Should You Love Wynn Resorts, Limited (WYNN) As Much As Hedge Funds Do?

Now, key money managers were leading the bulls’ herd. Arrowstreet Capital created the most outsized position in Wynn Resorts, Limited (NASDAQ:WYNN). Arrowstreet Capital had $125.1 million invested in the company at the end of the quarter. Dmitry Balyasny’s Balyasny Asset Management also initiated a $65.6 million position during the quarter. The following funds were also among the new WYNN investors: Ken Griffin’s Citadel Investment Group, Gabriel Plotkin’s Melvin Capital Management, and Jim Simons’ Renaissance Technologies.

Let’s check out hedge fund activity in other stocks similar to Wynn Resorts, Limited (NASDAQ:WYNN). We will take a look at Duke Realty Corp (NYSE:DRE), Snap-on Incorporated (NYSE:SNA), Vereit Inc (NYSE:VER), and Buckeye Partners, L.P. (NYSE:BPL). This group of stocks’ market caps are similar to WYNN’s market cap.

As you can see these stocks had an average of 19.5 hedge funds with bullish positions and the average amount invested in these stocks was $357 million. That figure was $2.25 billion in WYNN’s case. Snap-on Incorporated (NYSE:SNA) is the most popular stock in this table. On the other hand Duke Realty Corp (NYSE:DRE) is the least popular one with only 11 bullish hedge fund positions. Compared to these stocks Wynn Resorts, Limited (NASDAQ:WYNN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers and growing ever more bullish, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None