Wendys (WEN) Upgraded at BidaskClub
Wendys (NASDAQ:WEN) was upgraded by research analysts at BidaskClub from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday.
WEN has been the subject of several other research reports. Longbow Research raised Wendys from a “neutral” rating to a “buy” rating in a research note on Thursday, March 8th. Citigroup upped their target price on Wendys from $17.00 to $19.00 and gave the stock a “buy” rating in a research note on Monday, March 5th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $18.00 target price on shares of Wendys in a research note on Friday, December 22nd. Wedbush reaffirmed a “buy” rating and issued a $20.00 target price on shares of Wendys in a research note on Thursday, February 22nd. Finally, Guggenheim raised Wendys from a “neutral” rating to a “buy” rating in a research note on Friday, February 16th. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $17.48.
Shares of WEN stock opened at $17.17 on Wednesday. The stock has a market capitalization of $4,158.63, a P/E ratio of 39.48, a price-to-earnings-growth ratio of 1.62 and a beta of 0.81. The company has a debt-to-equity ratio of 4.75, a current ratio of 1.78 and a quick ratio of 1.77. Wendys has a 52 week low of $13.16 and a 52 week high of $17.66.
Wendys declared that its Board of Directors has approved a share repurchase plan on Thursday, February 15th that allows the company to buyback $175.00 million in shares. This buyback authorization allows the restaurant operator to buy shares of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, major shareholder Trian Partners Parallel Fund I sold 5,000,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $16.50, for a total transaction of $82,500,000.00. Following the completion of the transaction, the insider now owns 5,409,971 shares in the company, valued at $89,264,521.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Emil J. Brolick sold 540,540 shares of the company’s stock in a transaction that occurred on Thursday, March 8th. The shares were sold at an average price of $17.14, for a total value of $9,264,855.60. Following the transaction, the director now owns 1,371,835 shares of the company’s stock, valued at approximately $23,513,251.90. The disclosure for this sale can be found here. 26.50% of the stock is owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the stock. LPL Financial LLC raised its holdings in shares of Wendys by 6.6% during the fourth quarter. LPL Financial LLC now owns 54,933 shares of the restaurant operator’s stock valued at $902,000 after acquiring an additional 3,401 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Wendys by 50.1% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,248 shares of the restaurant operator’s stock worth $185,000 after purchasing an additional 3,753 shares in the last quarter. Water Island Capital LLC raised its holdings in Wendys by 18.7% in the fourth quarter. Water Island Capital LLC now owns 24,463 shares of the restaurant operator’s stock worth $402,000 after purchasing an additional 3,862 shares in the last quarter. Meadow Creek Investment Management LLC raised its holdings in Wendys by 15.1% in the fourth quarter. Meadow Creek Investment Management LLC now owns 30,044 shares of the restaurant operator’s stock worth $493,000 after purchasing an additional 3,948 shares in the last quarter. Finally, Pacer Advisors Inc. raised its holdings in Wendys by 11.5% in the third quarter. Pacer Advisors Inc. now owns 39,764 shares of the restaurant operator’s stock worth $618,000 after purchasing an additional 4,116 shares in the last quarter. Institutional investors own 80.54% of the company’s stock.
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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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