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 ($11.2m this quarter). Holder counts are more reliable. Shares outstanding: 192.0m as of 2025-04-25, 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 ≈ $14.63. Options: 15 managers hold calls ($60.3m notional), 20 hold puts ($86.2m).
Trends to Q1 2025
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 |
| Q4 2024 | 425 |
| Q1 2025 | 426 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2023 | 177 | 144 |
| Q3 2023 | 167 | 174 |
| Q4 2023 | 205 | 131 |
| Q1 2024 | 164 | 191 |
| Q2 2024 | 194 | 159 |
| Q3 2024 | 191 | 184 |
| Q4 2024 | 201 | 188 |
| Q1 2025 | 240 | 181 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $24.7m | $31.0m | 1.26 |
| Q3 2024 | $33.4m | $23.5m | 0.70 |
| Q4 2024 | $30.0m | $27.7m | 0.92 |
| Q1 2025 | $60.3m | $86.2m | 1.43 |
Biggest buyers
| Point72 Asset Management, L.P. | Added | +3.0m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Added | +1.9m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.8m |
| NORGES BANK | Added | +1.6m |
| BANK OF AMERICA CORP /DE/ | Added | +1.6m |
| NORTHERN TRUST CORP | Added | +1.4m |
| VOYA INVESTMENT MANAGEMENT LLC | Added | +960.0k |
| Sound Income Strategies, LLC | Added | +595.7k |
| VANGUARD GROUP INC | Added | +536.1k |
| HARRIS ASSOCIATES L P | Added | +502.0k |
Biggest sellers
| Squarepoint Ops LLC | Sold out | -5.0m |
| 1832 Asset Management L.P. | Sold out | -3.5m |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -1.3m |
| Cubist Systematic Strategies, LLC | Reduced | -1.1m |
| TWO SIGMA INVESTMENTS, LP | Sold out | -923.1k |
| Verition Fund Management LLC | Reduced | -546.9k |
| ExodusPoint Capital Management, LP | Sold out | -492.7k |
| UBS Group AG | Reduced | -492.5k |
| TWO SIGMA ADVISERS, LP | Sold out | -424.6k |
| CITADEL ADVISORS LLC | Reduced | -417.0k |
Biggest calls
| Fund 1 Investments, LLC | New | $36.6m2.5m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $7.8m533.3k shares |
| DeepCurrents Investment Group LLC | New | $3.2m2.2k shares |
| IMC-Chicago, LLC | Added | $2.8m190.5k shares |
| CITADEL ADVISORS LLC | Added | $2.3m157.4k shares |
| JANE STREET GROUP, LLC | Added | $1.9m127.5k shares |
| GROUP ONE TRADING LLC | Reduced | $1.6m110.7k shares |
| SIMPLEX TRADING, LLC | Added | $1.5m103.0k shares |
| WOLVERINE TRADING, LLC | Added | $886.6k60.6k shares |
| Squarepoint Ops LLC | Added | $630.6k43.1k shares |
Biggest puts
| BANK OF AMERICA CORP /DE/ | Added | $37.4m2.6m shares |
| PEAK6 LLC | Added | $12.7m870.9k shares |
| JANE STREET GROUP, LLC | Added | $7.4m505.7k shares |
| CITADEL ADVISORS LLC | Reduced | $4.7m320.8k shares |
| SIMPLEX TRADING, LLC | Added | $4.2m284.5k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $4.0m272.8k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $3.8m260.0k shares |
| CITIGROUP INC | New | $2.2m150.0k shares |
| IMC-Chicago, LLC | Added | $2.2m148.7k shares |
| GROUP ONE TRADING LLC | Added | $1.8m120.3k 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 2025
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 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 | — |
| Q4 2024 | 0 | — | 2 | $1.5m | — |
| Q1 2025 | 0 | — | 1 | $53.0k | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-03-04 | GILBERT KENNETH W Director | Sold | $53.0k3.5k 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 2025
| Manager | Shares | Change |
|---|---|---|
| TRIAN FUND MANAGEMENT, L.P. 11.91% of their portfolio | 30.4m $445.1m | Reduced -101.3k |
| VANGUARD GROUP INC 0.01% of their portfolio | 21.6m $316.5m | Added +536.1k |
| BlackRock, Inc. 0.01% of their portfolio | 19.8m $289.3m | Reduced -31.4k |
| AQR CAPITAL MANAGEMENT LLC 0.16% of their portfolio | 10.6m $155.0m | Added +217.1k |
| HARRIS ASSOCIATES L P 0.24% of their portfolio | 9.8m $142.7m | Added +502.0k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 6.8m $99.0m | Added +464.4k |
