Wendys Co (WEN) Stock Hits New 52-Week High

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Wendys Co (NASDAQ:WEN) shares are soaring on the news of a firm raising its stake on the restaurant.

Wendys Co

Board member Nelson Peltz and his firm Trian Fund Management now owns more than 23% of the company after buying 3.7 million shares of WEN stock. The firm previously had a 15% stake on the company.

Wendy’s bought back about $1.4 billion worth of its shares from Peltz and several other board members who control Trian, including Peter May and Edward Garden.

WEN shares have hit a new high on Wednesday as the stock rose by 4.73%, surging to a price of $13.60 per share. Peltz’s stake on Wendy’s amounts to more than 10 million shares of the restaurant’s stock.

On a different note, a Florida Wendy’s was rocked yesterday when six police officers opened fire on two suspects who were reportedly attempting to sell cocaine to an undercover officer who acted as a customer. No deputies were injured but the two suspects were, and they are currently in the hospital.

The company made an announcement last week that it was selling Unlimited Frosty Key Tags to raise money for the Dave Thomas Foundation, which helps children find homes.

Wendy’s last unveiled its earnings in November, earning 11 cents per share over the course of its fiscal third quarter. The figure was better than the nine cents it raked in a year ago.

WEN shares surged 4.7% Wednesday.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/12/wendys-co-wen-stock/.

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