Wendy's (WEN)

• Market cap: $3.72B
• 1 day: -1.95%
• 5 days: -7.55%
• 1 month: -7.17%
• 3 months: 5.41%
• 6 months: -1.63%
• Year to date: -6.36%
• 1 year: -4.68%
• 5 years: -12.04%
• 10 years: 112.93%
• Sector: Consumer Discretionary
• Industry: Eating & Drinking Places

About: The Wendy's Company is the second-largest burger quick-service restaurant, or QSR, chain in the United States by systemwide sales, with $12.3 billion in 2023, narrowly edging Burger King ($11.5 billion) and clocking in well behind wide-moat McDonald's ($53.1 billion). After divestitures of Tim Hortons (2006) and Arby's (2011), the firm manages just the burger banner, generating sales across a footprint that spanned almost 7,157 total stores in 30 countries as of year-end 2023. Wendy's generates revenue from the sale of hamburgers, chicken sandwiches, salads, and fries throughout its company-owned footprint, through franchise royalty and marketing fund payments remitted by its franchisees, which account for 94% of stores, and through franchise flipping and advisory fees.

Employees: 15,300

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

42% more call options, than puts

Call options by funds: $33.4M | Put options by funds: $23.5M

9% more repeat investments, than reductions

Existing positions increased: 127 | Existing positions reduced: 117

3% more capital invested

Capital invested by funds: $3.02B [Q2] → $3.1B (+$81.8M) [Q3]

0.49% less ownership

Funds ownership: 86.9% [Q2] → 86.41% (-0.49%) [Q3]

3% less funds holding

Funds holding: 388 [Q2] → 378 (-10) [Q3]

13% less first-time investments, than exits

New positions opened: 66 | Existing positions closed: 76

50% less funds holding in top 10

Funds holding in top 10: 2 [Q2] → 1 (-1) [Q3]

Research analyst outlook

12 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $17 6% downside
• Avg. target: $20 12% upside
• High target: $29 60% upside

12 analyst ratings

• positive: 2 17%
• neutral: 10 83%
• negative: 0 0%

BMO Capital Andrew Strelzik 63% 1-year accuracy 20 / 32 met price target	10% upside $20	Market Perform Maintained	1 Nov 2024
Truist Securities Jake Bartlett 67% 1-year accuracy 45 / 67 met price target	21% upside $22	Buy Maintained	1 Nov 2024
Wedbush Nick Setyan 76% 1-year accuracy 74 / 97 met price target	10% upside $20	Neutral Reiterated	1 Nov 2024
Stephens & Co. Jim Salera 50% 1-year accuracy 17 / 34 met price target	5% upside $19	Equal-Weight Reiterated	1 Nov 2024
Stephens & Co. Jim Salera 50% 1-year accuracy 17 / 34 met price target	5% upside $19	Equal-Weight Reiterated	31 Oct 2024