Melvin Capital Management Lp buys $49,875,000 stake in Wynn Resorts Limited (WYNN)

Wynn Resorts Limited (WYNN) : Melvin Capital Management Lp scooped up 175,000 additional shares in Wynn Resorts Limited during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Aug 15, 2016. The investment management firm now holds a total of 500,000 shares of Wynn Resorts Limited which is valued at $49,875,000.Wynn Resorts Limited makes up approximately 2.12% of Melvin Capital Management Lp’s portfolio.

Other Hedge Funds, Including , Schwab Charles Investment Management Inc boosted its stake in WYNN in the latest quarter, The investment management firm added 11,275 additional shares and now holds a total of 335,078 shares of Wynn Resorts Limited which is valued at $33,424,031. Wynn Resorts Limited makes up approx 0.04% of Schwab Charles Investment Management Inc’s portfolio. Argentus Capital Management sold out all of its stake in WYNN during the most recent quarter. The investment firm sold 2,162 shares of WYNN which is valued $215,660. Gideon Capital Advisors added WYNN to its portfolio by purchasing 13,867 company shares during the most recent quarter which is valued at $1,383,233. Wynn Resorts Limited makes up approx 0.77% of Gideon Capital Advisors’s portfolio.Doheny Asset Management Ca boosted its stake in WYNN in the latest quarter, The investment management firm added 2,470 additional shares and now holds a total of 7,195 shares of Wynn Resorts Limited which is valued at $717,701. Wynn Resorts Limited makes up approx 0.35% of Doheny Asset Management Ca’s portfolio. Chartwell Investment Partners added WYNN to its portfolio by purchasing 189,350 company shares during the most recent quarter which is valued at $18,463,519. Wynn Resorts Limited makes up approx 0.31% of Chartwell Investment Partners’s portfolio.

Wynn Resorts Limited opened for trading at $93.58 and hit $95.26 on the upside on Thursday, eventually ending the session at $93.17, with a gain of 4.31% or 3.85 points. The heightened volatility saw the trading volume jump to 68,04,992 shares. Company has a market cap of $9,484 M.

On the company’s financial health, Wynn Resorts Limited reported $1.08 EPS for the quarter, beating the analyst consensus estimate by $ 0.12 according to the earnings call on Jul 28, 2016. Analyst had a consensus of $0.96. The company had revenue of $1058.00 million for the quarter, compared to analysts expectations of $1034.75 million. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 EPS.

Many Wall Street Analysts have commented on Wynn Resorts Limited. Company shares were Reiterated by Telsey Advisory Group on Jul 29, 2016 to “Outperform”, Firm has raised the Price Target to $ 115 from a previous price target of $112 .Wynn Resorts Limited was Downgraded by Nomura to ” Reduce” on Jul 29, 2016. Wynn Resorts Limited was Downgraded by CLSA to ” Underperform” on Jul 29, 2016.

Wynn Resorts Limited is a developer owner and operator of destination casino resorts which integrate accommodations and amenities including fine dining premium retail offerings distinctive entertainment and convention facilities. The Company owns 72% of Wynn Macau Limited which operates an integrated resort in the Macau Special Administrative Region of the People’s Republic of China (Macau). Wynn Resorts also owns 100% of and operates an integrated resort in Las Vegas Nevada. The company operates through two segments: Macau Operations which includes Wynn Macau and Encore at Wynn Maca and Las Vegas Operations which includes Wynn Las Vegas and Encore at Wynn Las Vegas. Its Macau Operations features approximately 284000 square feet of casino space with 498 table games and 625 slot machines two hotel towers and others. Its Las Vegas Operations features approximately 186000 square feet of casino space with 232 table games 1849 slot machines two hotel towers and others.

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