WENDYS CO WEN
COM · Common Stock · CUSIP 95058W100 · ISIN US95058W1009
American restaurant company
- SectorConsumer discretionary
- IndustryRetail-Eating & Drinking Places
- HeadquartersDublin, OH
- Founded1890
- Websitewendys.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($3.8m this quarter). Holder counts are more reliable. Shares outstanding: 210.7m as of 2023-05-03, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $21.79. Options: 13 managers hold calls ($25.6m notional), 11 hold puts ($14.9m).
Trends to Q1 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 336 |
| Q4 2022 | 349 |
| Q1 2023 | 343 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 147 | 157 |
| Q1 2023 | 183 | 135 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2022 | $70.9m | $27.2m | 0.38 |
| Q4 2022 | $36.7m | $17.6m | 0.48 |
| Q1 2023 | $25.6m | $14.9m | 0.58 |
Biggest buyers
| BlackRock Inc. | Added | +5.0m |
| ROYAL BANK OF CANADA | Added | +2.6m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | Added | +2.5m |
| RENAISSANCE TECHNOLOGIES LLC | Added | +2.3m |
| VANGUARD GROUP INC | Added | +1.7m |
| HARRIS ASSOCIATES L P | Added | +771.1k |
| MARSHALL WACE, LLP | Added | +708.3k |
| Qube Research & Technologies Ltd | Added | +669.9k |
| MILLENNIUM MANAGEMENT LLC | Added | +639.7k |
| CITADEL ADVISORS LLC | Added | +528.3k |
Biggest sellers
| TRIAN FUND MANAGEMENT, L.P. | Reduced | -3.6m |
| Assenagon Asset Management S.A. | Reduced | -1.4m |
| Schonfeld Strategic Advisors LLC | Reduced | -1.2m |
| Balyasny Asset Management L.P. | Sold out | -951.7k |
| Walleye Capital LLC | Sold out | -690.0k |
| JANUS HENDERSON GROUP PLC | Reduced | -419.7k |
| GOLDMAN SACHS GROUP INC | Reduced | -322.1k |
| TWO SIGMA ADVISERS, LP | Reduced | -318.3k |
| TWINBEECH CAPITAL LP | Sold out | -276.0k |
| Chimera Capital Management LLC | Sold out | -240.1k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $9.4m429.8k shares |
| CITADEL ADVISORS LLC | Reduced | $5.6m258.9k shares |
| UBS Group AG | New | $3.3m150.0k shares |
| GROUP ONE TRADING LLC | Reduced | $2.2m99.8k shares |
| Walleye Trading LLC | Added | $1.6m73.9k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $1.2m542 shares |
| JANE STREET GROUP, LLC | Reduced | $716.6k32.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $487.0k22.4k shares |
| IMC-Chicago, LLC | Added | $481.3k22.1k shares |
| Walleye Capital LLC | Added | $365.9k16.8k shares |
Biggest puts
| Walleye Trading LLC | Added | $3.3m152.4k shares |
| UBS Group AG | New | $3.3m150.0k shares |
| CITADEL ADVISORS LLC | Added | $2.2m100.0k shares |
| SIMPLEX TRADING, LLC | Added | $2.1m97.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $2.0m92.2k shares |
| Walleye Capital LLC | New | $1.1m48.3k shares |
| IMC-Chicago, LLC | New | $396.4k18.2k shares |
| GROUP ONE TRADING LLC | Reduced | $274.4k12.6k shares |
| JANE STREET GROUP, LLC | Reduced | $254.8k11.7k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
TRIAN FUND MANAGEMENT, L.P.
