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 ($8.2m this quarter). Holder counts are more reliable. Shares outstanding: 203.8m as of 2024-10-24, 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 ≈ $17.52. Options: 17 managers hold calls ($33.4m notional), 17 hold puts ($23.5m).
Trends to Q3 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 |
| Q3 2024 | 394 |
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 |
| Q3 2024 | 191 | 184 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2023 | $28.4m | $36.8m | 1.29 |
| Q1 2024 | $19.3m | $32.0m | 1.66 |
| Q2 2024 | $24.7m | $31.0m | 1.26 |
| Q3 2024 | $33.4m | $23.5m | 0.70 |
Biggest buyers
| AQR CAPITAL MANAGEMENT LLC | Added | +4.3m |
| Point72 Asset Management, L.P. | Added | +4.0m |
| Kodai Capital Management LP | New | +1.2m |
| MILLENNIUM MANAGEMENT LLC | Added | +725.1k |
| TWO SIGMA INVESTMENTS, LP | Added | +591.3k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +590.1k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | New | +513.0k |
| CITIGROUP INC | Added | +355.5k |
| VANGUARD GROUP INC | Added | +295.0k |
| ALPS ADVISORS INC | New | +291.4k |
Biggest sellers
| Capital Research Global Investors | Sold out | -1.1m |
| Assenagon Asset Management S.A. | Sold out | -1.0m |
| TRIAN FUND MANAGEMENT, L.P. | Reduced | -995.3k |
| Invesco Ltd. | Reduced | -986.3k |
| JPMORGAN CHASE & CO | Reduced | -765.8k |
| BANK OF MONTREAL /CAN/ | Reduced | -739.0k |
| TWO SIGMA ADVISERS, LP | Reduced | -546.7k |
| HARRIS ASSOCIATES L P | Reduced | -403.3k |
| FIL Ltd | Sold out | -382.9k |
| NORGES BANK | Reduced | -377.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $10.1m575.4k shares |
| GROUP ONE TRADING LLC | Added | $6.2m356.3k shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $3.5m200.0k shares |
| CITADEL ADVISORS LLC | Added | $3.1m178.6k shares |
| SIMPLEX TRADING, LLC | Added | $2.2m126.3k shares |
| JANE STREET GROUP, LLC | Added | $2.1m121.3k shares |
| CAPITAL FUND MANAGEMENT S.A. | New | $984.6k56.2k shares |
| IMC-Chicago, LLC | Added | $939.1k53.6k shares |
| Walleye Trading LLC | Reduced | $921.6k52.6k shares |
| WELLS FARGO & COMPANY/MN | Added | $876.0k50.0k shares |
Biggest puts
| CITADEL ADVISORS LLC | Reduced | $3.7m212.2k shares |
| GOLDMAN SACHS GROUP INC | Unchanged | $3.5m200.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $3.2m181.4k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $3.0m173.5k shares |
| Walleye Capital LLC | Added | $2.1m119.1k shares |
| WOLVERINE TRADING, LLC | Added | $1.7m94.0k shares |
| BARCLAYS PLC | New | $1.3m75.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.3m71.9k shares |
| IMC-Chicago, LLC | Reduced | $1.1m63.3k shares |
| JANE STREET GROUP, LLC | Reduced | $797.2k45.5k 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 Q3 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q3 2024 | 0 | — | 3 | $17.2m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2024-08-08 | PELTZ NELSON +1 Director · By Trian Partners | Sold | $17.2m1.0m shares |
| 2024-08-08 | MAY PETER W +1 Director · By Trian Partners | Sold | $17.2m1.0m shares |
| 2024-08-08 | TRIAN FUND MANAGEMENT, L.P. +1 Director · By Trian Partners | Sold | $17.2m1.0m 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, Q3 2024
| Manager | Shares | Change |
|---|---|---|
| TRIAN FUND MANAGEMENT, L.P. 13.74% of their portfolio | 30.5m $534.6m | Reduced -995.3k |
| VANGUARD GROUP INC 0.01% of their portfolio | 22.0m $385.9m | Added +295.0k |
| BlackRock, Inc. 0.01% of their portfolio | 19.7m $345.6m | First filing |
| AQR CAPITAL MANAGEMENT LLC 0.27% of their portfolio | 11.1m $194.8m | Added +4.3m |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 9.4m $164.5m | Reduced -765.8k |
| HARRIS ASSOCIATES L P 0.21% of their portfolio | 9.1m $159.2m | Reduced -403.3k |
