Wendy’s board recently doubled the company’s quarterly dividend and approved a new $500 million share-repurchase authorization
Wendy’s new capital allocation strategy leaves room for upside, and could reduce the fast food restaurant chain’s debt, say analysts.
On Friday Wendy’s Co. gave upbeat fourth-quarter guidance and its board doubled the company’s quarterly dividend to 25 cents a share. The board also approved a new $500 million share-repurchase authorization and announced an organizational restructuring. Stifel also raised its Wendy’s price target to $22 from $20 on Monday. “Historically, the company has returned more capital through share repurchases than dividends; however, the new capital plan has likely shifted that strategy,” wrote Stifel analyst Chris O’Cull.
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