13D · may seek influence
no change · filed 2026-10-28
Stated purposeItem 4 is hereby amended and restated in its entirety to read in full as follows: On October 28, 2026, Trian Management, which, together with its affiliated funds and related parties, beneficially owns approximately 16.25% of the outstanding Common Stock, and Flynn, together with BlueFive and Sixth Street, submitted to the Board a non-binding proposal (the "Proposal") for a newly formed entity to acquire all of the outstanding shares of Common Stock not currently beneficially owned by the Filing Persons (the "Proposed Transaction") for a price of $7.35 per share in cash (the "Per Share Price"), assuming approximately 194.0 million shares of Common Stock outstanding on a fully diluted basis using the treasury stock method, consisting of approximately (a) 190.7 million shares of Common Stoc… Full filing |
16.2% |
| BlackRock, Inc. 13G · institution +2.4 pts · filed 2026-07-30 | 12.8% |
| VANGUARD PORTFOLIO MANAGEMENT LLC 13G · institution new · filed 2026-07-31 | 5.5% |
Fell to 5% or below in the last year: HARRIS ASSOCIATES L P (3.1%, 2026-05-15), AQR CAPITAL MANAGEMENT LLC (1.6%, 2026-05-14), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD PORTFOLIO MANAGEMENT LLC)
Insider purchases and sales in Q1 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q2 2021 | 0 | — | 0 | — | — |
| Q3 2021 | 0 | — | 0 | — | — |
| Q4 2021 | 0 | — | 0 | — | — |
| Q1 2022 | 0 | — | 0 | — | — |
| Q2 2022 | 0 | — | 0 | — | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 4 | $81.5m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2023-03-09 | Esposito Liliana Chf Corp Affrs & Sustnblty Ofc | Sold | $1.4m64.7k shares |
| 2023-03-03 | Trian Partners Parallel Fund I, L.P. +8 10% owner · Please see explanation below | Sold | $80.0m3.6m shares |
| 2023-03-03 | PELTZ NELSON Director · By Trian Partners | Sold | $80.0m3.6m shares |
| 2023-03-03 | Peltz Matthew H. Director · By Trian Partners | Sold | $80.0m3.6m shares |
| 2023-03-03 | MAY PETER W Director · By Trian Partners | Sold | $80.0m3.6m shares |
| 2023-03-03 | GARDEN EDWARD P 10% owner · By Trian Partners | Sold | $80.0m3.6m shares |
| 2023-03-03 | Esposito Liliana Chf Corp Affrs & Sustnblty Ofc | Sold | $138.8k6.2k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q1 2023
| Manager | Shares | Change |
|---|---|---|
| TRIAN FUND MANAGEMENT, L.P. 12.60% of their portfolio | 21.7m $472.8m | Reduced -3.6m |
| BlackRock Inc. 0.01% of their portfolio | 20.4m $444.2m | Added +5.0m |
| VANGUARD GROUP INC 0.01% of their portfolio | 20.1m $438.2m | Added +1.7m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.08% of their portfolio | 11.2m $244.2m | Reduced -221.6k |
| JPMORGAN CHASE & CO 0.02% of their portfolio | 6.0m $130.4m | Added +142.4k |
| HARRIS ASSOCIATES L P 0.24% of their portfolio | 5.7m $124.4m | Added +771.1k |
| Allspring Global Investments Holdings, LLC 0.19% of their portfolio | 5.2m $112.8m | Added +48.0k |
| STATE STREET CORP 0.01% of their portfolio | 4.9m $107.0m | Added +63.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 4.6m $99.8m | Added +2.5m |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 4.1m $88.9m | Added +58.8k |
| JANUS HENDERSON GROUP PLC 0.05% of their portfolio | 3.2m $69.4m | Reduced -419.7k |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 2.9m $64.0m | Added +639.7k |
| RENAISSANCE TECHNOLOGIES LLC 0.08% of their portfolio | 2.9m $62.7m | Added +2.3m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 2.7m $59.8m | Added +39.4k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 2.6m $57.2m | Added +2.6m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.5m $55.3m | Added +87.1k |
| MACQUARIE GROUP LTD 0.06% of their portfolio | 2.5m $53.5m | Added +113.3k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.1m $46.4m | Reduced -12.0k |
| NORGES BANK 0.01% of their portfolio | 2.1m $44.7m | Added +90.0k |
| MARSHALL WACE, LLP 0.10% of their portfolio | 1.8m $39.4m | Added +708.3k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 1.8m $38.6m | Added +92 |
| WELLINGTON MANAGEMENT GROUP LLP 0.01% of their portfolio | 1.5m $32.5m | Reduced -166.7k |
| Qube Research & Technologies Ltd 0.17% of their portfolio | 1.4m $29.4m | Added +669.9k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.3m $28.3m | Added +17.0k |
| TWO SIGMA ADVISERS, LP 0.07% of their portfolio | 1.3m $27.5m | Reduced -318.3k |
| HORIZON KINETICS ASSET MANAGEMENT LLC 0.51% of their portfolio | 1.2m $26.5m | Reduced -29.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 1.1m $24.1m | Added +199.6k |
| TWO SIGMA INVESTMENTS, LP 0.07% of their portfolio | 1.1m $24.0m | Added +66.5k |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 1.0m $22.0m | Added +341.9k |
| Squarepoint Ops LLC 0.12% of their portfolio | 798.8k $17.4m | Added +215.5k |
| MORGAN STANLEY 0.00% of their portfolio | 762.1k $16.6m | Added +30.4k |
| Nuveen Asset Management, LLC 0.01% of their portfolio | 732.3k $15.9m | Reduced -174.6k |
| Amundi 0.01% of their portfolio | 704.1k $15.3m | Added +75.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 675.7k $14.7m | Added +1.8k |
| NFJ INVESTMENT GROUP, LLC 0.39% of their portfolio | 663.4k $14.4m | Reduced -58.8k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 661.8k $14.4m | Reduced -742 |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 640.1k $13.9m | Added +528.3k |
