PNC Financial Services Group Inc. Decreases Stock Holdings in Wingstop Inc. (NASDAQ:WING)

PNC Financial Services Group Inc. decreased its holdings in Wingstop Inc. (NASDAQ:WING) by 3.4% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,753 shares of the restaurant operator’s stock after selling 62 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Wingstop were worth $395,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB raised its position in Wingstop by 93.9% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 128 shares of the restaurant operator’s stock worth $29,000 after buying an additional 62 shares during the last quarter. Signaturefd LLC raised its position in Wingstop by 106.9% in the 1st quarter. Signaturefd LLC now owns 149 shares of the restaurant operator’s stock worth $34,000 after buying an additional 77 shares during the last quarter. True Wealth Design LLC raised its position in Wingstop by 62.1% in the 4th quarter. True Wealth Design LLC now owns 141 shares of the restaurant operator’s stock worth $40,000 after buying an additional 54 shares during the last quarter. Quarry LP purchased a new position in Wingstop in the 4th quarter worth about $41,000. Finally, UMB Bank n.a. raised its position in Wingstop by 280.3% in the 1st quarter. UMB Bank n.a. now owns 270 shares of the restaurant operator’s stock worth $61,000 after buying an additional 199 shares during the last quarter.

Wingstop Price Performance

WING stock opened at $325.59 on Friday. Wingstop Inc. has a 1-year low of $204.00 and a 1-year high of $433.86. The company has a market capitalization of $9.09 billion, a price-to-earnings ratio of 54.27, a PEG ratio of 4.31 and a beta of 1.84. The business has a 50 day simple moving average of $338.36 and a two-hundred day simple moving average of $289.28.

Wingstop (NASDAQ:WING) last posted its quarterly earnings results on Wednesday, July 30th. The restaurant operator reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.12. Wingstop had a negative return on equity of 17.07% and a net margin of 25.61%. The business had revenue of $174.33 million during the quarter, compared to the consensus estimate of $172.60 million. During the same period in the prior year, the company posted $0.93 EPS. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. Sell-side analysts anticipate that Wingstop Inc. will post 4.18 EPS for the current fiscal year.

Wingstop Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 5th. Stockholders of record on Friday, August 15th will be given a dividend of $0.30 per share. The ex-dividend date is Friday, August 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 0.4%. This is an increase from Wingstop’s previous quarterly dividend of $0.27. Wingstop’s dividend payout ratio is currently 18.00%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Stephens upped their price target on shares of Wingstop from $400.00 to $425.00 and gave the company an “overweight” rating in a research report on Thursday, July 31st. BTIG Research upped their price target on shares of Wingstop from $350.00 to $430.00 and gave the company a “buy” rating in a research report on Wednesday, June 11th. Piper Sandler assumed coverage on shares of Wingstop in a research report on Wednesday, July 9th. They set an “overweight” rating for the company. Morgan Stanley upped their price target on shares of Wingstop from $367.00 to $405.00 and gave the company an “overweight” rating in a research report on Thursday, July 31st. Finally, UBS Group upped their price target on shares of Wingstop from $335.00 to $385.00 and gave the company a “neutral” rating in a research report on Thursday, July 31st. Six analysts have rated the stock with a hold rating, twenty-one have given a buy rating and three have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $379.52.

Insider Activity

In other news, CEO Michael Skipworth sold 10,000 shares of the stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $337.34, for a total transaction of $3,373,400.00. Following the completion of the transaction, the chief executive officer directly owned 47,190 shares in the company, valued at approximately $15,919,074.60. This represents a 17.49% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Marisa Carona sold 11,938 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $370.34, for a total value of $4,421,118.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 31,838 shares of company stock worth $11,491,935. 0.72% of the stock is currently owned by insiders.

Wingstop Company Profile

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.