Scotia Capital Inc. Increases Stake in Restaurant Brands International Inc (NYSE:QSR)
Scotia Capital Inc. increased its stake in Restaurant Brands International Inc (NYSE:QSR) (TSE:QSR) by 11.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 876,055 shares of the restaurant operator’s stock after buying an additional 91,070 shares during the period. Scotia Capital Inc.’s holdings in Restaurant Brands International were worth $60,708,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Coastal Capital Group Inc. bought a new stake in Restaurant Brands International during the second quarter valued at about $28,000. Coastal Investment Advisors Inc. purchased a new stake in shares of Restaurant Brands International during the second quarter worth about $31,000. Signaturefd LLC raised its position in shares of Restaurant Brands International by 40.3% in the second quarter. Signaturefd LLC now owns 1,097 shares of the restaurant operator’s stock valued at $76,000 after buying an additional 315 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Restaurant Brands International in the second quarter valued at approximately $103,000. Finally, Glen Harbor Capital Management LLC raised its position in shares of Restaurant Brands International by 15.5% in the second quarter. Glen Harbor Capital Management LLC now owns 2,032 shares of the restaurant operator’s stock valued at $136,000 after buying an additional 272 shares during the last quarter. Institutional investors and hedge funds own 77.67% of the company’s stock.
In other news, COO Joshua Kobza sold 203,198 shares of the firm’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $76.71, for a total transaction of $15,587,318.58. Following the sale, the chief operating officer now owns 148,694 shares of the company’s stock, valued at $11,406,316.74. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Jacqueline Friesner sold 26,392 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $77.30, for a total value of $2,040,101.60. Following the sale, the insider now directly owns 106,352 shares in the company, valued at approximately $8,221,009.60. The disclosure for this sale can be found here. Insiders sold a total of 840,294 shares of company stock valued at $64,840,016 in the last three months. 4.13% of the stock is owned by company insiders.
Restaurant Brands International (NYSE:QSR) (TSE:QSR) last issued its earnings results on Friday, August 2nd. The restaurant operator reported $0.71 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.67 by $0.04. The firm had revenue of $1.40 billion during the quarter, compared to the consensus estimate of $1.39 billion. Restaurant Brands International had a net margin of 10.57% and a return on equity of 30.53%. The business’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.66 earnings per share. As a group, equities research analysts anticipate that Restaurant Brands International Inc will post 2.7 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Tuesday, September 17th will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 2.77%. Restaurant Brands International’s dividend payout ratio is 76.05%.
A number of brokerages recently issued reports on QSR. Zacks Investment Research upgraded shares of Restaurant Brands International from a “sell” rating to a “hold” rating in a research report on Friday, May 24th. Stephens lifted their price objective on Restaurant Brands International from $75.00 to $82.00 and gave the stock an “overweight” rating in a research report on Monday, August 5th. Cowen boosted their price objective on Restaurant Brands International from $78.00 to $85.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. UBS Group restated a “buy” rating and set a $79.00 target price (up from $74.00) on shares of Restaurant Brands International in a research report on Friday, July 12th. Finally, KeyCorp raised their target price on shares of Restaurant Brands International from $72.00 to $85.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company. Restaurant Brands International currently has a consensus rating of “Buy” and a consensus price target of $78.11.
About Restaurant Brands International
Restaurant Brands International Inc owns, operates, and franchises quick service restaurants under the Tim Hortons (TH), Burger King (BK), and Popeyes (PLK) brand names. The company operates through three segments: TH, BK, and PLK. Its restaurants offer blend coffee, tea, espresso-based hot and cold specialty drinks, donuts, Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps, soups, hamburgers, chicken and other specialty sandwiches, french fries, soft drinks, chicken, chicken tenders, fried shrimp and other seafood, red beans and rice, and other food items.
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