Restaurant Brands Intl (NYSE:QSR) Stock

Restaurant Brands Intl

Restaurant Brands International is one of the largest restaurant companies in the world, with approximately $44 billion in 2024 systemwide sales across a footprint that spanned more than 32,000 restaurants and more than 100 countries. The firm generates revenue primarily from retail sales at its company-owned restaurants, royalty fees and lease income from franchised stores, and from its Tim Hortons supply chain operations. Formed in 2014 after 3G Capital's acquisition of Tim Hortons International, the RBI portfolio is split among Burger King (7,082 units), Tim Hortons (4,539 units), Popeyes Louisiana Kitchen (3,520 units), Firehouse Subs (1,345 units), and international franchise units of those banners (15,639) as of year-end 2024.

Restaurant Brands International Inc. Common Shares

Restaurant Brands International Inc

TD Cowen analyst Andrew M. Charles reiterated the Hold rating on Starbucks Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) <a href="https://www.benzinga.com/quote/SBUX/analyst-ratings" target="_blank" rel="noreferrer noopener">with a price forecast of $90</a>.
While acknowledging the potential for a turnaround under CEO Brian Niccol, similar to Chipotle&#8217;s success, the analyst expressed caution in a recent report.
The precedent set by Brian Niccol&#8217;s successful revival of Chipotle now serves as a key benchmark for his leadership at Starbucks.
Also Read: <a href="https://www.benzinga.com/markets/tech/25/06/45903922/starbucks-teams-up-with-openai-to-launch-green-dot-assist-a-virtual-barista-tool-that-helps-staff-customize-drinks-troubleshoot-issues-and-speed-up-service" target="_blank" rel="noreferrer noopener">Starbucks Teams Up With OpenAI To Launch &#8216;Green Dot Assist&#8217;, A Virtual Barista Tool That Helps Staff Customize Drinks, Troubleshoot Issues And Speed Up Service</a>
Alternative data for Starbucks&#8217; North America segment is showing signs of improvement, with investor expectations for fiscal 2025 third quarter (June) hovering between -1% and -2%, slightly better than the -2.3% estimate from Consensus Metrix, the analyst mentioned.
He added that while there&#8217;s enthusiasm around the accelerated rollout of the Green Apron program and its potential sales boost, concerns remain about its return on investment, as proprietary surveys point to declining value perceptions that could limit pricing flexibility.
Charles also observed that in the current risk-on environment, investors appear to be rotating into Starbucks from other large-cap restaurant names like McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>), and Yum! Brands, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>). This shift is happening alongside renewed optimism around CEO Brian Niccol, boosted by the ongoing Starbucks Leadership Experience 2025 in Las Vegas.
On the flipside, Charles tempered optimism with caution, suggesting Starbucks may have over-earned in the years following COVID-19, as the company now appears to be holding back on pricing and increasing labor hours.
The analyst asserted that the business is still recalibrating to a new earnings baseline, in contrast to consensus expectations that view 2025 as a temporary dip before margins recover.
He added that risks to U.S. same-store sales remain elevated due to declining value perceptions, narrowing quality gaps versus competitors, the company&#8217;s historical underperformance during downturns like 2008–09 and 2020, and rising competition from fast-growing drive-thru coffee chains.
Price Action: SBUX shares are trading higher by 0.18% to $94.50 at last check Friday.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/25/06/45882950/starbucks-ceo-confirms-a-lot-of-interest-in-potential-china-stake-sale-we-want-to-be-more-competitive" target="_blank" rel="noreferrer noopener">Starbucks CEO Confirms &#8216;A Lot Of Interest&#8217; In Potential China Stake Sale: &#8216;&#8230;We Want To Be More Competitive&#8217;</a></li>
</ul>
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SBUX

Starbucks At A Crossroads, Analyst Sees Chipotle-Like Potential But Warns Of Declining Value Perception

