Wendy's (WEN)

• Market cap: $2.99B
• 1 day: -1.68%
• 5 days: -2.28%
• 1 month: -14.42%
• 3 months: -25.81%
• 6 months: -19.96%
• Year to date: -9.43%
• 1 year: -23.52%
• 5 years: -32.69%
• 10 years: 42.72%
• 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

8% more first-time investments, than exits

New positions opened: 69 | Existing positions closed: 64

3% more capital invested

Capital invested by funds: $3.11B [Q2] → $3.2B (+$94.4M) [Q3]

0% more funds holding

Funds holding: 388 [Q2] → 388 (+0) [Q3]

0.22% less ownership

Funds ownership: 89.37% [Q2] → 89.15% (-0.22%) [Q3]

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: $17 16% upside
• Avg. target: $19.17 31% upside
• High target: $22 51% upside

6 analyst ratings

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

Stifel Chris O'Cull 62% 1-year accuracy 21 / 34 met price target	16% upside $17	Hold Maintained	10 Jan 2025
UBS Dennis Geiger 40% 1-year accuracy 8 / 20 met price target	16% upside $17	Neutral Maintained	7 Jan 2025
Stephens & Co. Jim Salera 35% 1-year accuracy 15 / 43 met price target	30% upside $19	Equal-Weight Reiterated	19 Nov 2024
BMO Capital Andrew Strelzik 36% 1-year accuracy 12 / 33 met price target	37% upside $20	Market Perform Maintained	1 Nov 2024
Truist Securities Jake Bartlett 46% 1-year accuracy 32 / 70 met price target	51% upside $22	Buy Maintained	1 Nov 2024