Jacqueline Friesner, Senior Vice President, Controller, and Principal Accounting Officer at Restaurant Brands International Inc. (NYSE:QSR), recently executed stock transactions involving the company's common shares. On December 16, Friesner sold a total of 1,387.6592 shares at an average price of $67.7579 per share, amounting to a total value of $94,024. The transaction comes as QSR, with its $30.3 billion market cap, trades near its 52-week low of $65.87, having declined about 11.5% year-to-date. According to InvestingPro analysis, the stock appears slightly undervalued at current levels.
These sales were conducted to cover withholding taxes on the settlement of restricted share units, as noted in the filing. Following these transactions, Friesner holds 152,652.4102 shares directly.
Additionally, on December 15, Friesner acquired 3,534.8557 common shares through the vesting of restricted share units, with no cash exchange involved.
In other recent news, Restaurant Brands International (RBI) displayed modest growth in its third-quarter earnings for 2024, reporting a slight 0.3% increase in comparable sales and a notable rise in net restaurant growth. Furthermore, the company generated $485 million in free cash flow and saw an adjusted EPS increase of 4.6% to $0.93. Despite challenges in the U.S. and China, RBI is optimistic about its long-term growth prospects, expecting full-year 2024 system-wide sales growth to be between 5% and 5.5%.
Meanwhile, Bernstein, a market analysis firm, has identified investment opportunities in the U.S. restaurant sector, particularly in Chipotle Mexican Grill (NYSE:CMG) and Wingstop (NASDAQ:WING). The firm's analysis suggests that the sector may have weathered the worst of a recent decline. Despite a year-on-year decline of 1.0% in same-store sales, Bernstein maintains a positive outlook on the industry.
On the other hand, KeyBanc adjusted its outlook on RBI, reducing the price target to $78 from the previous $80, while maintaining an Overweight rating on the stock. This follows RBI's third-quarter results for 2024, which fell short of expectations. However, KeyBanc believes the current trading price of RBI's stock does not fully reflect the company's long-term growth potential. These are some of the recent developments in the restaurant sector.
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