U.S. Health Secretary Robert F. Kennedy Jr. has championed &#8220;medical freedom&#8221; while simultaneously limiting access to COVID-19 vaccines and restricting food stamp purchases, creating what public health experts call a dichotomy in his approach to healthcare policy.
What Happened: Kennedy announced last week that the Centers for Disease Control and Prevention would remove COVID-19 vaccines from <a href="https://www.benzinga.com/news/25/05/45661031/robert-f-kennedy-jr-says-cdc-drops-covid-vaccine-for-healthy-pregnant-women-children">recommended </a>immunization schedules for healthy children and pregnant women.
The decision bypassed traditional advisory committee processes and shifted coverage from routine recommendations to shared clinical decision-making between doctors and patients.
&#8220;Regarding the vaccines, HHS is restoring the doctor-patient relationship,&#8221; HHS spokesperson Andrew Nixon said in a <a href="https://abcnews.go.com/Health/rfk-jr-promoted-freedom-choice-limiting-vaccines-food/story?id=122526364">statement</a> to ABC News. &#8220;We are encouraging those groups to consult with their health care provider to help them make an informed decision.&#8221;
Kennedy has also pushed to ban Supplemental Nutrition Assistance Program recipients from purchasing candy and soda with food stamps. Ten state governors have submitted waivers to the Agriculture Department requesting permission for such restrictions, according to Kennedy&#8217;s statements at a Make America Healthy Again event in May.
The Food and Drug Administration began <a href="https://www.benzinga.com/government/regulations/25/05/45399804/robert-kennedy-jr-cheers-fda-plan-to-ban-fluoride-supplements-for-children-calls-move-long-overdue">removing fluoride supplements for children </a>from the market, earning Kennedy&#8217;s praise as &#8220;long overdue.&#8221; The agency cited a lack of FDA approval and evidence that these products alter gut microbiomes.
Kennedy&#8217;s broader MAHA initiative has influenced restaurant chains to eliminate seed oils. Biglari Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BH#NYSE">BH</a>) subsidiary Steak &#8216;n Shake switched to beef tallow for French fries, while Sweetgreen Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>), Bloomin&#8217; Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>), and Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) have initiated similar transitions.
See Also: <a href="https://www.benzinga.com/markets/equities/25/06/45809455/tesla-stock-climbed-nearly-5-in-friday-pre-market-whats-going-on">Tesla Stock Climbed Nearly 5% In Friday Pre-Market: What&#8217;s Going On?</a>
Why It Matters: Critics argue Kennedy&#8217;s policies contradict his &#8220;medical freedom&#8221; messaging by limiting choices. Removing COVID vaccines from CDC schedules restricts access while claiming to promote freedom.
&#8220;If you restrict access, you necessarily restrict choice,&#8221; Dr. Matthew Ferrari of Pennsylvania State University told ABC News. Public health experts warn Kennedy&#8217;s approach individualizes community health decisions. &#8220;We&#8217;re losing a lot of that underpinning, which has led to a lot of the gains in public health,&#8221; Dr. Craig Spencer of Brown University told ABC News.
Read Next:
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/markets/equities/25/06/45809443/larry-summers-identifies-3-key-reasons-for-rising-us-debt-but-doesnt-think-trumps-big-beautiful-bill-is-the-medicine-the-country-needs">Larry Summers Identifies 3 Key Reasons For Rising US Debt, But Doesn&#8217;t Think Trump&#8217;s &#8216;Big Beautiful Bill&#8217; Is The Medicine The Country Needs</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Health Care

BLMN

MRNA

NVAX

RFK Jr. Champions 'Medical Freedom' While Curtailing Access, Say Public Health Experts

