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 ($12.2m this quarter). Holder counts are more reliable. Shares outstanding: 203.2m as of 2024-07-25, 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 ≈ $16.96. Options: 14 managers hold calls ($24.7m notional), 15 hold puts ($31.0m).
Trends to Q2 2024
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 336 |
| Q4 2022 | 349 |
| Q1 2023 | 343 |
| Q2 2023 | 360 |
| Q3 2023 | 352 |
| Q4 2023 | 389 |
| Q1 2024 | 363 |
| Q2 2024 | 392 |
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 |
| Q3 2023 | 167 | 174 |
| Q4 2023 | 205 | 131 |
| Q1 2024 | 164 | 191 |
| Q2 2024 | 194 | 159 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2023 | $23.0m | $21.7m | 0.94 |
| Q4 2023 | $28.4m | $36.8m | 1.29 |
| Q1 2024 | $19.3m | $32.0m | 1.66 |
| Q2 2024 | $24.7m | $31.0m | 1.26 |
Biggest buyers
| AQR CAPITAL MANAGEMENT LLC | Added | +3.0m |
| Point72 Asset Management, L.P. | New | +2.5m |
| Squarepoint Ops LLC | Added | +1.9m |
| Assenagon Asset Management S.A. | New | +1.0m |
| HARRIS ASSOCIATES L P | Added | +848.8k |
| BANK OF MONTREAL /CAN/ | Added | +746.4k |
| VANGUARD GROUP INC | Added | +636.3k |
| GOLDMAN SACHS GROUP INC | Added | +361.3k |
| FIRST TRUST ADVISORS LP | Added | +316.7k |
| Walleye Capital LLC | Added | +255.9k |
Biggest sellers
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -4.7m |
| MORGAN STANLEY | Reduced | -2.9m |
| JPMORGAN CHASE & CO | Reduced | -1.7m |
| CITADEL ADVISORS LLC | Sold out | -1.5m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.1m |
| Qube Research & Technologies Ltd | Reduced | -688.8k |
| NORGES BANK | Reduced | -541.1k |
| TWO SIGMA ADVISERS, LP | Reduced | -500.6k |
| Man Group plc | Sold out | -478.3k |
| TWO SIGMA INVESTMENTS, LP | Reduced | -467.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $7.0m411.4k shares |
| GOLDMAN SACHS GROUP INC | New | $3.4m200.0k shares |
| CITADEL ADVISORS LLC | Reduced | $2.9m172.5k shares |
| GROUP ONE TRADING LLC | Reduced | $2.1m125.7k shares |
| SIMPLEX TRADING, LLC | Added | $2.0m115.2k shares |
| JANE STREET GROUP, LLC | Added | $1.6m92.1k shares |
| TWO SIGMA SECURITIES, LLC | Added | $1.1m64.3k shares |
| Walleye Capital LLC | Added | $1.0m59.7k shares |
| Walleye Trading LLC | Added | $902.3k53.2k shares |
| IMC-Chicago, LLC | Added | $865.0k51.0k shares |
Biggest puts
| SANDLER CAPITAL MANAGEMENT | Reduced | $6.8m400.0k shares |
| CITADEL ADVISORS LLC | Added | $6.4m379.6k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $4.1m243.6k shares |
| GOLDMAN SACHS GROUP INC | New | $3.4m200.0k shares |
| Walleye Capital LLC | Added | $1.8m107.6k shares |
| IMC-Chicago, LLC | Added | $1.7m101.2k shares |
| SIMPLEX TRADING, LLC | Added | $1.5m89.7k shares |
| GROUP ONE TRADING LLC | Added | $1.1m66.5k shares |
| JANE STREET GROUP, LLC | Added | $1.1m66.0k shares |
| WOLVERINE TRADING, LLC | Added | $1.1m64.5k 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 2024
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 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 4 | $81.5m | — |
| Q2 2023 | 0 | — | 4 | $22.2m | — |
| Q3 2023 | 0 | — | 3 | $59.0m | — |
| Q4 2023 | 0 | — | 4 | $35.7m | — |
| Q1 2024 | 0 | — | 1 | $81.3k | — |
| Q2 2024 | 0 | — | 2 | $1.2m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2024-06-03 | Dolan Kristin A Director | Sold | $365.2k21.0k shares |
| 2024-05-09 | Loredo Juan Carlos Global Chief Marketing Officer | Sold | $873.7k44.8k 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 2024
| Manager | Shares | Change |
|---|---|---|
| TRIAN FUND MANAGEMENT, L.P. 13.03% of their portfolio | 31.5m $534.4m | Added +40.7k |
| VANGUARD GROUP INC 0.01% of their portfolio | 21.7m $368.6m | Added +636.3k |
| BlackRock Inc. 0.01% of their portfolio | 19.6m $332.5m | Reduced -147.2k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 10.2m $172.2m | Reduced -1.7m |
| HARRIS ASSOCIATES L P 0.27% of their portfolio | 9.5m $161.0m | Added +848.8k |
