Corebridge Financial Inc. Has $3.17 Million Stake in The Wendy’s Company (NASDAQ:WEN)

Corebridge Financial Inc. lessened its holdings in shares of The Wendy’s Company (NASDAQ:WEN) by 4.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 194,735 shares of the restaurant operator’s stock after selling 8,164 shares during the period. Corebridge Financial Inc.’s holdings in Wendy’s were worth $3,174,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in WEN. Blue Trust Inc. lifted its position in Wendy’s by 670.3% during the fourth quarter. Blue Trust Inc. now owns 1,402 shares of the restaurant operator’s stock worth $25,000 after purchasing an additional 1,220 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of Wendy’s during the 4th quarter worth approximately $30,000. GAMMA Investing LLC boosted its position in shares of Wendy’s by 168.1% during the 4th quarter. GAMMA Investing LLC now owns 2,233 shares of the restaurant operator’s stock worth $36,000 after acquiring an additional 1,400 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in Wendy’s in the fourth quarter valued at approximately $46,000. Finally, Bartlett & CO. Wealth Management LLC raised its position in Wendy’s by 46.4% during the fourth quarter. Bartlett & CO. Wealth Management LLC now owns 3,107 shares of the restaurant operator’s stock valued at $51,000 after purchasing an additional 985 shares in the last quarter. 85.96% of the stock is owned by institutional investors.

Wendy’s Price Performance

Shares of NASDAQ WEN opened at $14.63 on Tuesday. The company has a debt-to-equity ratio of 12.48, a quick ratio of 1.83 and a current ratio of 1.85. The firm’s 50-day simple moving average is $14.97 and its 200 day simple moving average is $16.74. The stock has a market cap of $2.93 billion, a price-to-earnings ratio of 15.40, a PEG ratio of 2.00 and a beta of 0.73. The Wendy’s Company has a fifty-two week low of $13.72 and a fifty-two week high of $20.65.

Wendy’s (NASDAQ:WEN) last announced its earnings results on Thursday, February 13th. The restaurant operator reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.01. The company had revenue of $574.27 million for the quarter, compared to analysts’ expectations of $564.17 million. Wendy’s had a return on equity of 75.56% and a net margin of 8.65%. As a group, research analysts anticipate that The Wendy’s Company will post 0.99 earnings per share for the current fiscal year.

Wendy’s Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, March 3rd were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 6.84%. The ex-dividend date of this dividend was Monday, March 3rd. Wendy’s’s payout ratio is currently 105.26%.

Wall Street Analyst Weigh In

WEN has been the topic of several recent analyst reports. Argus upgraded Wendy’s to a “strong-buy” rating in a research note on Tuesday, February 18th. Morgan Stanley reissued an “underweight” rating and set a $14.00 target price (down previously from $22.00) on shares of Wendy’s in a research note on Tuesday, January 21st. UBS Group raised their price target on shares of Wendy’s from $15.00 to $16.00 and gave the company a “neutral” rating in a research note on Friday, March 7th. Stephens reaffirmed an “equal weight” rating and set a $15.00 price target on shares of Wendy’s in a report on Thursday, March 6th. Finally, Barclays increased their price objective on shares of Wendy’s from $16.00 to $17.00 and gave the company an “equal weight” rating in a research note on Friday, March 7th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, four have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Wendy’s currently has a consensus rating of “Hold” and an average price target of $18.08.

Wendy’s Company Profile

The Wendy’s Co engages in operating, developing, and franchising a system of quick-service restaurants. It operates through the following segments: Wendy’s U.S., Wendy’s International, and Global Real Estate and Development. The Wendy’s U.S. segment includes the operation and franchising of Wendy’s restaurants in the U.S.