Oppenheimer set a $24.00 price target on Wendys (NASDAQ:WEN) in a report published on Tuesday morning, TipRanks reports. The firm currently has a buy rating on the restaurant operator’s stock. Oppenheimer also issued estimates for Wendys’ Q3 2019 earnings at $0.14 EPS and Q4 2019 earnings at $0.09 EPS.
A number of other equities research analysts have also recently issued reports on the stock. Guggenheim cut shares of Wendys from a buy rating to a neutral rating and set a $22.00 price target for the company. in a report on Monday. Longbow Research reiterated a buy rating on shares of Wendys in a research note on Wednesday, September 4th. Evercore ISI set a $20.00 price objective on Wendys and gave the stock a hold rating in a research note on Wednesday, August 7th. Wells Fargo & Co boosted their price objective on Wendys from $19.00 to $20.00 and gave the stock a market perform rating in a research report on Tuesday. Finally, ValuEngine downgraded Wendys from a buy rating to a hold rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $20.83.
Shares of Wendys stock traded down $0.09 on Tuesday, reaching $19.62. The stock had a trading volume of 4,905,163 shares, compared to its average volume of 3,240,024. The business’s 50-day moving average price is $20.25 and its two-hundred day moving average price is $18.92. The company has a debt-to-equity ratio of 5.67, a quick ratio of 1.96 and a current ratio of 1.97. Wendys has a fifty-two week low of $14.96 and a fifty-two week high of $22.84. The stock has a market cap of $4.52 billion, a P/E ratio of 33.25, a price-to-earnings-growth ratio of 2.43 and a beta of 0.66.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.04%. The ex-dividend date of this dividend is Friday, August 30th. Wendys’s dividend payout ratio (DPR) is presently 67.80%.
In related news, major shareholder Trian Fund Management, L.P. sold 475,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $19.90, for a total transaction of $9,452,500.00. Following the completion of the transaction, the insider now owns 5,444,270 shares in the company, valued at approximately $108,340,973. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Matthew H. Peltz sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $19.97, for a total value of $39,940,000.00. Following the transaction, the director now owns 5,444,270 shares of the company’s stock, valued at approximately $108,722,071.90. The disclosure for this sale can be found here. Corporate insiders own 20.90% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its position in Wendys by 1.3% in the second quarter. BlackRock Inc. now owns 16,840,359 shares of the restaurant operator’s stock valued at $329,735,000 after acquiring an additional 211,285 shares during the period. Invesco Ltd. boosted its stake in shares of Wendys by 65.5% in the 2nd quarter. Invesco Ltd. now owns 10,441,578 shares of the restaurant operator’s stock valued at $204,447,000 after purchasing an additional 4,131,438 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Wendys by 2.2% in the 2nd quarter. Wells Fargo & Company MN now owns 9,948,238 shares of the restaurant operator’s stock worth $194,787,000 after purchasing an additional 211,568 shares during the last quarter. OppenheimerFunds Inc. grew its holdings in shares of Wendys by 0.8% in the 1st quarter. OppenheimerFunds Inc. now owns 3,353,385 shares of the restaurant operator’s stock worth $59,992,000 after purchasing an additional 25,748 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Wendys by 6.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,226,703 shares of the restaurant operator’s stock worth $63,178,000 after purchasing an additional 209,386 shares in the last quarter. 77.94% of the stock is currently owned by institutional investors and hedge funds.
The Wendy's Company, together its subsidiaries, operates as a quick-service restaurant company. The company is involved in operating, developing, and franchising a system of quick-service restaurants specializing in hamburger sandwiches. As of December 30, 2018, its restaurant system included 6,711 franchise restaurants, which comprise 353 owned and operated restaurants worldwide.
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