| AQR CAPITAL MANAGEMENT LLC 0.18% of their portfolio | 6.8m $115.6m | Added +3.0m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 6.0m $102.4m | Added +77.0k |
| STATE STREET CORP 0.00% of their portfolio | 5.1m $87.3m | Added +810 |
| Allspring Global Investments Holdings, LLC 0.14% of their portfolio | 5.1m $86.0m | Reduced -274.7k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 4.1m $69.4m | Added +70.5k |
| Squarepoint Ops LLC 0.22% of their portfolio | 3.5m $59.2m | Added +1.9m |
| JANUS HENDERSON GROUP PLC 0.03% of their portfolio | 3.0m $51.6m | Reduced -280.6k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.0m $50.6m | Added +67.5k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 2.9m $49.0m | Reduced -218.6k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.7m $46.6m | Added +102.5k |
| Point72 Asset Management, L.P. 0.14% of their portfolio | 2.5m $42.1m | New |
| MORGAN STANLEY 0.00% of their portfolio | 2.4m $40.4m | Reduced -2.9m |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 2.0m $34.3m | Reduced -1.1m |
| TWO SIGMA ADVISERS, LP 0.06% of their portfolio | 1.6m $27.0m | Reduced -500.6k |
| TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio | 1.6m $26.4m | Reduced -467.8k |
| Invesco Ltd. 0.01% of their portfolio | 1.5m $24.8m | Added +222.2k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.3m $21.5m | Added +176.9k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 1.2m $20.8m | Reduced -102.1k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 1.1m $18.1m | Reduced -4.7m |
| Capital Research Global Investors 0.00% of their portfolio | 1.1m $17.9m | Unchanged |
| Assenagon Asset Management S.A. 0.04% of their portfolio | 1.0m $17.1m | New |
| HORIZON KINETICS ASSET MANAGEMENT LLC 0.30% of their portfolio | 1.0m $17.0m | Reduced -63.6k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 978.5k $16.6m | Added +14.5k |
| VICTORY CAPITAL MANAGEMENT INC 0.02% of their portfolio | 894.4k $15.2m | Added +100.5k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 866.9k $14.7m | Added +746.4k |
| Gradient Investments LLC 0.31% of their portfolio | 825.7k $14.0m | Reduced -13.0k |
| California Public Employees Retirement System 0.01% of their portfolio | 825.3k $14.0m | Reduced -372.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 787.4k $13.4m | Added +361.3k |
| NORGES BANK 0.00% of their portfolio | 686.0k $11.6m | Reduced -541.1k |
| Davidson Kempner Capital Management LP 0.18% of their portfolio | 650.0k $11.0m | Not comparable |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio | 644.6k $10.9m | First filing |
| Retirement Systems of Alabama 0.04% of their portfolio | 608.5k $10.3m | Reduced -4.7k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 566.0k $9.6m | Reduced -272.9k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 554.9k $9.4m | Reduced -77.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 541.1k $9.2m | Added +253.1k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 535.2k $9.1m | Reduced -24.7k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 470.4k $8.0m | Added +17.1k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 468.7k $7.9m | Added +316.7k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 468.2k $7.9m | Reduced -688.8k |
| FEDERATED HERMES, INC. 0.02% of their portfolio | 439.0k $7.4m | Added +199.1k |
| Cadence Bank 0.54% of their portfolio | 424.7k $7.2m | Added +4.3k |
| FIL Ltd 0.01% of their portfolio | 382.9k $6.5m | Added +19.9k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 382.1k $6.5m | Added +29.1k |
| MACQUARIE GROUP LTD 0.01% of their portfolio | 363.3k $6.2m | Added +2.0k |
| Swiss National Bank 0.00% of their portfolio | 343.5k $5.8m | Reduced -2.7k |
| UBS Group AG 0.00% of their portfolio | 325.7k $5.5m | Reduced -166.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 302.9k $5.1m | Added +58.3k |
| DEAN INVESTMENT ASSOCIATES, LLC 0.70% of their portfolio | 290.6k $4.9m | Reduced -3.0k |
