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 ($9.9m this quarter). Holder counts are more reliable. Shares outstanding: 209.3m as of 2023-08-02, 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 ≈ $21.75. Options: 15 managers hold calls ($25.7m notional), 12 hold puts ($21.1m).
Trends to Q2 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 336 |
| Q4 2022 | 349 |
| Q1 2023 | 343 |
| Q2 2023 | 360 |
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 |
| Q2 2023 | 177 | 144 |
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 |
| Q2 2023 | $25.7m | $21.1m | 0.82 |
Biggest buyers
| Invesco Ltd. | Added | +908.0k |
| TWO SIGMA ADVISERS, LP | Added | +811.5k |
| Gradient Investments LLC | New | +743.7k |
| Nine27 Capital Management, LP | Added | +600.0k |
| TWO SIGMA INVESTMENTS, LP | Added | +554.0k |
| Cubist Systematic Strategies, LLC | Added | +488.8k |
| ROYAL BANK OF CANADA | Added | +470.8k |
| California Public Employees Retirement System | Added | +387.2k |
| GOLDMAN SACHS GROUP INC | Added | +380.6k |
| BOOTHBAY FUND MANAGEMENT, LLC | Added | +349.8k |
Biggest sellers
| RENAISSANCE TECHNOLOGIES LLC | Reduced | -1.6m |
| MARSHALL WACE, LLP | Reduced | -1.5m |
| VANGUARD GROUP INC | Reduced | -1.0m |
| TRIAN FUND MANAGEMENT, L.P. | Reduced | -973.1k |
| CITADEL ADVISORS LLC | Sold out | -640.1k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -485.5k |
| MACQUARIE GROUP LTD | Reduced | -480.1k |
| JANE STREET GROUP, LLC | Reduced | -456.6k |
| Assenagon Asset Management S.A. | Sold out | -401.1k |
| Creative Planning | Reduced | -397.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $9.2m421.5k shares |
| CITADEL ADVISORS LLC | Added | $6.3m288.1k shares |
| GROUP ONE TRADING LLC | Added | $2.9m134.0k shares |
| BNP PARIBAS FINANCIAL MARKETS | Unchanged | $1.2m542 shares |
| Walleye Trading LLC | Reduced | $1.1m52.8k shares |
| PEAK6 Investments LLC | New | $959.2k44.1k shares |
| SIMPLEX TRADING, LLC | Added | $917.0k42.2k shares |
| IMC-Chicago, LLC | Added | $911.3k41.9k shares |
| Walleye Capital LLC | Added | $691.6k31.8k shares |
| WOLVERINE TRADING, LLC | New | $571.9k26.2k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $5.6m256.4k shares |
| CITADEL ADVISORS LLC | Added | $3.6m166.2k shares |
| SIMPLEX TRADING, LLC | Added | $2.9m135.4k shares |
| Walleye Capital LLC | Added | $2.0m94.0k shares |
| Walleye Trading LLC | Reduced | $1.8m82.5k shares |
| JANE STREET GROUP, LLC | Added | $1.7m76.7k shares |
| UBS Group AG | Reduced | $1.6m75.0k shares |
| GROUP ONE TRADING LLC | Added | $907.0k41.7k shares |
| WOLVERINE TRADING, LLC | New | $707.3k32.4k shares |
| IMC-Chicago, LLC | Reduced | $239.2k11.0k 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 Q2 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q2 2023 | 0 | — | 4 | $22.2m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2023-06-02 | PELTZ NELSON +1 Director · By Trian Partners | Sold | $10.1m443.7k shares |
| 2023-06-02 | MAY PETER W +1 Director · By Trian Partners | Sold | $10.1m443.7k shares |
| 2023-06-02 | TRIAN FUND MANAGEMENT, L.P. +1 Director · By Trian Partners | Sold | $10.1m443.7k shares |
| 2023-06-01 | GILBERT KENNETH W Director | Sold | $66.1k3.0k shares |
| 2023-05-22 | MAY PETER W +1 Director · By Trian Partners | Sold | $12.0m529.4k shares |
| 2023-05-22 | TRIAN FUND MANAGEMENT, L.P. +1 Director · By Trian Partners | Sold | $12.0m529.4k shares |
| 2023-05-22 | PELTZ NELSON +1 Director · By Trian Partners | Sold | $12.0m529.4k 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, Q2 2023
| Manager | Shares | Change |
|---|---|---|
| TRIAN FUND MANAGEMENT, L.P. 11.62% of their portfolio | 20.7m $450.9m | Reduced -973.1k |
| BlackRock Inc. 0.01% of their portfolio | 20.5m $446.1m | Added +114.8k |
| VANGUARD GROUP INC 0.01% of their portfolio | 19.1m $415.1m | Reduced -1.0m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.08% of their portfolio | 11.1m $241.0m | Reduced -131.9k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 5.9m $129.1m | Reduced -55.6k |
