Lincluden Management Ltd. Cuts Holdings in Restaurant Brands International Inc. $QSR

Key Points

• Lincluden Management Ltd. cut its stake in Restaurant Brands International by 3.5% in Q4, selling 16,971 shares and now holding 467,154 shares (about 0.13% of the company) worth roughly $31.9 million, its 11th-largest position.
• Quarterly dividend was raised to $0.65 (from $0.62), an annualized $2.60 representing a ~3.3% yield, though the payout ratio is elevated at 110.17%.
• Insiders sold 441,490 shares (~$32.4M) over the past 90 days even as large institutions (e.g., Baupost, State Street, EdgePoint, CPP, BofA) materially increased holdings; institutional ownership stands at ~82.3% and analysts hold a consensus "Moderate Buy" with a ~$81.83 target.

Lincluden Management Ltd. cut its position in shares of Restaurant Brands International Inc. (NYSE:QSR - Free Report) TSE: QSR by 3.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 467,154 shares of the restaurant operator's stock after selling 16,971 shares during the quarter. Restaurant Brands International makes up about 3.5% of Lincluden Management Ltd.'s holdings, making the stock its 11th biggest position. Lincluden Management Ltd. owned approximately 0.13% of Restaurant Brands International worth $31,874,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in QSR. Baupost Group LLC MA boosted its holdings in Restaurant Brands International by 103.8% during the third quarter. Baupost Group LLC MA now owns 8,252,862 shares of the restaurant operator's stock worth $529,337,000 after purchasing an additional 4,203,300 shares during the last quarter. State Street Corp boosted its stake in Restaurant Brands International by 9,477.4% in the second quarter. State Street Corp now owns 2,997,344 shares of the restaurant operator's stock valued at $198,711,000 after acquiring an additional 2,966,048 shares during the last quarter. EdgePoint Investment Group Inc. boosted its stake in Restaurant Brands International by 15.4% in the third quarter. EdgePoint Investment Group Inc. now owns 14,903,208 shares of the restaurant operator's stock valued at $955,855,000 after acquiring an additional 1,983,354 shares during the last quarter. Canada Pension Plan Investment Board boosted its stake in Restaurant Brands International by 56.4% in the second quarter. Canada Pension Plan Investment Board now owns 2,855,081 shares of the restaurant operator's stock valued at $189,510,000 after acquiring an additional 1,029,500 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in Restaurant Brands International by 62.2% in the second quarter. Bank of America Corp DE now owns 2,339,967 shares of the restaurant operator's stock valued at $155,116,000 after acquiring an additional 897,742 shares during the last quarter. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

Restaurant Brands International Stock Performance

Restaurant Brands International stock opened at $78.09 on Wednesday. The firm's 50 day simple moving average is $74.46 and its 200 day simple moving average is $70.84. The company has a current ratio of 0.98, a quick ratio of 0.91 and a debt-to-equity ratio of 2.62. The firm has a market capitalization of $27.10 billion, a PE ratio of 33.09, a price-to-earnings-growth ratio of 2.21 and a beta of 0.51. Restaurant Brands International Inc. has a 1-year low of $61.33 and a 1-year high of $81.67.

Restaurant Brands International (NYSE:QSR - Get Free Report) TSE: QSR last posted its earnings results on Thursday, February 12th. The restaurant operator reported $0.96 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.03. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.41 billion. Restaurant Brands International had a net margin of 8.23% and a return on equity of 32.51%. Restaurant Brands International's revenue was up 7.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.81 EPS. As a group, analysts expect that Restaurant Brands International Inc. will post 4.05 earnings per share for the current fiscal year.

Restaurant Brands International Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, April 2nd. Investors of record on Thursday, March 19th were issued a dividend of $0.65 per share. This is a boost from Restaurant Brands International's previous quarterly dividend of $0.62. The ex-dividend date of this dividend was Thursday, March 19th. This represents a $2.60 dividend on an annualized basis and a yield of 3.3%. Restaurant Brands International's payout ratio is currently 110.17%.

Insider Buying and Selling at Restaurant Brands International

In related news, insider Jill Granat sold 25,000 shares of the company's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $75.09, for a total transaction of $1,877,250.00. Following the sale, the insider owned 478,845 shares of the company's stock, valued at approximately $35,956,471.05. This represents a 4.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jacqueline Friesner sold 30,000 shares of the company's stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $74.61, for a total transaction of $2,238,300.00. Following the sale, the insider directly owned 165,727 shares in the company, valued at $12,364,891.47. This trade represents a 15.33% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 441,490 shares of company stock worth $32,375,140 in the last ninety days. Insiders own 1.25% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on QSR shares. Stifel Nicolaus upgraded shares of Restaurant Brands International from a "hold" rating to a "buy" rating and boosted their target price for the company from $68.00 to $90.00 in a research note on Monday, March 2nd. Wells Fargo & Company boosted their target price on shares of Restaurant Brands International from $70.00 to $75.00 and gave the company an "equal weight" rating in a research note on Friday, February 27th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $84.00 target price on shares of Restaurant Brands International in a research note on Wednesday, April 15th. Weiss Ratings reiterated a "hold (c+)" rating on shares of Restaurant Brands International in a research note on Thursday, January 22nd. Finally, Truist Financial boosted their target price on shares of Restaurant Brands International from $83.00 to $87.00 and gave the company a "buy" rating in a research note on Monday, March 2nd. Sixteen research analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Restaurant Brands International presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.83.

Restaurant Brands International Company Profile

Restaurant Brands International Inc NYSE: QSR is a global quick-service restaurant company formed through the combination of established brands. The company's principal holdings include Burger King, Tim Hortons and Popeyes, each of which operates under its own brand identity and menu. Restaurant Brands International's business is centered on developing and expanding these franchised restaurant systems, supporting franchisees with brand management, supply chain coordination, and marketing programs.

RBI's restaurants offer a range of quick-service food and beverage products: Burger King is known for its flame-grilled hamburgers and sandwiches, Tim Hortons for coffee, baked goods and breakfast items, and Popeyes for Louisiana-style fried chicken and seafood.

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