Allstate Corp Takes $249,000 Position in Wynn Resorts, Limited (NASDAQ:WYNN)

Allstate Corp bought a new position in Wynn Resorts, Limited (NASDAQ:WYNN) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 2,886 shares of the casino operator’s stock, valued at approximately $249,000.

Several other hedge funds have also added to or reduced their stakes in the business. Wellington Management Group LLP increased its holdings in shares of Wynn Resorts by 90.6% in the third quarter. Wellington Management Group LLP now owns 115,707 shares of the casino operator’s stock worth $11,094,000 after buying an additional 54,995 shares during the period. Raymond James Financial Inc. bought a new position in Wynn Resorts during the 4th quarter worth approximately $75,872,000. Empirical Asset Management LLC purchased a new position in Wynn Resorts in the 4th quarter worth approximately $903,000. Cookson Peirce & Co. Inc. lifted its position in Wynn Resorts by 79.8% in the fourth quarter. Cookson Peirce & Co. Inc. now owns 33,828 shares of the casino operator’s stock valued at $2,915,000 after purchasing an additional 15,017 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in shares of Wynn Resorts by 25.6% during the fourth quarter. Sequoia Financial Advisors LLC now owns 525,282 shares of the casino operator’s stock valued at $45,258,000 after purchasing an additional 107,212 shares during the period. 88.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on WYNN shares. Barclays upped their price target on shares of Wynn Resorts from $115.00 to $116.00 and gave the company an “overweight” rating in a report on Friday, February 14th. Macquarie reiterated an “outperform” rating and set a $115.00 target price on shares of Wynn Resorts in a report on Friday, February 14th. Stifel Nicolaus boosted their price target on Wynn Resorts from $123.00 to $128.00 and gave the company a “buy” rating in a report on Friday, February 14th. Mizuho increased their price objective on Wynn Resorts from $118.00 to $132.00 and gave the stock an “outperform” rating in a report on Friday, February 14th. Finally, Morgan Stanley reduced their target price on Wynn Resorts from $105.00 to $103.00 and set an “overweight” rating on the stock in a research note on Monday, February 24th. Two investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Wynn Resorts presently has an average rating of “Moderate Buy” and a consensus target price of $119.58.

Insider Activity at Wynn Resorts

In other news, Director Philip G. Satre bought 22,200 shares of the company’s stock in a transaction dated Tuesday, February 18th. The shares were purchased at an average price of $92.18 per share, for a total transaction of $2,046,396.00. Following the completion of the purchase, the director now owns 34,195 shares in the company, valued at approximately $3,152,095.10. This represents a 185.08 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Tilman J. Fertitta purchased 5,025 shares of Wynn Resorts stock in a transaction that occurred on Friday, March 21st. The shares were purchased at an average cost of $80.99 per share, with a total value of $406,974.75. Following the transaction, the insider now directly owns 10,905,025 shares of the company’s stock, valued at $883,197,974.75. This represents a 0.05 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased a total of 38,700 shares of company stock valued at $3,427,943 in the last 90 days. Corporate insiders own 0.52% of the company’s stock.

Wynn Resorts Trading Down 1.4 %

Shares of Wynn Resorts stock opened at $81.54 on Thursday. Wynn Resorts, Limited has a 12 month low of $71.63 and a 12 month high of $110.38. The firm has a market capitalization of $8.66 billion, a P/E ratio of 19.37, a P/E/G ratio of 2.35 and a beta of 1.53. The business has a fifty day simple moving average of $85.79 and a two-hundred day simple moving average of $89.34.

Wynn Resorts (NASDAQ:WYNN) last issued its quarterly earnings results on Thursday, February 13th. The casino operator reported $2.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.27 by $1.15. The company had revenue of $1.84 billion during the quarter, compared to analysts’ expectations of $1.78 billion. Wynn Resorts had a net margin of 7.03% and a negative return on equity of 71.17%. Analysts predict that Wynn Resorts, Limited will post 5.17 earnings per share for the current year.

Wynn Resorts Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 5th. Investors of record on Monday, February 24th were paid a $0.25 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.00 annualized dividend and a dividend yield of 1.23%. Wynn Resorts’s payout ratio is currently 23.75%.

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.