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 ($2.9m this quarter). Holder counts are more reliable. Shares outstanding: 190.3m as of 2025-10-30, 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 ≈ $8.33. Options: 20 managers hold calls ($41.6m notional), 15 hold puts ($79.9m).
Trends to Q4 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 |
| Q2 2025 | 403 |
| Q3 2025 | 403 |
| Q4 2025 | 427 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2024 | 164 | 191 |
| Q2 2024 | 194 | 159 |
| Q3 2024 | 191 | 184 |
| Q4 2024 | 201 | 188 |
| Q1 2025 | 240 | 181 |
| Q2 2025 | 225 | 201 |
| Q3 2025 | 209 | 192 |
| Q4 2025 | 227 | 196 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $60.3m | $86.2m | 1.43 |
| Q2 2025 | $24.5m | $82.4m | 3.37 |
| Q3 2025 | $25.4m | $88.0m | 3.46 |
| Q4 2025 | $41.6m | $79.9m | 1.92 |
Biggest buyers
| AQR CAPITAL MANAGEMENT LLC | Added | +3.2m |
| WELLS FARGO & COMPANY/MN | Added | +3.0m |
| JANE STREET GROUP, LLC | Added | +2.2m |
| BANK OF AMERICA CORP /DE/ | Added | +1.3m |
| CITADEL ADVISORS LLC | Added | +890.1k |
| BlackRock, Inc. | Added | +797.1k |
| Schonfeld Strategic Advisors LLC | New | +697.7k |
| JANUS HENDERSON GROUP PLC | Added | +680.6k |
| Focus Partners Wealth | Added | +647.6k |
| Connor, Clark & Lunn Investment Management Ltd. | Added | +562.7k |
Biggest sellers
| MARSHALL WACE, LLP | Reduced | -2.9m |
| VANGUARD GROUP INC | Reduced | -1.5m |
| Point72 Asset Management, L.P. | Reduced | -1.4m |
| FIL Ltd | Sold out | -684.3k |
| UBS Group AG | Reduced | -676.9k |
| NorthCoast Asset Management LLC | Sold out | -675.2k |
| HARRIS ASSOCIATES L P | Reduced | -631.5k |
| Nuveen, LLC | Reduced | -475.4k |
| ROYAL BANK OF CANADA | Reduced | -417.0k |
| GEODE CAPITAL MANAGEMENT, LLC | Reduced | -385.7k |
Biggest calls
| CAPITAL FUND MANAGEMENT S.A. | Added | $6.3m758.9k shares |
| IMC-Chicago, LLC | Added | $5.7m685.0k shares |
| Walleye Capital LLC | Added | $4.8m574.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $4.3m515.4k shares |
| GROUP ONE TRADING LLC | Added | $3.7m447.7k shares |
| CITADEL ADVISORS LLC | Added | $2.9m342.8k shares |
| Soviero Asset Management, LP | New | $2.5m300.0k shares |
| Centiva Capital, LP | New | $2.4m283.4k shares |
| Hudson Bay Capital Management LP | New | $2.1m250.0k shares |
| SIMPLEX TRADING, LLC | Added | $1.8m216.4k shares |
Biggest puts
| JANE STREET GROUP, LLC | Added | $44.9m5.4m shares |
| CITADEL ADVISORS LLC | Reduced | $6.2m743.4k shares |
| D. E. Shaw & Co., Inc. | Added | $5.0m600.0k shares |
| Squarepoint Ops LLC | Added | $4.9m591.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $4.7m563.4k shares |
| IMC-Chicago, LLC | Added | $3.4m403.9k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $2.8m341.9k shares |
| Walleye Capital LLC | Added | $2.6m318.0k shares |
| Crawford Fund Management, LLC | Reduced | $1.9m230.0k shares |
| Walleye Trading LLC | Added | $1.6m197.9k 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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q2 2025 | 4 | $108.3k | 1 | $1.8m | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 2 | $17.8k | 0 | — | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-11-20 | Suerken Peter J. JR President, U.S. | Bought | $3.9k500 shares |
| 2025-11-19 | Min John Chief Legal Ofcr & Secretary | Bought | $13.9k1.7k 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, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| TRIAN FUND MANAGEMENT, L.P. 6.36% of their portfolio | 30.4m $253.6m | Added +3.3k |
| BlackRock, Inc. 0.00% of their portfolio | 24.9m $207.5m | Added +797.1k |
| VANGUARD GROUP INC 0.00% of their portfolio | 17.1m $142.7m | Reduced -1.5m |
| AQR CAPITAL MANAGEMENT LLC 0.05% of their portfolio | 11.7m $97.5m | Added +3.2m |
| HARRIS ASSOCIATES L P 0.11% of their portfolio | 10.0m $83.0m | Reduced -631.5k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 7.1m $59.1m | Added +227.0k |