| Point72 Asset Management, L.P. 0.39% of their portfolio | 6.4m $112.8m | Added +4.0m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 5.8m $102.4m | Reduced -190.2k |
| STATE STREET CORP 0.00% of their portfolio | 5.2m $90.9m | Added +37.8k |
| Allspring Global Investments Holdings, LLC 0.13% of their portfolio | 4.9m $86.4m | Reduced -140.1k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 4.0m $69.9m | Reduced -104.9k |
| Squarepoint Ops LLC 0.19% of their portfolio | 3.3m $58.0m | Reduced -181.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.1m $54.3m | Added +115.9k |
| JANUS HENDERSON GROUP PLC 0.03% of their portfolio | 3.0m $53.3m | Added +2.8k |
| MILLENNIUM MANAGEMENT LLC 0.04% of their portfolio | 2.7m $48.1m | Added +725.1k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 2.6m $45.6m | Reduced -287.4k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.6m $44.7m | Reduced -193.9k |
| TWO SIGMA INVESTMENTS, LP 0.09% of their portfolio | 2.1m $37.6m | Added +591.3k |
| MORGAN STANLEY 0.00% of their portfolio | 2.1m $37.4m | Reduced -248.4k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.03% of their portfolio | 1.8m $31.8m | Added +590.1k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 1.3m $22.2m | Added +81 |
| Kodai Capital Management LP 0.43% of their portfolio | 1.2m $20.6m | New |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 1.1m $18.6m | Reduced -7.4k |
| TWO SIGMA ADVISERS, LP 0.04% of their portfolio | 1.0m $18.3m | Reduced -546.7k |
| VOYA INVESTMENT MANAGEMENT LLC 0.02% of their portfolio | 860.9k $15.1m | Reduced -117.6k |
| HORIZON KINETICS ASSET MANAGEMENT LLC 0.22% of their portfolio | 847.5k $14.8m | Reduced -154.3k |
| VICTORY CAPITAL MANAGEMENT INC 0.01% of their portfolio | 824.4k $14.4m | Reduced -70.1k |
| California Public Employees Retirement System 0.01% of their portfolio | 766.1k $13.4m | Reduced -59.2k |
| Retirement Systems of Alabama 0.05% of their portfolio | 711.3k $12.5m | Added +102.8k |
| Gradient Investments LLC 0.25% of their portfolio | 692.5k $12.1m | Reduced -133.2k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio | 642.3k $11.3m | Reduced -2.3k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 606.3k $10.6m | Reduced -181.0k |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 584.3k $10.2m | Added +49.0k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 558.4k $9.8m | Added +88.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 556.0k $9.7m | Added +14.9k |
| Nuveen Asset Management, LLC 0.00% of their portfolio | 547.1k $9.6m | Reduced -18.9k |
| FEDERATED HERMES, INC. 0.02% of their portfolio | 514.7k $9.0m | Added +75.8k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.02% of their portfolio | 513.0k $9.0m | New |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 498.7k $8.7m | Added +29.9k |
| Invesco Ltd. 0.00% of their portfolio | 475.3k $8.3m | Reduced -986.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 397.4k $7.0m | Reduced -157.5k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 392.4k $6.9m | Added +10.3k |
| CITIGROUP INC 0.01% of their portfolio | 377.0k $6.6m | Added +355.5k |
| MACQUARIE GROUP LTD 0.01% of their portfolio | 358.8k $6.3m | Reduced -4.4k |
| UBS Group AG 0.00% of their portfolio | 340.8k $6.0m | Added +15.1k |
| Swiss National Bank 0.00% of their portfolio | 340.3k $6.0m | Reduced -3.2k |
| NORGES BANK 0.00% of their portfolio | 308.2k $5.4m | Reduced -377.8k |
| ALPS ADVISORS INC 0.03% of their portfolio | 291.4k $5.1m | New |
| Legal & General Group Plc 0.00% of their portfolio | 284.7k $5.0m | Added +5.8k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 274.0k $4.8m | Reduced -194.2k |
| Cerity Partners LLC 0.01% of their portfolio | 253.0k $4.4m | Added +169.4k |
| FORT PITT CAPITAL GROUP, LLC 0.12% of their portfolio | 245.6k $4.3m | Added +27.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 232.3k $4.1m | Reduced -70.6k |
