Bank of Nova Scotia Boosts Stock Position in Restaurant Brands International Inc. (NYSE:QSR)

Key Points

• Bank of Nova Scotia increased its holdings in Restaurant Brands International by 37.0% in Q1, now owning approximately $111 million worth of the stock.
• Several institutional investors, including Capital World Investors and EdgePoint Investment Group Inc., also increased their positions, highlighting a growing interest in the company.
• Restaurant Brands International missed earnings expectations in its latest quarterly report, posting $0.75 EPS against an estimate of $0.78 EPS, with revenue also falling short of projections.

Bank of Nova Scotia grew its holdings in Restaurant Brands International Inc. (NYSE:QSR - Free Report) TSE: QSR by 37.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,668,748 shares of the restaurant operator's stock after buying an additional 450,364 shares during the quarter. Bank of Nova Scotia owned 0.51% of Restaurant Brands International worth $111,258,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. Capital World Investors increased its position in shares of Restaurant Brands International by 2.0% in the fourth quarter. Capital World Investors now owns 43,418,188 shares of the restaurant operator's stock valued at $2,829,974,000 after buying an additional 841,167 shares in the last quarter. EdgePoint Investment Group Inc. increased its position in shares of Restaurant Brands International by 26.6% in the fourth quarter. EdgePoint Investment Group Inc. now owns 12,819,570 shares of the restaurant operator's stock valued at $834,478,000 after buying an additional 2,695,071 shares in the last quarter. Mackenzie Financial Corp increased its position in shares of Restaurant Brands International by 17.1% in the first quarter. Mackenzie Financial Corp now owns 4,912,807 shares of the restaurant operator's stock valued at $327,486,000 after buying an additional 717,867 shares in the last quarter. TD Asset Management Inc increased its position in shares of Restaurant Brands International by 29.4% in the first quarter. TD Asset Management Inc now owns 4,631,461 shares of the restaurant operator's stock valued at $308,698,000 after buying an additional 1,053,640 shares in the last quarter. Finally, Fiera Capital Corp increased its position in shares of Restaurant Brands International by 14.2% in the first quarter. Fiera Capital Corp now owns 4,219,476 shares of the restaurant operator's stock valued at $281,563,000 after buying an additional 523,829 shares in the last quarter. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Restaurant Brands International

In related news, insider Jacqueline Friesner sold 70,000 shares of the stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $70.08, for a total transaction of $4,905,600.00. Following the transaction, the insider owned 182,897 shares of the company's stock, valued at approximately $12,817,421.76. This represents a 27.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.36% of the company's stock.

Restaurant Brands International Stock Performance

Shares of Restaurant Brands International stock opened at $68.09 on Friday. Restaurant Brands International Inc. has a 52 week low of $58.71 and a 52 week high of $74.09. The business's fifty day simple moving average is $68.55 and its 200-day simple moving average is $66.21. The firm has a market cap of $22.32 billion, a PE ratio of 23.08, a price-to-earnings-growth ratio of 2.11 and a beta of 0.58. The company has a quick ratio of 0.90, a current ratio of 0.96 and a debt-to-equity ratio of 2.84.

Restaurant Brands International (NYSE:QSR - Get Free Report) TSE: QSR last announced its quarterly earnings results on Thursday, May 8th. The restaurant operator reported $0.75 EPS for the quarter, missing the consensus estimate of $0.78 by ($0.03). Restaurant Brands International had a net margin of 10.82% and a return on equity of 28.94%. The business had revenue of $2.03 billion during the quarter, compared to analyst estimates of $2.17 billion. During the same period last year, the company earned $0.73 EPS. The business's revenue for the quarter was up 21.3% on a year-over-year basis. Equities analysts forecast that Restaurant Brands International Inc. will post 3.72 earnings per share for the current year.

Restaurant Brands International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Tuesday, June 24th were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Tuesday, June 24th. This represents a $2.48 annualized dividend and a yield of 3.6%. Restaurant Brands International's dividend payout ratio is presently 84.07%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on QSR shares. Oppenheimer boosted their price target on Restaurant Brands International from $77.00 to $80.00 and gave the stock an "outperform" rating in a research report on Tuesday, May 27th. Loop Capital reiterated a "buy" rating on shares of Restaurant Brands International in a research report on Thursday, June 26th. Robert W. Baird dropped their price target on Restaurant Brands International from $72.00 to $65.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Citigroup boosted their price target on Restaurant Brands International from $75.00 to $76.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, Wells Fargo & Company dropped their price target on Restaurant Brands International from $69.00 to $66.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $76.09.

Restaurant Brands International Profile

Restaurant Brands International Inc operates as a quick-service restaurant company in Canada, the United States, and internationally. It operates through four segments: Tim Hortons (TH), Burger King (BK), Popeyes Louisiana Kitchen (PLK), and Firehouse Subs (FHS). The company owns and franchises TH chain of donut/coffee/tea restaurants that offer blend coffee, tea, and espresso-based hot and cold specialty drinks; and fresh baked goods, including donuts, Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps, soups, and other food products.

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