| Point72 Asset Management, L.P. 0.25% of their portfolio | 6.0m $87.9m | Added +3.0m |
| STATE STREET CORP 0.00% of their portfolio | 5.7m $82.9m | Added +209.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 4.5m $65.4m | Reduced -109.3k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 4.1m $60.2m | Added +84.2k |
| MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio | 3.8m $55.9m | Added +1.8m |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.3m $48.8m | Added +227.5k |
| JANUS HENDERSON GROUP PLC 0.03% of their portfolio | 3.2m $47.0m | Added +80.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.04% of their portfolio | 3.1m $45.7m | Added +1.9m |
| NORTHERN TRUST CORP 0.01% of their portfolio | 3.0m $43.7m | Added +1.4m |
| MORGAN STANLEY 0.00% of their portfolio | 3.0m $43.2m | Added +245.7k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.6m $37.7m | Added +142.5k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 2.4m $34.9m | Reduced -13.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 2.0m $30.0m | Added +1.6m |
| Invesco Ltd. 0.01% of their portfolio | 2.0m $28.6m | Added +71.1k |
| NORGES BANK 0.00% of their portfolio | 1.9m $27.4m | Added +1.6m |
| VOYA INVESTMENT MANAGEMENT LLC 0.01% of their portfolio | 1.8m $26.4m | Added +960.0k |
| Qube Research & Technologies Ltd 0.04% of their portfolio | 1.6m $24.0m | Reduced -273.5k |
| UBS Group AG 0.00% of their portfolio | 1.3m $19.5m | Reduced -492.5k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.1m $15.7m | Reduced -109.6k |
| Trexquant Investment LP 0.18% of their portfolio | 1.1m $15.4m | Added +32.0k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.01% of their portfolio | 1.0m $15.3m | Reduced -8.9k |
| Nuveen, LLC 0.00% of their portfolio | 1.0m $15.1m | First filing |
| California Public Employees Retirement System 0.01% of their portfolio | 916.7k $13.4m | Added +115.6k |
| MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. 0.03% of their portfolio | 883.6k $12.9m | Added +207.1k |
| HRT FINANCIAL LP 0.09% of their portfolio | 807.2k $11.8m | Added +341.6k |
| Gradient Investments LLC 0.23% of their portfolio | 787.9k $11.5m | Added +15.3k |
| Quantinno Capital Management LP 0.07% of their portfolio | 778.5k $11.4m | Added +481.3k |
| HORIZON KINETICS ASSET MANAGEMENT LLC 0.13% of their portfolio | 762.2k $11.2m | Reduced -20.4k |
| Assenagon Asset Management S.A. 0.02% of their portfolio | 724.3k $10.6m | Reduced -95.2k |
| Retirement Systems of Alabama 0.04% of their portfolio | 712.3k $10.4m | Added +195 |
| RHUMBLINE ADVISERS 0.01% of their portfolio | 700.5k $10.2m | Added +117.3k |
| FIRST TRUST ADVISORS LP 0.01% of their portfolio | 661.5k $9.7m | Added +136.0k |
| Verition Fund Management LLC 0.05% of their portfolio | 645.4k $9.4m | Reduced -546.9k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 639.1k $9.3m | Added +11.1k |
| FEDERATED HERMES, INC. 0.02% of their portfolio | 624.7k $9.1m | Added +152.4k |
| Allspring Global Investments Holdings, LLC 0.02% of their portfolio | 624.6k $9.2m | Reduced -273.7k |
| Sound Income Strategies, LLC 0.52% of their portfolio | 596.4k $8.7m | Added +595.7k |
| IEQ CAPITAL, LLC 0.07% of their portfolio | 569.9k $8.3m | Added +301.4k |
| Cubist Systematic Strategies, LLC 0.10% of their portfolio | 504.6k $7.4m | Reduced -1.1m |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 455.1k $6.7m | Reduced -371.6k |
| CITIGROUP INC 0.00% of their portfolio | 448.5k $6.6m | Added +138.3k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.01% of their portfolio | 441.4k $6.5m | Added +162.3k |
| Engineers Gate Manager LP 0.10% of their portfolio | 419.0k $6.1m | Added +297.3k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 396.0k $5.8m | Added +899 |
| ALPS ADVISORS INC 0.03% of their portfolio | 372.0k $5.4m | Added +26.8k |
| MACQUARIE GROUP LTD 0.01% of their portfolio | 364.7k $5.3m | Added +6.7k |