Americans are firing up their stovetops at the "highest levels since early 2020," Campbell's Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CPB#NASDAQ">CPB</a>) chief executive Mick Beekhuizen told analysts on Monday.
What Happened: Beekhuizen declared in a post-earnings conference call that consumers are "turning to our brands for value, quality, and convenience" and "favoring ingredients that help stretch tighter food budgets."
Sales of condensed soup and broth — pantry staples that anchor low-cost meals — jumped 15% in Campbell's latest quarter, helping overall revenue beat Wall Street estimates even as the snacks division fell 5% on an organic basis.
The wallet shift comes as eating out grows pricier. Government data <a href="https://www.bls.gov/news.release/cpi.nr0.htm">show</a> the food-away-from-home index rose 3.9% in April from a year earlier, while prices for food at home slipped 0.4% on the month, widening the savings gap for households that choose their kitchens over restaurants.
Why It Matters: Fast-food giants are already feeling the heat. McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) CEO Christopher Kempczinski said visits from low-income diners were down "<a href="https://www.benzinga.com/personal-finance/25/05/45336128/a-divided-economy-mcdonalds-ceo-says-rich-keep-dining-out-but-average-income-consumers-feeling-economic-anxiety">nearly double digits</a>" in the first quarter and middle-income consumers fell nearly as much. According to Reuters, Burger King&#8217;s parent, Restaurant Brands (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>), <a href="https://www.benzinga.com/25/05/45292609/burger-king-parent-restaurant-brands-q1-earnings-miss-comparable-sales-drop-and-more">missed sales expectations</a> after noting that customers were steering inflation-hit dollars toward groceries. Chipotle (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) cut its sales outlook too, blaming persistent inflation and economic uncertainty that keep guests at home.
See also: <a href="https://www.benzinga.com/news/topics/25/06/45738722/elon-musk-is-teslas-biggest-asset-says-dan-ives-as-he-reiterates-his-2-trillion-market-cap-for-tsla-stock">Elon Musk Is Tesla&#8217;s &#8216;Biggest Asset,&#8217; Says Dan Ives As He Reiterates His $2 Trillion Market Cap For TSLA Stock</a>
Broader metrics also flash caution. The University of Michigan's consumer-sentiment gauge sank to a three-year low in May as households braced for higher prices.
Campbell Soup Company reported <a href="https://www.benzinga.com/markets/large-cap/25/06/45720002/campbells-brews-up-strong-q3-beats-estimates-as-home-cooking-sector-simmers">third-quarter sales</a> of $2.475 billion, up 4% year-over-year and ahead of analyst expectations. Meals &amp; Beverages sales jumped 15%, offsetting an 8% decline in Snacks, while adjusted EPS of $0.73 beat the $0.66 consensus. The company also expanded operating cash flow to $872 million over nine months, delivered $110 million in cost savings, and continues to return capital through dividends and share buybacks.
Price Action: Campbell&#8217;s Co. shares closed 0.62% up at $34.25 on Monday.
Benzinga Edge Stock Rankings show CPB has a Growth score of 25%. Here is how it ranks on <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">other metrics</a>. 
<figure class="wp-block-image size-large"><a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound"><img loading="lazy" decoding="async" width="1024" height="142" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge-1024x142.png" alt="" class="wp-image-935982" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge-1024x142.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge-300x42.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge-768x106.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/06/03011229/cpb-edge.png 1430w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
Photo Courtesy: Rimma Bondarenko on Shutterstock.com
Read next: <a href="https://www.benzinga.com/markets/equities/25/06/45738764/garry-tan-says-founders-must-build-with-customers-to-compete-with-giants-like-salesforce-oracle-you-cant-farm-this-out">Garry Tan Says Founders Must Build With Customers To Compete With Giants Like Salesforce, Oracle: &#8216;You Can&#8217;t Farm This Out&#8217;</a>

Americans Are Cooking At Home More Than Ever Since COVID—And They Want Ingredients That Stretch Their Budget

