumitomo Mitsui Trust Group Inc. Raises Position in Wynn Resorts, Limited (NASDAQ:WYNN)

Sumitomo Mitsui Trust Group Inc. raised its stake in Wynn Resorts, Limited (NASDAQ:WYNN - Free Report) by 2.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 186,206 shares of the casino operator's stock after purchasing an additional 4,560 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.18% of Wynn Resorts worth $15,548,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Wynn Resorts by 10.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,465 shares of the casino operator's stock worth $944,000 after purchasing an additional 1,128 shares during the last quarter. Achmea Investment Management B.V. raised its stake in shares of Wynn Resorts by 41.1% in the first quarter. Achmea Investment Management B.V. now owns 12,400 shares of the casino operator's stock worth $1,036,000 after purchasing an additional 3,612 shares during the last quarter. Illinois Municipal Retirement Fund raised its stake in shares of Wynn Resorts by 61.9% in the first quarter. Illinois Municipal Retirement Fund now owns 13,971 shares of the casino operator's stock worth $1,167,000 after purchasing an additional 5,342 shares during the last quarter. Hedges Asset Management LLC raised its stake in shares of Wynn Resorts by 17.0% in the first quarter. Hedges Asset Management LLC now owns 33,715 shares of the casino operator's stock worth $2,815,000 after purchasing an additional 4,900 shares during the last quarter. Finally, KG&L Capital Management LLC bought a new position in shares of Wynn Resorts in the first quarter valued at approximately $292,000. 88.64% of the stock is owned by hedge funds and other institutional investors.

Wynn Resorts Trading Up 0.8%

WYNN opened at $105.52 on Friday. The company has a market cap of $11.03 billion, a P/E ratio of 29.31, a P/E/G ratio of 3.03 and a beta of 1.37. The business's 50-day moving average price is $89.56 and its 200-day moving average price is $85.51. Wynn Resorts, Limited has a 12 month low of $65.25 and a 12 month high of $107.81.

Wynn Resorts (NASDAQ:WYNN - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The casino operator reported $1.07 EPS for the quarter, missing the consensus estimate of $1.24 by ($0.17). The company had revenue of $1.70 billion during the quarter, compared to analysts' expectations of $1.74 billion. Wynn Resorts had a negative return on equity of 62.13% and a net margin of 6.17%. The firm's quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.59 EPS. Equities research analysts forecast that Wynn Resorts, Limited will post 5.17 earnings per share for the current fiscal year.

Wynn Resorts Announces Dividend

The firm also recently announced 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 of this dividend was Friday, May 16th. This represents a $1.00 annualized dividend and a dividend yield of 0.95%. Wynn Resorts's payout ratio is presently 27.78%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on WYNN shares. Stifel Nicolaus set a $113.00 target price on Wynn Resorts in a report on Wednesday, May 7th. JPMorgan Chase & Co. started coverage on Wynn Resorts in a report on Monday, June 23rd. They issued an "overweight" rating and a $109.00 target price for the company. Mizuho reduced their target price on Wynn Resorts from $132.00 to $122.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Barclays reduced their target price on Wynn Resorts from $116.00 to $99.00 and set an "overweight" rating for the company in a report on Tuesday, April 22nd. Finally, Argus lowered Wynn Resorts from a "buy" rating to a "hold" rating in a report on Wednesday, April 23rd. Three equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Wynn Resorts has a consensus rating of "Moderate Buy" and an average price target of $112.82.

Insider Activity

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

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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