| North Star Investment Management Corp. 0.35% of their portfolio | 282.7k $4.8m | Reduced -8.0k |
| Legal & General Group Plc 0.00% of their portfolio | 278.9k $4.7m | Added +5.3k |
| BARCLAYS PLC 0.00% of their portfolio | 271.1k $4.6m | Reduced -14.3k |
| Walleye Capital LLC 0.05% of their portfolio | 268.6k $4.6m | Added +255.9k |
| Gotham Asset Management, LLC 0.05% of their portfolio | 244.5k $4.1m | Added +9.0k |
| FMR LLC 0.00% of their portfolio | 239.6k $4.1m | Reduced -333.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 226.8k $3.8m | Reduced -30.5k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 223.0k $3.8m | Reduced -7.1k |
| FORT PITT CAPITAL GROUP, LLC 0.11% of their portfolio | 218.0k $3.7m | Added +18.1k |
| Corebridge Financial, Inc. 0.02% of their portfolio | 211.3k $3.6m | First filing |
| Creative Planning 0.00% of their portfolio | 196.0k $3.3m | Added +9.7k |
| NICHOLAS COMPANY, INC. 0.06% of their portfolio | 195.2k $3.3m | Reduced -253.4k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 194.0k $3.3m | Reduced -9.6k |
| Verition Fund Management LLC 0.03% of their portfolio | 191.3k $3.2m | Added +137.3k |
| Engineers Gate Manager LP 0.07% of their portfolio | 189.6k $3.2m | Added +4.3k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 177.9k $3.0m | Reduced -40.9k |
| ExodusPoint Capital Management, LP 0.03% of their portfolio | 177.6k $3.0m | Added +108.5k |
| Cubist Systematic Strategies, LLC 0.05% of their portfolio | 176.5k $3.0m | Added +118.0k |
| MAVERICK CAPITAL LTD 0.06% of their portfolio | 176.1k $3.0m | Added +87.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 170.3k $2.9m | Reduced -4.4k |
| Neo Ivy Capital Management 0.57% of their portfolio | 170.3k $2.9m | First filing |
| LPL Financial LLC 0.00% of their portfolio | 161.2k $2.7m | Added +2.1k |
| Trexquant Investment LP 0.04% of their portfolio | 158.6k $2.7m | New |
| NFJ INVESTMENT GROUP, LLC 0.08% of their portfolio | 158.3k $2.7m | Reduced -30.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 152.3k $2.6m | Reduced -3.0k |
| VELA Investment Management, LLC 0.85% of their portfolio | 141.6k $2.4m | Unchanged |
| CAPITAL FUND MANAGEMENT S.A. 0.03% of their portfolio | 140.5k $2.4m | Added +124.4k |
| GUGGENHEIM CAPITAL LLC 0.02% of their portfolio | 139.3k $2.4m | Added +10.1k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 135.9k $2.3m | Reduced -17.5k |
| AGF MANAGEMENT LTD 0.01% of their portfolio | 135.3k $2.3m | Added +9.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 130.1k $2.2m | Added +14.9k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 126.1k $2.1m | Reduced -42.1k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 122.7k $2.1m | Added +103.0k |
| GSA CAPITAL PARTNERS LLP 0.14% of their portfolio | 120.0k $2.0m | Added +74.1k |
| GABELLI FUNDS LLC 0.01% of their portfolio | 113.0k $1.9m | Reduced -4.0k |
| State of New Jersey Common Pension Fund D 0.01% of their portfolio | 109.5k $1.9m | Reduced -43.7k |
| Legato Capital Management LLC 0.25% of their portfolio | 107.2k $1.8m | Added +6.7k |
| Dean Capital Management 2.34% of their portfolio | 107.2k $1.8m | Added +6.7k |
| Point72 (DIFC) Ltd 0.16% of their portfolio | 107.0k $1.8m | Added +94.7k |
| AMALGAMATED BANK 0.02% of their portfolio | 106.2k $1.8m | Added +3.2k |
| Schonfeld Strategic Advisors LLC 0.01% of their portfolio | 101.7k $1.7m | Reduced -43.5k |
| Quantbot Technologies LP 0.08% of their portfolio | 100.6k $1.7m | Added +21.0k |
| CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio | 97.8k $1.7m | Added +3.5k |
| Concurrent Investment Advisors, LLC 0.05% of their portfolio | 97.1k $1.6m | New |
| Illinois Municipal Retirement Fund 0.02% of their portfolio | 96.4k $1.6m | Added +30.6k |
| COMMONWEALTH EQUITY SERVICES, LLC 0.00% of their portfolio | 96.0k $1.6m | Added +45 |
| Joseph Group Capital Management 0.84% of their portfolio | 95.2k $1.6m | Added +12.2k |