| HARRIS ASSOCIATES L P 0.23% of their portfolio | 5.6m $121.8m | Reduced -111.5k |
| Allspring Global Investments Holdings, LLC 0.18% of their portfolio | 5.2m $113.1m | Added +20.7k |
| STATE STREET CORP 0.01% of their portfolio | 4.9m $106.6m | Reduced -8.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 4.7m $101.3m | Added +75.8k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 4.1m $88.9m | Added +4.8k |
| JANUS HENDERSON GROUP PLC 0.05% of their portfolio | 3.3m $72.5m | Added +147.4k |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 3.1m $67.3m | Added +470.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 2.8m $59.9m | Added +8.4k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 2.7m $58.1m | Added +130.8k |
| MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio | 2.5m $53.3m | Reduced -485.5k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.1m $45.8m | Reduced -23.4k |
| TWO SIGMA ADVISERS, LP 0.11% of their portfolio | 2.1m $45.1m | Added +811.5k |
| MACQUARIE GROUP LTD 0.05% of their portfolio | 2.0m $42.9m | Reduced -480.1k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 1.8m $38.7m | Added +6.6k |
| NORGES BANK 0.01% of their portfolio | 1.7m $37.0m | Reduced -352.7k |
| TWO SIGMA INVESTMENTS, LP 0.10% of their portfolio | 1.7m $36.0m | Added +554.0k |
| Qube Research & Technologies Ltd 0.11% of their portfolio | 1.3m $29.3m | Reduced -2.7k |
| Invesco Ltd. 0.01% of their portfolio | 1.3m $29.0m | Added +908.0k |
| RENAISSANCE TECHNOLOGIES LLC 0.04% of their portfolio | 1.3m $28.8m | Reduced -1.6m |
| NORTHERN TRUST CORP 0.01% of their portfolio | 1.3m $27.5m | Reduced -34.3k |
| HORIZON KINETICS ASSET MANAGEMENT LLC 0.56% of their portfolio | 1.2m $26.1m | Reduced -17.2k |
| WELLINGTON MANAGEMENT GROUP LLP 0.00% of their portfolio | 1.2m $25.4m | Reduced -322.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 1.2m $25.1m | Added +141.5k |
| MORGAN STANLEY 0.00% of their portfolio | 1.0m $22.6m | Added +276.1k |
| California Public Employees Retirement System 0.02% of their portfolio | 895.0k $19.5m | Added +387.2k |
| Squarepoint Ops LLC 0.11% of their portfolio | 887.0k $19.3m | Added +88.2k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 814.2k $17.7m | Reduced -292.6k |
| Nine27 Capital Management, LP 11.54% of their portfolio | 800.0k $17.4m | Added +600.0k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 770.8k $16.8m | Added +109.0k |
| Gradient Investments LLC 0.42% of their portfolio | 743.7k $16.2m | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 672.7k $14.6m | Added +380.6k |
| Amundi 0.01% of their portfolio | 662.8k $14.4m | Reduced -41.2k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 640.2k $13.9m | Reduced -35.5k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 639.8k $13.9m | Reduced -92.5k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 548.2k $11.9m | Added +28.7k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.37% of their portfolio | 544.7k $11.8m | Added +349.8k |
| Cubist Systematic Strategies, LLC 0.13% of their portfolio | 528.9k $11.5m | Added +488.8k |
| NFJ INVESTMENT GROUP, LLC 0.30% of their portfolio | 517.0k $11.2m | Reduced -146.4k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.01% of their portfolio | 513.4k $11.2m | Reduced -12.9k |
| Retirement Systems of Alabama 0.05% of their portfolio | 502.8k $10.9m | Reduced -5.4k |
| AQR CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 435.1k $9.4m | Added +165.9k |
| NICHOLAS COMPANY, INC. 0.18% of their portfolio | 427.2k $9.3m | Reduced -260 |
| Swiss National Bank 0.01% of their portfolio | 392.4k $8.5m | Added +1.6k |
| Mesirow Institutional Investment Management, Inc. 0.78% of their portfolio | 349.4k $7.6m | New |
| SEI INVESTMENTS CO 0.01% of their portfolio | 338.4k $7.4m | Added +9.5k |
| MARSHALL WACE, LLP 0.02% of their portfolio | 326.2k $7.1m | Reduced -1.5m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 286.6k $6.2m | Unchanged |
