Wendys (NASDAQ:WEN) Given New $24.00 Price Target at Wells Fargo & Company

Wendys (NASDAQ:WEN) had its price objective lifted by Wells Fargo & Company from $21.00 to $24.00 in a report published on Wednesday morning, AR Network reports. The brokerage currently has an equal weight rating on the restaurant operator’s stock.

A number of other research firms have also weighed in on WEN. Tigress Financial restated a buy rating on shares of Wendys in a research note on Monday, July 20th. Wedbush upped their target price on shares of Wendys from $24.00 to $28.00 and gave the stock an outperform rating in a research note on Wednesday, July 29th. TheStreet upgraded shares of Wendys from a c+ rating to a b- rating in a research note on Monday, August 3rd. Bank of America increased their price target on shares of Wendys from $20.00 to $23.00 and gave the company a neutral rating in a research note on Monday, July 13th. Finally, Morgan Stanley increased their price target on shares of Wendys from $21.00 to $25.00 and gave the company an equal weight rating in a research note on Wednesday, October 14th. Twelve equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Wendys has an average rating of Buy and an average target price of $23.00.

Shares of WEN opened at $22.28 on Wednesday. The company’s 50-day simple moving average is $22.73 and its 200-day simple moving average is $21.64. The company has a debt-to-equity ratio of 5.64, a quick ratio of 1.41 and a current ratio of 1.42. Wendys has a 1 year low of $6.82 and a 1 year high of $24.91. The stock has a market capitalization of $4.99 billion, a PE ratio of 46.42, a P/E/G ratio of 3.58 and a beta of 1.05.

Wendys (NASDAQ:WEN) last released its earnings results on Wednesday, August 5th. The restaurant operator reported $0.12 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.11 by $0.01. Wendys had a net margin of 6.70% and a return on equity of 21.11%. The firm had revenue of $402.30 million for the quarter, compared to analyst estimates of $411.29 million. During the same period in the prior year, the firm earned $0.18 earnings per share. The business’s quarterly revenue was down 7.6% compared to the same quarter last year. On average, sell-side analysts predict that Wendys will post 0.55 earnings per share for the current year.

In related news, Director Dennis M. Kass purchased 3,500 shares of the firm’s stock in a transaction that occurred on Wednesday, September 2nd. The stock was purchased at an average cost of $21.09 per share, with a total value of $73,815.00. Following the completion of the acquisition, the director now directly owns 48,508 shares in the company, valued at $1,023,033.72. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. 20.90% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Nachman Norwood & Parrott Inc acquired a new stake in shares of Wendys during the third quarter worth $26,000. Creative Financial Designs Inc. ADV lifted its holdings in shares of Wendys by 38.4% during the second quarter. Creative Financial Designs Inc. ADV now owns 1,547 shares of the restaurant operator’s stock worth $34,000 after purchasing an additional 429 shares during the period. Nisa Investment Advisors LLC lifted its holdings in shares of Wendys by 2,000.0% during the second quarter. Nisa Investment Advisors LLC now owns 2,100 shares of the restaurant operator’s stock worth $46,000 after purchasing an additional 2,000 shares during the period. First Mercantile Trust Co. lifted its holdings in shares of Wendys by 17.6% during the second quarter. First Mercantile Trust Co. now owns 3,900 shares of the restaurant operator’s stock worth $85,000 after purchasing an additional 585 shares during the period. Finally, IFP Advisors Inc lifted its holdings in Wendys by 163.4% in the second quarter. IFP Advisors Inc now owns 5,038 shares of the restaurant operator’s stock valued at $108,000 after acquiring an additional 3,125 shares during the period. 69.37% of the stock is owned by hedge funds and other institutional investors.

Wendys Company Profile

The Wendy's Company, together its subsidiaries, operates as a quick-service restaurant company. The company is involved in operating, developing, and franchising a system of quick-service restaurants specializing in hamburger sandwiches. As of December 30, 2018, its restaurant system included 6,711 franchise restaurants, which comprise 353 owned and operated restaurants worldwide.

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Analyst Recommendations for Wendys (NASDAQ:WEN)

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