Oppenheimer & Co. Inc. Reduces Holdings in The Wendy’s Company (NASDAQ:WEN)

Posted by Defense World Staff on May 15th, 2023

Oppenheimer & Co. Inc. decreased its position in shares of The Wendy’s Company (NASDAQ:WEN – Get Rating) by 28.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,678 shares of the restaurant operator’s stock after selling 5,876 shares during the period. Oppenheimer & Co. Inc.’s holdings in Wendy’s were worth $332,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Raymond James & Associates increased its position in shares of Wendy’s by 76.5% in the 1st quarter. Raymond James & Associates now owns 81,161 shares of the restaurant operator’s stock worth $1,783,000 after purchasing an additional 35,183 shares during the last quarter. American Century Companies Inc. grew its position in shares of Wendy’s by 16.3% during the 1st quarter. American Century Companies Inc. now owns 25,011 shares of the restaurant operator’s stock valued at $549,000 after buying an additional 3,498 shares during the last quarter. Cetera Advisor Networks LLC bought a new stake in shares of Wendy’s during the 1st quarter valued at about $215,000. Citigroup Inc. boosted its stake in Wendy’s by 30.1% during the 1st quarter. Citigroup Inc. now owns 26,257 shares of the restaurant operator’s stock valued at $577,000 after purchasing an additional 6,073 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Wendy’s during the 1st quarter valued at about $221,000. Hedge funds and other institutional investors own 70.59% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Guggenheim boosted their target price on shares of Wendy’s from $24.00 to $26.00 in a research note on Tuesday, May 9th. Citigroup reduced their price target on shares of Wendy’s from $25.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday, March 2nd. BMO Capital Markets upped their price target on shares of Wendy’s from $23.00 to $24.00 in a research note on Thursday. Deutsche Bank Aktiengesellschaft downgraded shares of Wendy’s from a “buy” rating to a “hold” rating and set a $23.00 target price on the stock. in a report on Tuesday, January 17th. Finally, Stephens reiterated an “overweight” rating and issued a $27.00 target price on shares of Wendy’s in a report on Wednesday, March 1st. Twelve research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, Wendy’s currently has a consensus rating of “Hold” and a consensus price target of $25.22.

Insider Activity

In related news, insider Liliana Esposito sold 64,701 shares of Wendy’s stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $21.26, for a total transaction of $1,375,543.26. Following the transaction, the insider now owns 74,865 shares of the company’s stock, valued at approximately $1,591,629.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Matthew H. Peltz sold 3,627,569 shares of Wendy’s stock in a transaction that occurred on Friday, March 3rd. The shares were sold at an average price of $22.05, for a total value of $79,987,896.45. Following the sale, the director now directly owns 21,705,770 shares in the company, valued at $478,612,228.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Liliana Esposito sold 64,701 shares of Wendy’s stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $21.26, for a total transaction of $1,375,543.26. Following the completion of the sale, the insider now owns 74,865 shares in the company, valued at $1,591,629.90. The disclosure for this sale can be found here. In the last quarter, insiders have sold 3,698,437 shares of company stock valued at $81,502,197. 20.10% of the stock is currently owned by insiders.

Wendy’s Trading Up 0.9 %

Shares of Wendy’s stock opened at $23.44 on Monday. The Wendy’s Company has a 12-month low of $16.06 and a 12-month high of $23.90. The company has a 50-day simple moving average of $21.75 and a 200 day simple moving average of $22.05. The company has a quick ratio of 2.71, a current ratio of 2.73 and a debt-to-equity ratio of 7.29. The stock has a market capitalization of $4.97 billion, a P/E ratio of 28.59, a price-to-earnings-growth ratio of 2.39 and a beta of 0.91.

Wendy’s (NASDAQ:WEN – Get Rating) last issued its quarterly earnings data on Wednesday, May 10th. The restaurant operator reported $0.21 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.01. Wendy’s had a net margin of 8.46% and a return on equity of 41.86%. The firm had revenue of $528.81 million for the quarter, compared to analyst estimates of $525.77 million. Research analysts expect that The Wendy’s Company will post 0.98 earnings per share for the current fiscal year.

Wendy’s Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 4.27%. The ex-dividend date is Wednesday, May 31st. Wendy’s’s dividend payout ratio (DPR) is presently 121.95%.

About Wendy’s

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The Wendy’s Co engages in operating, developing, and franchising a system of quick-service restaurants. It offers hamburgers and related products, such as chicken breast sandwiches, nuggets, chili, and baked potatoes, French fries, freshly prepared salads, soft drinks, milk, coffee, frosty deserts, and kid’s meals.