Wingstop (NASDAQ:WING) Price Target Cut to $305.00 by Analysts at TD Securities

Wingstop (NASDAQ:WING) had its price target cut by TD Securities from $365.00 to $305.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a buy rating on the restaurant operator’s stock.

Other equities research analysts have also recently issued reports about the company. Barclays reduced their price objective on Wingstop from $470.00 to $380.00 and set an “overweight” rating on the stock in a research note on Thursday, October 31st. TD Cowen cut their target price on Wingstop from $450.00 to $365.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley raised Wingstop from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $385.00 to $389.00 in a research note on Tuesday, January 21st. Piper Sandler cut their target price on Wingstop from $375.00 to $300.00 and set a “neutral” rating on the stock in a research note on Monday, November 4th. Finally, Stephens reaffirmed an “overweight” rating and set a $450.00 target price on shares of Wingstop in a research note on Wednesday. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $367.05.

Wingstop Trading Down 6.8 %

NASDAQ:WING opened at $247.09 on Thursday. The company has a market capitalization of $7.22 billion, a P/E ratio of 72.04, a P/E/G ratio of 2.75 and a beta of 1.81. Wingstop has a 12 month low of $242.58 and a 12 month high of $433.86. The business’s 50-day moving average is $290.24 and its 200 day moving average is $341.28.

Wingstop announced that its Board of Directors has approved a stock repurchase plan on Thursday, December 5th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the restaurant operator to buy up to 5.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Wingstop Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, March 7th will be issued a dividend of $0.27 per share. The ex-dividend date is Friday, March 7th. This represents a $1.08 annualized dividend and a dividend yield of 0.44%. Wingstop’s dividend payout ratio is presently 31.49%.

Insider Activity

In other news, SVP Raj Kapoor sold 266 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $324.38, for a total transaction of $86,285.08. Following the completion of the sale, the senior vice president now owns 266 shares in the company, valued at approximately $86,285.08. This represents a 50.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.36% of the company’s stock.

Hedge Funds Weigh In On Wingstop

Several hedge funds have recently made changes to their positions in the company. American Century Companies Inc. increased its position in shares of Wingstop by 1.9% in the 4th quarter. American Century Companies Inc. now owns 1,206,062 shares of the restaurant operator’s stock valued at $342,763,000 after acquiring an additional 22,552 shares during the period. Price T Rowe Associates Inc. MD grew its position in Wingstop by 29.5% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,150,217 shares of the restaurant operator’s stock worth $326,893,000 after purchasing an additional 262,229 shares during the period. State Street Corp grew its position in Wingstop by 1.5% during the 3rd quarter. State Street Corp now owns 861,783 shares of the restaurant operator’s stock worth $358,571,000 after purchasing an additional 12,549 shares during the period. Franklin Resources Inc. grew its position in Wingstop by 0.9% during the 3rd quarter. Franklin Resources Inc. now owns 816,991 shares of the restaurant operator’s stock worth $326,020,000 after purchasing an additional 7,204 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in Wingstop by 23.8% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 801,732 shares of the restaurant operator’s stock worth $227,852,000 after purchasing an additional 154,055 shares during the period.

About Wingstop

Wingstop Inc, together with its subsidiaries, franchises and operates restaurants under the Wingstop brand. Its restaurants offer classic wings, boneless wings, tenders, and hand-sauced-and-tossed in various flavors, as well as chicken sandwiches with fries and hand-cut carrots and celery that are cooked-to-order.