The Manufacturers Life Insurance Company Cuts Stock Holdings in Wingstop Inc. $WING

The Manufacturers Life Insurance Company reduced its stake in Wingstop Inc. (NASDAQ:WING) by 86.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 19,281 shares of the restaurant operator’s stock after selling 120,732 shares during the period. The Manufacturers Life Insurance Company’s holdings in Wingstop were worth $2,988,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of WING. Steadfast Capital Management LP grew its position in shares of Wingstop by 296.2% during the third quarter. Steadfast Capital Management LP now owns 950,521 shares of the restaurant operator’s stock valued at $239,227,000 after purchasing an additional 710,621 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in shares of Wingstop by 48.1% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,405,894 shares of the restaurant operator’s stock worth $335,292,000 after buying an additional 456,861 shares in the last quarter. Atreides Management LP purchased a new stake in shares of Wingstop in the fourth quarter worth about $93,012,000. Wasatch Advisors LP bought a new position in Wingstop during the second quarter valued at approximately $114,758,000. Finally, Norges Bank purchased a new position in Wingstop during the 4th quarter valued at approximately $77,331,000.

Analysts Set New Price Targets

Several analysts have recently issued reports on WING shares. Wall Street Zen raised Wingstop from a “sell” rating to a “hold” rating in a report on Tuesday, July 14th. Piper Sandler set a $173.00 target price on shares of Wingstop in a report on Wednesday, July 29th. Citigroup reduced their price target on shares of Wingstop from $237.00 to $208.00 and set a “buy” rating on the stock in a research report on Thursday, July 30th. Stephens reiterated an “overweight” rating and set a $200.00 price objective on shares of Wingstop in a research report on Thursday, July 30th. Finally, Mizuho dropped their price objective on shares of Wingstop from $280.00 to $240.00 and set an “outperform” rating for the company in a research note on Friday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $241.81.

Wingstop Price Performance

NASDAQ:WING opened at $116.82 on Friday. The firm has a market capitalization of $3.18 billion, a price-to-earnings ratio of 27.75, a PEG ratio of 1.39 and a beta of 1.81. The business has a 50 day simple moving average of $149.34 and a 200-day simple moving average of $182.85. Wingstop Inc. has a 1 year low of $115.01 and a 1 year high of $345.81.

Wingstop (NASDAQ:WING) last announced its earnings results on Wednesday, July 29th. The restaurant operator reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.16. The business had revenue of $185.56 million for the quarter, compared to the consensus estimate of $190.25 million. Wingstop had a net margin of 16.15% and a negative return on equity of 16.31%. The business’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.00 earnings per share. As a group, analysts expect that Wingstop Inc. will post 4.5 earnings per share for the current fiscal year.

Wingstop Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Saturday, September 5th. Shareholders of record on Saturday, August 15th will be given a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a dividend yield of 1.1%. This is a boost from Wingstop’s previous quarterly dividend of $0.30. The ex-dividend date is Friday, August 14th. Wingstop’s dividend payout ratio (DPR) is presently 28.50%.

Wingstop Company Profile

Wingstop Inc (NASDAQ: WING) is a fast-casual restaurant chain specializing in chicken wings and related menu items. Founded in 1994 in Garland, Texas, the company has built its brand around bold, chef-inspired wing flavors and a streamlined service model that caters to dine-in, takeout, delivery and catering orders.

The company’s core offerings include both bone-in and boneless chicken wings tossed in a variety of proprietary rubs and sauces, such as Original Hot, Lemon Pepper, and Mango Habanero.