PNC Financial Services Group Inc. Has $812,000 Position in Wendys Co (WEN)
PNC Financial Services Group Inc. cut its stake in shares of Wendys Co (NASDAQ:WEN) by 5.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 52,009 shares of the restaurant operator’s stock after selling 2,844 shares during the period. PNC Financial Services Group Inc.’s holdings in Wendys were worth $812,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WEN. Enlightenment Research LLC purchased a new position in Wendys during the fourth quarter valued at $28,000. Oregon Public Employees Retirement Fund lifted its position in Wendys by 1,553.1% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,163,242 shares of the restaurant operator’s stock valued at $75,000 after purchasing an additional 1,092,875 shares in the last quarter. Alambic Investment Management L.P. purchased a new position in Wendys during the third quarter valued at $199,000. Dupont Capital Management Corp purchased a new position in Wendys during the fourth quarter valued at $200,000. Finally, LS Investment Advisors LLC lifted its position in Wendys by 42.1% during the fourth quarter. LS Investment Advisors LLC now owns 15,107 shares of the restaurant operator’s stock valued at $236,000 after purchasing an additional 4,473 shares in the last quarter. Institutional investors own 74.72% 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 dated Wednesday, March 6th. The stock was sold at an average price of $17.11, for a total value of $51,330,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Abigail E. Pringle sold 8,897 shares of Wendys stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $17.35, for a total value of $154,362.95. Following the completion of the sale, the insider now directly owns 100,917 shares in the company, valued at $1,750,909.95. The disclosure for this sale can be found here. Insiders own 23.10% of the company’s stock.
Wendys (NASDAQ:WEN) last issued its earnings results on Thursday, February 21st. The restaurant operator reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.15 by $0.01. Wendys had a return on equity of 24.68% and a net margin of 28.94%. The firm had revenue of $397.82 million for the quarter, compared to analysts’ expectations of $399.89 million. During the same period in the previous year, the firm posted $0.09 earnings per share. The business’s revenue was up 28.6% compared to the same quarter last year. On average, equities research analysts anticipate that Wendys Co will post 0.61 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Friday, March 1st were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 2.41%. This is a boost from Wendys’s previous quarterly dividend of $0.09. The ex-dividend date of this dividend was Thursday, February 28th. Wendys’s payout ratio is 67.80%.
WEN has been the topic of several analyst reports. BidaskClub downgraded Wendys from a “buy” rating to a “hold” rating in a research report on Saturday, December 1st. Zacks Investment Research restated a “hold” rating on shares of Wendys in a research report on Saturday, November 17th. Wedbush restated a “hold” rating and issued a $17.50 price objective on shares of Wendys in a research report on Monday, February 11th. CIBC upgraded Wendys from a “market perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research report on Wednesday, January 9th. Finally, Oppenheimer upgraded Wendys from a “market perform” rating to an “outperform” rating and set a $20.00 price objective on the stock in a research report on Wednesday, January 9th. Nine equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Wendys currently has a consensus rating of “Buy” and an average price target of $19.87.
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The Wendy's Company, through its subsidiaries, operates as a quick-service restaurant company. It is involved in operating, developing, and franchising a system of quick-service restaurants specializing in hamburger sandwiches. The company's restaurants offer a range of chicken breast sandwiches, chicken nuggets, chili, French fries, baked potatoes, salads, soft drinks, desserts, and kids' meals.
Further Reading: Understanding Specialty Certificates of Deposit
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