| FIRST TRUST ADVISORS LP 0.02% of their portfolio | 625.7k $13.6m | Added +448.1k |
| Creative Planning 0.02% of their portfolio | 583.1k $12.7m | Added +400.7k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 527.9k $11.5m | Added +461.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 526.3k $11.5m | Added +322.0k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 519.5k $11.3m | Added +13.6k |
| Retirement Systems of Alabama 0.05% of their portfolio | 508.2k $11.1m | Added +283.6k |
| California Public Employees Retirement System 0.01% of their portfolio | 507.8k $11.1m | Added +276.5k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 440.5k $9.6m | New |
| Invesco Ltd. 0.00% of their portfolio | 427.6k $9.3m | Reduced -212.8k |
| NICHOLAS COMPANY, INC. 0.19% of their portfolio | 427.5k $9.3m | Added +40 |
| Assenagon Asset Management S.A. 0.03% of their portfolio | 401.1k $8.7m | Reduced -1.4m |
| Swiss National Bank 0.01% of their portfolio | 390.8k $8.5m | Reduced -46.0k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 361.3k $7.9m | Added +131.3k |
| Schonfeld Strategic Advisors LLC 0.07% of their portfolio | 351.7k $7.7m | Reduced -1.2m |
| SEI INVESTMENTS CO 0.01% of their portfolio | 328.9k $7.2m | Added +314.6k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 292.1k $6.4m | Reduced -322.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 286.6k $6.2m | Reduced -2.1k |
| Legal & General Group Plc 0.00% of their portfolio | 281.1k $6.1m | Added +1.3k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 269.2k $5.8m | Added +169.3k |
| AMERICAN INTERNATIONAL GROUP, INC. 0.04% of their portfolio | 263.8k $5.7m | Reduced -2.5k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 263.8k $5.7m | Added +184.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 257.2k $5.6m | Added +17.7k |
| FMR LLC 0.00% of their portfolio | 249.3k $5.4m | Reduced -208.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 233.1k $5.1m | Reduced -700 |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 227.9k $5.0m | Reduced -16.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 222.9k $4.9m | Reduced -3.0k |
| CREDIT SUISSE AG/ 0.00% of their portfolio | 221.2k $4.8m | Added +2.2k |
| D. E. Shaw & Co., Inc. 0.01% of their portfolio | 212.4k $4.6m | Added +114.2k |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.02% of their portfolio | 206.3k $4.5m | New |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 200.1k $4.4m | Added +5.6k |
| Nine27 Capital Management, LP 4.76% of their portfolio | 200.0k $4.4m | New |
| BOOTHBAY FUND MANAGEMENT, LLC 0.11% of their portfolio | 194.8k $4.2m | Added +122.2k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 193.8k $4.2m | Added +24 |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 173.4k $3.8m | Added +128.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 170.7k $3.7m | Added +51.5k |
| NATIXIS 0.03% of their portfolio | 160.8k $3.5m | New |
| TEXAS PERMANENT SCHOOL FUND CORP 0.03% of their portfolio | 151.9k $3.3m | Added +37.3k |
| Holocene Advisors, LP 0.02% of their portfolio | 148.9k $3.2m | Added +99.9k |
| Concentric Capital Strategies, LP 1.06% of their portfolio | 145.1k $3.2m | Added +95.6k |
| BARCLAYS PLC 0.00% of their portfolio | 143.6k $3.1m | Reduced -14.1k |
| Gotham Asset Management, LLC 0.07% of their portfolio | 140.6k $3.1m | Added +82.0k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 137.1k $3.0m | Reduced -2.9k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 134.3k $2.9m | Reduced -5.2k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 133.5k $2.9m | Reduced -2.1k |
| WINTON GROUP Ltd 0.17% of their portfolio | 129.2k $2.8m | Reduced -17.2k |
| AMALGAMATED BANK 0.02% of their portfolio | 125.7k $2.7m | Reduced -25.6k |
| GABELLI FUNDS LLC 0.02% of their portfolio | 117.0k $2.5m | Unchanged |
| EXCHANGE TRADED CONCEPTS, LLC 0.07% of their portfolio | 116.6k $2.5m | New |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 114.2k $2.5m | Reduced -14.0k |
| North Star Investment Management Corp. 0.20% of their portfolio | 114.0k $2.5m | Added +41.5k |
| UBS Group AG 0.00% of their portfolio | 113.0k $2.5m | Reduced -39.1k |
| CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio | 112.3k $2.4m | Added +788 |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 111.6k $2.4m | Added +2.9k |
| MetLife Investment Management, LLC 0.02% of their portfolio | 111.3k $2.4m | Reduced -2.8k |
| State of New Jersey Common Pension Fund D 0.01% of their portfolio | 106.3k $2.3m | Unchanged |
| TUDOR INVESTMENT CORP ET AL 0.04% of their portfolio | 102.7k $2.2m | New |
| DEAN INVESTMENT ASSOCIATES, LLC 0.35% of their portfolio | 99.2k $2.2m | Added +4.7k |
| VELA Investment Management, LLC 0.95% of their portfolio | 95.7k $2.1m | Added +14.2k |
| Aigen Investment Management, LP 0.28% of their portfolio | 92.6k $2.0m | New |
| SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC 0.05% of their portfolio | 92.0k $2.0m | Unchanged |
| Engineers Gate Manager LP 0.08% of their portfolio | 91.7k $2.0m | Added +35.9k |
| SHUFRO ROSE & CO LLC 0.18% of their portfolio | 91.3k $2.0m | Reduced -8.1k |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio | 87.8k $1.9m | Reduced -2.6k |