| Legal & General Group Plc 0.00% of their portfolio | 284.3k $6.2m | Added +3.3k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 276.8k $6.0m | Added +19.6k |
| BARCLAYS PLC 0.00% of their portfolio | 271.1k $5.9m | Added +127.5k |
| Point72 Asset Management, L.P. 0.02% of their portfolio | 261.3k $5.7m | New |
| AMERICAN INTERNATIONAL GROUP, INC. 0.03% of their portfolio | 256.0k $5.6m | Reduced -7.8k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 255.5k $5.6m | Reduced -105.8k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 252.8k $5.5m | Reduced -372.9k |
| BURNEY CO/ 0.25% of their portfolio | 250.0k $5.4m | New |
| ExodusPoint Capital Management, LP 0.06% of their portfolio | 246.3k $5.4m | New |
| Baird Financial Group, Inc. 0.01% of their portfolio | 245.6k $5.3m | Added +234.7k |
| CREDIT SUISSE AG/ 0.01% of their portfolio | 241.7k $5.3m | Added +20.5k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 235.4k $5.1m | Reduced -205.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 231.3k $5.0m | Reduced -1.8k |
| UBS Group AG 0.00% of their portfolio | 230.7k $5.0m | Added +117.7k |
| FEDERATED HERMES, INC. 0.01% of their portfolio | 229.2k $5.0m | Reduced -34.5k |
| Man Group plc 0.02% of their portfolio | 226.5k $4.9m | New |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 225.0k $4.9m | Reduced -3.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 221.9k $4.8m | Added +21.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 216.7k $4.7m | Reduced -6.3k |
| Trexquant Investment LP 0.12% of their portfolio | 209.4k $4.6m | Added +175.0k |
| Connor, Clark & Lunn Investment Management Ltd. 0.02% of their portfolio | 200.8k $4.4m | New |
| GSA CAPITAL PARTNERS LLP 0.43% of their portfolio | 199.7k $4.3m | Added +184.2k |
| TD Asset Management Inc 0.00% of their portfolio | 195.8k $4.3m | New |
| Creative Planning 0.01% of their portfolio | 185.8k $4.0m | Reduced -397.2k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 184.2k $4.0m | Reduced -9.6k |
| Thrivent Financial for Lutherans 0.01% of their portfolio | 171.9k $3.7m | Reduced -1.5k |
| Gotham Asset Management, LLC 0.08% of their portfolio | 160.0k $3.5m | Added +19.4k |
| North Star Investment Management Corp. 0.28% of their portfolio | 157.3k $3.4m | Added +43.3k |
| AGF MANAGEMENT LTD 0.02% of their portfolio | 155.3k $3.4m | New |
| TUDOR INVESTMENT CORP ET AL 0.05% of their portfolio | 153.9k $3.3m | Added +51.2k |
| TEXAS PERMANENT SCHOOL FUND CORP 0.03% of their portfolio | 147.4k $3.2m | Reduced -4.5k |
| CANADA LIFE ASSURANCE Co 0.01% of their portfolio | 144.6k $3.1m | Added +11.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 128.2k $2.8m | Reduced -6.2k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 122.4k $2.7m | Reduced -14.7k |
| AMALGAMATED BANK 0.02% of their portfolio | 122.1k $2.7m | Reduced -3.5k |
| HSBC HOLDINGS PLC 0.00% of their portfolio | 119.8k $2.6m | Added +57.1k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 119.7k $2.6m | Added +8.1k |
| GABELLI FUNDS LLC 0.02% of their portfolio | 117.0k $2.5m | Unchanged |
| DEAN INVESTMENT ASSOCIATES, LLC 0.41% of their portfolio | 116.7k $2.5m | Added +17.6k |
| CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio | 112.5k $2.4m | Added +200 |
| MetLife Investment Management, LLC 0.02% of their portfolio | 108.3k $2.4m | Reduced -3.0k |
| State of New Jersey Common Pension Fund D 0.01% of their portfolio | 106.3k $2.3m | Unchanged |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 103.1k $2.2m | Reduced -109.3k |
| Lighthouse Investment Partners, LLC 0.16% of their portfolio | 100.0k $2.2m | New |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 99.5k $2.2m | Reduced -14.7k |
| VELA Investment Management, LLC 0.97% of their portfolio | 96.5k $2.1m | Added +840 |
| Engineers Gate Manager LP 0.08% of their portfolio | 95.3k $2.1m | Added +3.5k |
| OSAIC HOLDINGS, INC. 0.00% of their portfolio | 94.3k $2.0m | Added +25.7k |