| NorthCoast Asset Management LLC 0.03% of their portfolio | 362.6k $5.3m | Added +98.8k |
| Graham Capital Management, L.P. 0.17% of their portfolio | 361.9k $5.3m | Added +274.7k |
| Man Group plc 0.01% of their portfolio | 341.4k $5.0m | Added +56.5k |
| Swiss National Bank 0.00% of their portfolio | 335.7k $4.9m | Reduced -4.6k |
| Gotham Asset Management, LLC 0.04% of their portfolio | 315.7k $4.6m | Reduced -31.7k |
| Legal & General Group Plc 0.00% of their portfolio | 305.9k $4.5m | Added +14.0k |
| Advisors Asset Management, Inc. 0.08% of their portfolio | 300.3k $4.4m | Added +28.9k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 275.4k $4.0m | Reduced -1.3m |
| PEAK6 LLC 0.15% of their portfolio | 261.7k $3.8m | Added +112.0k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 259.7k $3.8m | Reduced -417.0k |
| Aquatic Capital Management LLC 0.09% of their portfolio | 242.9k $3.6m | Added +132.5k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 226.8k $3.3m | Unchanged |
| Holocene Advisors, LP 0.01% of their portfolio | 225.7k $3.3m | Added +59.6k |
| Creative Planning 0.00% of their portfolio | 216.8k $3.2m | Added +12.3k |
| Fund 1 Investments, LLC 0.53% of their portfolio | 215.0k $3.1m | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 209.2k $3.1m | Reduced -8.5k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 202.1k $3.0m | Reduced -30.1k |
| CWM, LLC 0.01% of their portfolio | 200.4k $2.9m | Added +37.0k |
| Rockefeller Capital Management L.P. 0.01% of their portfolio | 198.6k $2.9m | New |
| INTECH INVESTMENT MANAGEMENT LLC 0.03% of their portfolio | 192.2k $2.8m | Added +153.6k |
| SIMPLEX TRADING, LLC 0.10% of their portfolio | 190.8k $2.8m | Added +172.1k |
| Corebridge Financial, Inc. 0.02% of their portfolio | 190.1k $2.8m | Reduced -4.7k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 186.0k $2.7m | Reduced -31.6k |
| GUGGENHEIM CAPITAL LLC 0.02% of their portfolio | 180.7k $2.6m | Reduced -14.7k |
| SEI INVESTMENTS CO 0.00% of their portfolio | 175.7k $2.6m | Added +2.0k |
| AGF MANAGEMENT LTD 0.01% of their portfolio | 170.9k $2.5m | Added +30.2k |
| Cerity Partners LLC 0.00% of their portfolio | 165.5k $2.4m | Reduced -29.8k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 158.8k $2.3m | Reduced -2.9k |
| LPL Financial LLC 0.00% of their portfolio | 149.9k $2.2m | Added +33.6k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 146.5k $2.1m | Added +16.2k |
| Ilex Capital Partners (UK) LLP 0.09% of their portfolio | 142.5k $2.1m | New |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 141.5k $2.1m | Reduced -5.8k |
| FIL Ltd 0.00% of their portfolio | 140.8k $2.1m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 139.6k $2.0m | Added +616 |
| Mirae Asset Global Investments Co., Ltd. 0.01% of their portfolio | 139.5k $2.0m | Added +16.0k |
| Brevan Howard Capital Management LP 0.06% of their portfolio | 138.6k $2.0m | Added +110.7k |
| Neo Ivy Capital Management 0.62% of their portfolio | 133.5k $2.0m | Reduced -95.0k |
| BARCLAYS PLC 0.00% of their portfolio | 130.7k $1.9m | Reduced -122.6k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 123.9k $1.8m | Added +29.9k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 123.5k $1.8m | Added +23.6k |
| State of New Jersey Common Pension Fund D 0.01% of their portfolio | 121.4k $1.8m | Added +4.9k |
| Aigen Investment Management, LP 0.28% of their portfolio | 121.3k $1.8m | New |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 118.0k $1.7m | First filing |
| Headlands Technologies LLC 0.18% of their portfolio | 109.6k $1.6m | Added +105.3k |
| IMC-Chicago, LLC 0.06% of their portfolio | 107.5k $1.6m | Added +46.2k |
| AlphaQuest LLC 0.17% of their portfolio | 106.3k $1.6m | Reduced -14.3k |
| FMR LLC 0.00% of their portfolio | 98.9k $1.4m | Reduced -307.2k |
| MetLife Investment Management, LLC 0.01% of their portfolio | 98.8k $1.4m | Reduced -1.5k |