| MORGAN STANLEY 0.00% of their portfolio | 6.5m $54.6m | Added +357.8k |
| STATE STREET CORP 0.00% of their portfolio | 5.4m $45.4m | Added +102.1k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.02% of their portfolio | 4.3m $35.7m | Added +11.5k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 4.3m $35.5m | Added +1.3m |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 4.2m $35.2m | Added +3.0m |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 3.9m $32.9m | Reduced -327.7k |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 3.2m $26.6m | Reduced -385.7k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 3.2m $26.3m | Added +2.2m |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 2.4m $19.8m | Added +381.1k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 2.3m $18.9m | Added +60.5k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 2.2m $18.5m | Added +163.8k |
| UBS Group AG 0.00% of their portfolio | 2.0m $16.8m | Reduced -676.9k |
| FMR LLC 0.00% of their portfolio | 1.8m $15.3m | Added +311.3k |
| Gotham Asset Management, LLC 0.05% of their portfolio | 1.8m $15.0m | Added +325.2k |
| Connor, Clark & Lunn Investment Management Ltd. 0.04% of their portfolio | 1.7m $14.1m | Added +562.7k |
| Point72 Asset Management, L.P. 0.02% of their portfolio | 1.6m $13.0m | Reduced -1.4m |
| Quinn Opportunity Partners LLC 0.53% of their portfolio | 1.5m $12.2m | Added +250.0k |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.3m $11.0m | Added +561.2k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 1.3m $10.6m | Added +890.1k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 1.1m $9.5m | Reduced -2.9m |
| Invesco Ltd. 0.00% of their portfolio | 1.1m $9.0m | Added +199.1k |
| Quantinno Capital Management LP 0.02% of their portfolio | 951.7k $7.9m | Reduced -321.6k |
| Squarepoint Ops LLC 0.02% of their portfolio | 905.0k $7.5m | Reduced -54.0k |
| JANUS HENDERSON GROUP PLC 0.00% of their portfolio | 879.5k $7.3m | Added +680.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 851.5k $7.1m | Added +230.7k |
| Sound Income Strategies, LLC 0.30% of their portfolio | 760.1k $6.3m | Reduced -27.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.00% of their portfolio | 750.4k $6.3m | Reduced -9.2k |
| Focus Partners Wealth 0.01% of their portfolio | 712.1k $5.9m | Added +647.6k |
| Schonfeld Strategic Advisors LLC 0.03% of their portfolio | 697.7k $5.8m | New |
| TWO SIGMA ADVISERS, LP 0.01% of their portfolio | 672.8k $5.6m | Added +260.6k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 652.3k $5.4m | Added +552.8k |
| Advisors Asset Management, Inc. 0.09% of their portfolio | 628.0k $5.2m | Added +115.6k |
| ALPS ADVISORS INC 0.03% of their portfolio | 599.8k $5.0m | Reduced -34.5k |
| RHUMBLINE ADVISERS 0.00% of their portfolio | 547.4k $4.6m | Added +24.4k |
| Public Sector Pension Investment Board 0.02% of their portfolio | 546.7k $4.6m | Reduced -70.2k |
| Cerity Partners LLC 0.01% of their portfolio | 537.5k $4.5m | Added +53.5k |
| DARK FOREST CAPITAL MANAGEMENT LP 0.20% of their portfolio | 536.1k $4.5m | Added +413.3k |
| Creative Planning 0.00% of their portfolio | 520.7k $4.3m | Added +126.1k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 498.7k $4.2m | Reduced -417.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 492.6k $4.1m | Reduced -19.5k |
| IEQ CAPITAL, LLC 0.01% of their portfolio | 470.5k $3.9m | Added +96.6k |
| Holocene Advisors, LP 0.01% of their portfolio | 459.1k $3.8m | Reduced -4.9k |
| Legal & General Group Plc 0.00% of their portfolio | 444.5k $3.7m | Reduced -18.8k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 419.2k $3.5m | Added +301.6k |
| SummitTX Capital, L.P. 0.10% of their portfolio | 392.9k $3.3m | Added +130.0k |
| Ruffer LLP 0.15% of their portfolio | 382.9k $3.2m | New |
| BESSEMER GROUP INC 0.00% of their portfolio | 379.6k $3.2m | Added +377.7k |
