Allstate Corp Makes New $249,000 Investment in Wynn Resorts, Limited (NASDAQ:WYNN)

Allstate Corp bought a new stake in Wynn Resorts, Limited (NASDAQ:WYNN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,886 shares of the casino operator’s stock, valued at approximately $249,000.

Several other hedge funds also recently modified their holdings of the stock. DnB Asset Management AS lifted its stake in Wynn Resorts by 2.0% during the 4th quarter. DnB Asset Management AS now owns 19,213 shares of the casino operator’s stock valued at $1,655,000 after acquiring an additional 383 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in shares of Wynn Resorts by 0.5% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 31,119 shares of the casino operator’s stock valued at $2,681,000 after purchasing an additional 142 shares in the last quarter. New Age Alpha Advisors LLC purchased a new position in Wynn Resorts during the fourth quarter worth about $238,000. Norges Bank bought a new stake in Wynn Resorts in the 4th quarter worth about $117,352,000. Finally, BIT Capital GmbH purchased a new stake in Wynn Resorts in the 4th quarter valued at about $781,000. Hedge funds and other institutional investors own 88.64% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on WYNN shares. Jefferies Financial Group upgraded Wynn Resorts from a “hold” rating to a “buy” rating and boosted their target price for the stock from $105.00 to $118.00 in a research note on Tuesday, February 18th. Barclays upped their price objective on Wynn Resorts from $115.00 to $116.00 and gave the company an “overweight” rating in a research note on Friday, February 14th. Morgan Stanley decreased their price objective on shares of Wynn Resorts from $105.00 to $103.00 and set an “overweight” rating for the company in a report on Monday, February 24th. Mizuho boosted their target price on shares of Wynn Resorts from $118.00 to $132.00 and gave the company an “outperform” rating in a research note on Friday, February 14th. Finally, Macquarie reissued an “outperform” rating and set a $115.00 price objective on shares of Wynn Resorts in a report on Friday, February 14th. Two research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Wynn Resorts has an average rating of “Moderate Buy” and a consensus price target of $119.58.

Insider Buying and Selling

In other news, Director Philip G. Satre bought 22,200 shares of Wynn Resorts stock in a transaction that occurred on Tuesday, February 18th. The shares were acquired at an average price of $92.18 per share, with a total value of $2,046,396.00. Following the completion of the purchase, the director now directly owns 34,195 shares in the company, valued at $3,152,095.10. The trade was a 185.08 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Tilman J. Fertitta purchased 5,025 shares of the company’s stock in a transaction 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 purchase, the insider now owns 10,905,025 shares of the company’s stock, valued at approximately $883,197,974.75. The trade was a 0.05 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 38,700 shares of company stock worth $3,427,943. Insiders own 0.52% of the company’s stock.

Wynn Resorts Trading Down 1.4 %

Wynn Resorts stock opened at $81.54 on Thursday. The firm’s 50 day simple moving average is $85.79 and its 200 day simple moving average is $89.34. Wynn Resorts, Limited has a 1-year low of $71.63 and a 1-year high of $110.38. The firm has a market capitalization of $8.66 billion, a PE ratio of 19.37, a price-to-earnings-growth ratio of 2.35 and a beta of 1.53.

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

Wynn Resorts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 5th. Stockholders of record on Monday, February 24th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 1.23%. The ex-dividend date was Monday, February 24th. Wynn Resorts’s payout ratio is 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.