Wendy's (WEN)

• Market cap: $3.39B
• 1 day: 0.48%
• 5 days: -2.35%
• 1 month: -7.09%
• 3 months: -4.53%
• 6 months: 1.40%
• Year to date: -13.95%
• 1 year: -16.12%
• 5 years: -25.20%
• 10 years: 90.29%
• 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

8% more repeat investments, than reductions

Existing positions increased: 129 | Existing positions reduced: 119

3% more capital invested

Capital invested by funds: $3.02B [Q2] → $3.12B (+$98.2M) [Q3]

0.04% less ownership

Funds ownership: 86.9% [Q2] → 86.86% (-0.04%) [Q3]

0% less funds holding

Funds holding: 388 [Q2] → 387 (-1) [Q3]

1% less first-time investments, than exits

New positions opened: 68 | Existing positions closed: 69

50% less funds holding in top 10

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

Research analyst outlook

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

• Low target: $18.75 13% upside
• Avg. target: $19.79 19% upside
• High target: $22 32% upside

6 analyst ratings

• positive: 1 17%
• neutral: 5 83%
• negative: 0 0%

Stephens & Co. Jim Salera 23% 1-year accuracy 9 / 39 met price target	14% upside $19	Equal-Weight Reiterated	19 Nov 2024
BMO Capital Andrew Strelzik 38% 1-year accuracy 12 / 32 met price target	20% upside $20	Market Perform Maintained	1 Nov 2024
Truist Securities Jake Bartlett 52% 1-year accuracy 36 / 69 met price target	32% upside $22	Buy Maintained	1 Nov 2024
Wedbush Nick Setyan 57% 1-year accuracy 54 / 95 met price target	20% upside $20	Neutral Reiterated	1 Nov 2024
TD Cowen Andrew Charles 47% 1-year accuracy 56 / 120 met price target	14% upside $19	Hold Maintained	16 Oct 2024