New York State Teachers Retirement System Reduces Stake in Wingstop Inc.

On November 3, 2024, it was reported that the New York State Teachers Retirement System has made adjustments to its investment in Wingstop Inc. (NASDAQ:WING). The retirement system reduced its holdings by 0.6% during the third quarter, now owning 33,859 shares. This adjustment follows the sale of 205 shares, with the retirement system's stake valued at approximately $14.09 million based on its latest SEC filing.

In addition to the New York State Teachers Retirement System, other institutional investors have also modified their stakes in Wingstop. For instance, Vanguard Group Inc. increased its holdings by 3.7% in the first quarter, now owning 2,924,326 shares valued at $1.07 billion after an additional purchase of 104,780 shares. Similarly, Price T Rowe Associates Inc. MD raised its stake by 4.7% during the same period, acquiring 101,917 additional shares to hold a total of 2,273,542 shares valued at $833 million.

Renaissance Technologies LLC made a significant increase of 36.6% during the second quarter, and now owns 602,990 shares valued at $254.86 million. Massachusetts Financial Services Co. MA and Millennium Management LLC have also raised their holdings in Wingstop significantly during the second quarter, indicating increasing institutional interest in the company.

Analyst Ratings Updates

Equity research analysts have been active in their evaluations of Wingstop as well. BMO Capital Markets recently increased their target price for Wingstop shares from $345.00 to $360.00, maintaining a “market perform” rating. Barclays has adjusted their target price downwards to $380.00 while maintaining an “overweight” rating. Furthermore, Morgan Stanley raised their target price to $400.00, labeling the stock as “equal weight.” Analysts have provided a mix of ratings, with a total of twelve analysts issuing buy ratings and seven providing hold ratings, pushing the consensus price target to about $379.58.

Insider Transactions

In terms of insider activity, SVP Donnie Upshaw sold 3,199 shares recently at an average price of $372.71, totaling approximately $1.19 million. This sale has left Upshaw with 97 shares in the company, valued at around $36,152. Corporate insiders own a small portion, about 0.36%, of Wingstop's stock.

Wingstop Stock Performance and Financials

Wingstop shares opened at $296.94 in recent trading. The company has a market capitalization of $8.67 billion with a P/E ratio of 86.57. Its stock has seen a 50-day moving average of $388.10 and a 200-day moving average of $387.14. The stock price has fluctuated within a twelve-month range, reaching a low of $196.54 and a high of $433.86.

On October 30, Wingstop announced its quarterly earnings, reporting an EPS of $0.88, which fell short of the consensus estimate of $0.97. The total revenue of $162.50 million slightly surpassed the expected $160.24 million, marking a 38.8% increase compared to the same quarter last year.

Dividend Announcement

Wingstop has also announced a quarterly dividend of $0.27 per share, scheduled for distribution on December 6. Stockholders who are on record as of November 15 will be eligible for this dividend, providing a yield of about 0.36%. The company has a dividend payout ratio of 31.49%. This ongoing commitment to returning value to shareholders reflects a positive financial outlook.

About Wingstop

Wingstop Inc, along with its subsidiaries, manages restaurants that operate under its brand name, offering a variety of chicken wings, tenders, and sandwiches. Customers can enjoy hand-selected flavors along with fries and other sides, all prepared to order.

Investment, Stocks, Institutional