California Public Employees Retirement System lifted its stake in shares of Wendys Co (NASDAQ:WEN) by 5.1% in the 1st quarter, Holdings Channel reports. The firm owned 528,460 shares of the restaurant operator’s stock after buying an additional 25,774 shares during the quarter. California Public Employees Retirement System’s holdings in Wendys were worth $9,454,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of the company. Comerica Bank grew its stake in Wendys by 0.6% in the 4th quarter. Comerica Bank now owns 89,585 shares of the restaurant operator’s stock valued at $1,533,000 after buying an additional 572 shares in the last quarter. State of Alaska Department of Revenue grew its stake in Wendys by 1.1% in the 1st quarter. State of Alaska Department of Revenue now owns 62,768 shares of the restaurant operator’s stock valued at $1,122,000 after buying an additional 713 shares in the last quarter. Advisor Group Inc. grew its stake in Wendys by 7.3% in the 4th quarter. Advisor Group Inc. now owns 11,660 shares of the restaurant operator’s stock valued at $182,000 after buying an additional 797 shares in the last quarter. First Trust Advisors LP grew its stake in Wendys by 1.2% in the 4th quarter. First Trust Advisors LP now owns 68,085 shares of the restaurant operator’s stock valued at $1,063,000 after buying an additional 823 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Wendys by 9.5% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,322 shares of the restaurant operator’s stock valued at $220,000 after buying an additional 1,074 shares in the last quarter. Institutional investors own 77.24% of the company’s stock.
In other news, major shareholder Trian Fund Management, L.P. sold 3,000,000 shares of Wendys stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $17.11, for a total transaction of $51,330,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Robert D. Wright sold 109,110 shares of Wendys stock in a transaction on Monday, May 13th. The stock was sold at an average price of $18.58, for a total transaction of $2,027,263.80. Following the sale, the chief operating officer now directly owns 237,425 shares of the company’s stock, valued at $4,411,356.50. The disclosure for this sale can be found here. Insiders have sold a total of 3,699,429 shares of company stock valued at $64,343,804 over the last ninety days. 20.90% of the stock is currently owned by insiders.
Wendys (NASDAQ:WEN) last released its quarterly earnings results on Wednesday, May 8th. The restaurant operator reported $0.14 EPS for the quarter, beating analysts’ consensus estimates of $0.12 by $0.02. The firm had revenue of $408.60 million during the quarter, compared to analyst estimates of $398.58 million. Wendys had a net margin of 29.16% and a return on equity of 23.85%. The business’s revenue for the quarter was up 7.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.11 EPS. Sell-side analysts forecast that Wendys Co will post 0.63 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Monday, June 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Friday, May 31st. Wendys’s dividend payout ratio is currently 67.80%.
A number of research analysts recently weighed in on WEN shares. Cowen started coverage on shares of Wendys in a research note on Wednesday, April 10th. They issued an “outperform” rating and a $21.00 price objective for the company. ValuEngine lowered shares of Wendys from a “buy” rating to a “hold” rating in a research note on Thursday, March 7th. BidaskClub lowered shares of Wendys from a “buy” rating to a “hold” rating in a research note on Thursday, April 25th. Bank of America set a $20.00 price target on shares of Wendys and gave the company a “hold” rating in a research report on Friday, May 10th. Finally, Wedbush restated a “hold” rating and set a $17.50 price target on shares of Wendys in a research report on Monday, February 11th. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Wendys currently has a consensus rating of “Buy” and an average target price of $20.42.
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Wendys Company Profile
The Wendy's Company, together its subsidiaries, operates as a quick-service restaurant company. The company is involved in operating, developing, and franchising a system of quick-service restaurants specializing in hamburger sandwiches. As of December 30, 2018, its restaurant system included 6,711 franchise restaurants, which comprise 353 owned and operated restaurants worldwide.
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