| IMC-Chicago, LLC 0.05% of their portfolio | 366.4k $3.1m | Added +87.8k |
| HORIZON KINETICS ASSET MANAGEMENT LLC 0.04% of their portfolio | 359.9k $3.0m | Reduced -106.5k |
| DEUTSCHE BANK AG\ 0.00% of their portfolio | 347.9k $2.9m | Added +321.3k |
| Verition Fund Management LLC 0.02% of their portfolio | 346.5k $2.9m | Reduced -125.8k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 342.9k $2.9m | Added +13.2k |
| Soviero Asset Management, LP 1.39% of their portfolio | 320.0k $2.7m | New |
| Swiss National Bank 0.00% of their portfolio | 319.4k $2.7m | Added +3.0k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 315.1k $2.6m | Reduced -7.7k |
| HRT FINANCIAL LP 0.01% of their portfolio | 295.1k $2.5m | New |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 283.1k $2.4m | Reduced -11.4k |
| Nuveen, LLC 0.00% of their portfolio | 275.5k $2.3m | Reduced -475.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 255.5k $2.1m | Reduced -204.3k |
| CWM, LLC 0.01% of their portfolio | 232.4k $1.9m | Reduced -7.7k |
| Bridgefront Capital, LLC 0.46% of their portfolio | 220.4k $1.8m | Added +210.1k |
| GUGGENHEIM CAPITAL LLC 0.01% of their portfolio | 217.3k $1.8m | Added +8.6k |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC 0.00% of their portfolio | 210.5k $1.8m | Added +44.3k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 202.4k $1.7m | Reduced -1.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.00% of their portfolio | 196.6k $1.6m | Reduced -23.8k |
| BANK OF NOVA SCOTIA 0.00% of their portfolio | 190.1k $1.6m | Added +149.2k |
| LPL Financial LLC 0.00% of their portfolio | 183.6k $1.5m | Reduced -2.1k |
| PEAK6 LLC 0.02% of their portfolio | 182.7k $1.5m | New |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 182.1k $1.5m | Added +68.0k |
| Brevan Howard Capital Management LP 0.03% of their portfolio | 181.9k $1.5m | Reduced -87.6k |
| Atom Investors LP 0.12% of their portfolio | 177.6k $1.5m | Added +114.7k |
| SIMPLEX TRADING, LLC 0.04% of their portfolio | 172.5k $1.4m | Reduced -46.6k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 167.6k $1.4m | Reduced -1.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 166.9k $1.4m | Added +16.8k |
| FEDERATED HERMES, INC. 0.00% of their portfolio | 165.0k $1.4m | Reduced -57.6k |
| GROUP ONE TRADING LLC 0.04% of their portfolio | 163.7k $1.4m | Added +6.0k |
| Mariner, LLC 0.00% of their portfolio | 163.5k $1.4m | Added +51.2k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.00% of their portfolio | 148.2k $1.2m | Reduced -364 |
| SEI INVESTMENTS CO 0.00% of their portfolio | 147.4k $1.2m | Reduced -27.1k |
| PRUDENTIAL FINANCIAL INC 0.00% of their portfolio | 146.4k $1.2m | Reduced -5.2k |
| CAPTRUST FINANCIAL ADVISORS 0.00% of their portfolio | 144.6k $1.2m | Added +32.1k |
| Mirae Asset Global Investments Co., Ltd. 0.00% of their portfolio | 142.8k $1.2m | Reduced -4.7k |
| Oak Thistle LLC 0.16% of their portfolio | 140.1k $1.2m | Reduced -39.0k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 131.5k $1.1m | Reduced -68.5k |
| WINTON GROUP Ltd 0.04% of their portfolio | 127.3k $1.1m | Added +74.4k |
| CITIGROUP INC 0.00% of their portfolio | 127.0k $1.1m | Reduced -141.3k |
| SG Americas Securities, LLC 0.00% of their portfolio | 126.0k $1.1m | Added +55.0k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 123.9k $1.0m | Added +2.0k |
| Summit Trail Advisors, LLC 0.02% of their portfolio | 119.9k $999.0k | Reduced -21.0k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 119.5k $995.2k | Reduced -211.0k |
| Corient Private Wealth LP 0.00% of their portfolio | 117.9k $981.8k | Added +64.8k |
| WORLDQUANT MILLENNIUM ADVISORS LLC 0.00% of their portfolio | 117.8k $981.6k | Added +67.8k |
| BARCLAYS PLC 0.00% of their portfolio | 116.2k $967.5k | Reduced -24.9k |
| ExodusPoint Capital Management, LP 0.01% of their portfolio | 115.0k $958.3k | Added +68.5k |