Meeder Asset Management Inc. Reduces Stock Position in Wingstop Inc. (NASDAQ:WING)

Meeder Asset Management Inc. lessened its stake in Wingstop Inc. (NASDAQ:WING) by 77.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 231 shares of the restaurant operator’s stock after selling 780 shares during the period. Meeder Asset Management Inc.’s holdings in Wingstop were worth $66,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP increased its position in Wingstop by 3.4% during the fourth quarter. Wellington Management Group LLP now owns 238,942 shares of the restaurant operator’s stock valued at $67,907,000 after acquiring an additional 7,899 shares during the last quarter. Pictet Asset Management Holding SA grew its stake in shares of Wingstop by 11.9% during the 4th quarter. Pictet Asset Management Holding SA now owns 4,229 shares of the restaurant operator’s stock valued at $1,202,000 after purchasing an additional 451 shares during the period. Nomura Asset Management Co. Ltd. increased its position in shares of Wingstop by 4.4% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 15,864 shares of the restaurant operator’s stock valued at $4,509,000 after purchasing an additional 669 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Wingstop in the 4th quarter worth approximately $1,765,000. Finally, Norges Bank purchased a new position in shares of Wingstop in the fourth quarter worth approximately $106,123,000.

Wingstop Stock Up 4.8 %

WING stock opened at $236.40 on Wednesday. Wingstop Inc. has a twelve month low of $205.60 and a twelve month high of $433.86. The stock has a market capitalization of $6.60 billion, a price-to-earnings ratio of 63.72, a price-to-earnings-growth ratio of 2.27 and a beta of 1.88. The firm’s fifty day simple moving average is $255.62 and its two-hundred day simple moving average is $309.67.

Wingstop Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 7th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 0.46%. The ex-dividend date was Friday, March 7th. Wingstop’s dividend payout ratio (DPR) is presently 29.11%.

Wingstop announced that its Board of Directors has initiated a share buyback plan on Thursday, December 5th that authorizes the company to buyback $500.00 million in shares. This buyback authorization authorizes the restaurant operator to purchase up to 5.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on WING. Stephens reissued an “overweight” rating and set a $450.00 price objective on shares of Wingstop in a research report on Wednesday, February 19th. UBS Group cut their price target on Wingstop from $330.00 to $300.00 and set a “neutral” rating for the company in a report on Thursday, February 20th. Benchmark decreased their price objective on Wingstop from $340.00 to $325.00 and set a “buy” rating on the stock in a research note on Thursday, February 20th. Wells Fargo & Company assumed coverage on Wingstop in a research report on Wednesday, March 26th. They set an “overweight” rating and a $270.00 price objective on the stock. Finally, Northcoast Research lowered shares of Wingstop from a “buy” rating to a “neutral” rating in a report on Friday, February 21st. Six investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $350.73.

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.