Arrowstreet Capital Limited Partnership bought a new stake in Wendys Co (NASDAQ:WEN) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 99,500 shares of the restaurant operator’s stock, valued at approximately $1,634,000.
Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Victory Capital Management Inc. boosted its stake in Wendys by 26.8% during the 4th quarter. Victory Capital Management Inc. now owns 7,122,035 shares of the restaurant operator’s stock worth $116,944,000 after purchasing an additional 1,507,055 shares during the period. Wells Fargo & Company MN boosted its stake in Wendys by 7.4% during the 4th quarter. Wells Fargo & Company MN now owns 8,547,151 shares of the restaurant operator’s stock worth $140,344,000 after purchasing an additional 587,113 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Wendys during the 4th quarter worth $8,224,000. Allianz Asset Management GmbH boosted its stake in Wendys by 67.9% during the 3rd quarter. Allianz Asset Management GmbH now owns 988,592 shares of the restaurant operator’s stock worth $15,353,000 after purchasing an additional 399,664 shares during the period. Finally, First Quadrant L P CA acquired a new stake in Wendys during the 4th quarter worth $5,816,000. 79.47% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Wendys Co (NASDAQ:WEN) opened at $17.52 on Friday. Wendys Co has a 52 week low of $13.03 and a 52 week high of $17.66. The company has a market cap of $4,240.00, a price-to-earnings ratio of 87.60, a PEG ratio of 2.00 and a beta of 0.81. The company has a quick ratio of 1.77, a current ratio of 1.78 and a debt-to-equity ratio of 4.75.
Wendys announced that its Board of Directors has approved a stock buyback plan on Thursday, February 15th that authorizes the company to repurchase $175.00 million in shares. This repurchase authorization authorizes the restaurant operator to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Thursday, March 1st will be paid a $0.085 dividend. This is a boost from Wendys’s previous quarterly dividend of $0.07. The ex-dividend date of this dividend is Wednesday, February 28th. This represents a $0.34 annualized dividend and a dividend yield of 1.94%. Wendys’s dividend payout ratio (DPR) is 170.00%.
In related news, major shareholder Trian Partners Parallel Fund I sold 5,000,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $16.50, for a total value of $82,500,000.00. Following the completion of the sale, the insider now owns 5,409,971 shares in the company, valued at $89,264,521.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Gunther Plosch acquired 5,000 shares of Wendys stock in a transaction that occurred on Wednesday, March 7th. The stock was bought at an average price of $16.62 per share, with a total value of $83,100.00. Following the purchase, the chief financial officer now directly owns 25,000 shares of the company’s stock, valued at $415,500. The disclosure for this purchase can be found here. 26.50% of the stock is owned by company insiders.
WEN has been the subject of a number of recent research reports. Barclays decreased their price target on shares of Wendys from $20.00 to $19.00 and set an “overweight” rating for the company in a research note on Thursday, February 22nd. SunTrust Banks increased their price target on shares of Wendys to $22.00 in a research note on Wednesday, January 3rd. Wedbush upgraded shares of Wendys from a “neutral” rating to an “outperform” rating and set a $20.00 price target for the company in a research note on Wednesday, December 20th. BidaskClub cut shares of Wendys from a “sell” rating to a “strong sell” rating in a research note on Wednesday, January 31st. Finally, Wells Fargo & Co raised their target price on shares of Wendys from $15.50 to $16.00 and gave the stock a “market perform” rating in a research note on Monday, February 12th. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the stock. Wendys presently has a consensus rating of “Hold” and an average target price of $17.40.
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Wendys Company Profile
The Wendy’s Company is the parent company of subsidiary holding company Wendy’s Restaurants, LLC (Wendy’s Restaurants). Wendy’s Restaurants is the parent company of Wendy’s International, LLC (Wendy’s), which is the owner and franchisor of the Wendy’s restaurant system in the United States. Wendy’s is a restaurant company specializing in the hamburger sandwich segment.
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