| DEAN INVESTMENT ASSOCIATES, LLC 0.54% of their portfolio | 228.9k $4.0m | Reduced -61.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 226.8k $4.0m | Unchanged |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 223.0k $3.9m | Unchanged |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 211.6k $3.7m | Added +17.6k |
| FMR LLC 0.00% of their portfolio | 211.1k $3.7m | Reduced -28.5k |
| Advisors Asset Management, Inc. 0.07% of their portfolio | 208.9k $3.7m | Added +136.1k |
| Creative Planning 0.00% of their portfolio | 203.2k $3.6m | Added +7.2k |
| Corebridge Financial, Inc. 0.02% of their portfolio | 202.9k $3.6m | Reduced -8.4k |
| NICHOLAS COMPANY, INC. 0.06% of their portfolio | 195.2k $3.4m | Unchanged |
| GUGGENHEIM CAPITAL LLC 0.02% of their portfolio | 183.6k $3.2m | Added +44.3k |
| AGF MANAGEMENT LTD 0.02% of their portfolio | 183.5k $3.2m | Added +48.2k |
| North Star Investment Management Corp. 0.22% of their portfolio | 180.9k $3.2m | Reduced -101.8k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 179.3k $3.1m | Added +1.5k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 177.6k $3.1m | New |
| CWM, LLC 0.01% of their portfolio | 175.3k $3.1m | Added +125.9k |
| LPL Financial LLC 0.00% of their portfolio | 168.9k $3.0m | Added +7.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 164.9k $2.9m | Reduced -5.4k |
| CAPITAL FUND MANAGEMENT S.A. 0.03% of their portfolio | 151.8k $2.7m | Added +11.3k |
| NFJ INVESTMENT GROUP, LLC 0.08% of their portfolio | 151.4k $2.7m | Reduced -6.9k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio | 150.5k $2.6m | Added +110.4k |
| Savant Capital, LLC 0.02% of their portfolio | 149.9k $2.6m | Added +136.7k |
| JANE STREET GROUP, LLC 0.00% of their portfolio | 147.7k $2.6m | Added +115.0k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 144.7k $2.5m | Added +8.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 142.0k $2.5m | Reduced -10.3k |
| Dean Capital Management 1.06% of their portfolio | 141.9k $2.5m | Added +34.6k |
| CAPTRUST FINANCIAL ADVISORS 0.01% of their portfolio | 139.4k $2.4m | Added +41.6k |
| Aquatic Capital Management LLC 0.06% of their portfolio | 131.7k $2.3m | Added +53.9k |
| BARCLAYS PLC 0.00% of their portfolio | 128.8k $2.3m | Reduced -142.3k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 127.9k $2.3m | Reduced -739.0k |
| Graham Capital Management, L.P. 0.07% of their portfolio | 123.3k $2.2m | New |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 122.7k $2.1m | Reduced -3.4k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 119.4k $2.1m | Reduced -3.3k |
| State of New Jersey Common Pension Fund D 0.01% of their portfolio | 117.0k $2.1m | Added +7.6k |
| Cadence Bank 0.14% of their portfolio | 116.7k $2.0m | Reduced -308.0k |
| GABELLI FUNDS LLC 0.01% of their portfolio | 113.0k $2.0m | Unchanged |
| Engineers Gate Manager LP 0.04% of their portfolio | 110.4k $1.9m | Reduced -79.3k |
| Quantinno Capital Management LP 0.02% of their portfolio | 109.7k $1.9m | Added +52.2k |
| Concurrent Investment Advisors, LLC 0.06% of their portfolio | 106.0k $1.9m | Added +8.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.00% of their portfolio | 102.9k $1.8m | Reduced -27.2k |
| Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio | 101.3k $1.8m | Added +10.4k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.00% of their portfolio | 94.7k $1.7m | New |
| Atria Investments, Inc 0.02% of their portfolio | 94.4k $1.7m | Added +41.6k |
| XTX Topco Ltd 0.12% of their portfolio | 93.0k $1.6m | New |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 92.9k $1.6m | Added +4.5k |
| MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 92.3k $1.6m | Reduced -2.9k |
| MetLife Investment Management, LLC 0.01% of their portfolio | 92.1k $1.6m | Added +590 |
| Gotham Asset Management, LLC 0.02% of their portfolio | 90.8k $1.6m | Reduced -153.7k |