New ETF filings from VistaShares reveal plans to launch funds that track the top trades of Bill Ackman and Michael Burry, expanding on the <a href="https://www.benzinga.com/etfs/new-etfs/25/03/44196788/exclusive-vistashares-launches-warren-buffett-inspired-etf-filling-a-gap-in-the-market-says-ceo">firm&#8217;s existing ETFs</a> tied to Warren Buffett&#8216;s investments.
What Happened: VistaShares may not be a household name for ETFs yet, but that could soon change with ETFs that will allow investors ways to invest alongside three legendary figures.
New <a href="https://www.sec.gov/Archives/edgar/data/1722388/000199937125006776/vistashares-485apos_052825.htm">filings </a>from the ETF company call for the following future ETFs to be launched:
<ul class="wp-block-list">
<li>VistaShares Pershing Square Select ETF</li>
<li>VistaShares Target 15 Pershing Square Select Income ETF</li>
<li>VistaShares Scion Asset Management Select ETF</li>
<li>VistaShares Target 15 Scion Asset Management Select Income ETF</li>
<li>VistaShares Duquesne Select ETF</li>
<li>VistaShares Target 15 Duquesne Select Income ETF</li>
<li>VistaShares Berkshire Select ETF</li>
</ul>
The ETFs will copy the investments and portfolios of Bill Ackman (Pershing Square), Michael Burry (Scion), and Stanley Druckenmiller (Duquesne). The new Berkshire Select ETF will add to the company's portfolio, which already includes the VistaShares Target 15 Berkshire Select Income (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OMAH#NYSE">OMAH</a>).
The new ETFs are actively managed and will trade on the New York Stock Exchange. The main select ETFs will seek to replicate the performance of the underlying index. The target 15 funds will provide more of an income component with investments in options and other items to attempt to maintain an annual income target of 15%. &nbsp;&nbsp;
According to the filing, the VistaShares Pershing Square Select ETF would hold up to 20 stocks that best represent Ackman&#8217;s fund&#8217;s publicly disclosed holdings.
Read Also:<a href="https://www.benzinga.com/etfs/specialty-etfs/25/05/45197995/exclusive-invest-like-buffett-this-etf-ceo-is-riding-the-berkshire-hathaway-buzz"> EXCLUSIVE: &#8216;Invest Like Buffett,&#8217; This ETF CEO Is Riding The Berkshire Hathaway Buzz</a>
Why It's Important: The existing Berkshire fund from VistaShares has attracted over $200 million in assets and is popular with investors, likely leading to the launch of the new ETFs.
One item investors will have to decide before investing in the ETFs is that 13Fs from the likes of Ackman, Burry, Druckenmiller, and Buffett only have to be filed once a quarter, and the holdings may be different than what's reported. The stocks owned may have already increased in value between the time the investment management bought the stock and the time the transaction was disclosed.
Retail investors enjoy copying well-known investors with proven track records, and new products based on these names could offer excitement in the ETF space.
Ackman's most recent 13F filing <a href="https://www.benzinga.com/news/management/25/05/45456642/bill-ackman-loads-up-on-uber-dumps-nike-in-major-q1-portfolio-rebalance">showed several big changes</a>, including swapping out Nike Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NKE#NYSE">NKE</a>) stock for options and taking a position in Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) of more than 30 million shares. Ackman increased positions in Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) and Alphabet Inc Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) shares during the first quarter.
At the end of the first quarter, these were the top holdings in the Pershing Square fund:
<ul class="wp-block-list">
<li>Uber: 19%</li>
<li>Brookfield Corporation: 18%</li>
<li>Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>): 13%</li>
<li>Howard Hughes Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HHH#NYSE">HHH</a>): 12%</li>
<li>Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>): 9.1%</li>
</ul>
The latest 13F filing comes as Ackman is trying to&nbsp;<a href="https://www.benzinga.com/25/05/45401638/howard-hughes-rises-nearly-3-in-pre-market-as-bill-ackman-exits-from-universal-music-groups-board-to-prioritize-new-investments" target="_blank" rel="noreferrer noopener">buy control of&nbsp;</a>Howard Hughes and turn it into a diversified holding company to copy the conglomerate style of legendary investor&nbsp;Warren Buffett.
While investors could buy and hold the stocks that Ackman and others disclose they own each quarter, ETFs like this could take some of the legwork out. The inclusion of options, swaps, and other investing methods looks to generate additional income alongside any future gains from the legendary investors.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/hedge-funds/25/05/45499198/buffett-ackman-icahn-take-a-beating-as-billionaires-weather-q1-chaos">Buffett, Ackman, Icahn Take A Beating As Billionaires Weather Q1 Chaos</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Specialty ETFs

GOOGL

OMAH

UBER

New ETFs Let Investors Mirror Buffett, Ackman, Burry's Top Stock Trades

Firehouse Subs Brand And Foodplay To Enter Into A Development Agreement To Develop And Grow Firehouse Subs In Mexico, With Plans To Open 100 Restaurants In Monterrey And Other Major Cities In The Next Five Years
.

Oppenheimer analyst Brian Bittner maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Outperform and raises the price target from $77 to $80.

Oppenheimer Maintains Outperform on Restaurant Brands Intl, Raises Price Target to $80

Health and Human Services Secretary Robert F. Kennedy Jr. faces mounting pressure from Republican lawmakers and farming communities as his highly anticipated &#8220;Make America Healthy Again&#8221; report approaches Thursday&#8217;s release, with glyphosate pesticide regulations emerging as the primary flashpoint between public health advocates and agricultural interests.
What Happened: The MAHA Commission report, mandated by President Donald Trump within 100 days to analyze childhood disease factors, has sparked preemptive opposition from 79 Republican lawmakers representing farming states, <a href="https://apnews.com/article/rfk-jr-kennedy-farmers-maha-trump-pesticides-5d5a83bde6b88290cf9c3536e74523be">according</a> to AP. Iowa Republican Sen. Chuck Grassley warned Wednesday that farmers have expressed concerns about being excluded from the report&#8217;s input process.
Kennedy addressed Senate Appropriations Committee concerns from Mississippi Republican Sen. Cindy Hyde-Smith, stating &#8220;there&#8217;s not a single word in them that should worry the American farmer&#8221; and promising not to &#8220;jeopardize that business model.&#8221; The commission, established by Trump&#8217;s February executive order, was tasked with examining prescription drugs, chemicals, and food ingredients affecting children.
The report comes alongside a proposed $500 million budget boost for Kennedy&#8217;s MAHA initiative, while simultaneously cutting infectious disease prevention, maternal health, and medical research programs. Kennedy supporters, including 360 MAHA advocates and former campaign staffers, have submitted pesticide studies pressing for chemical industry accountability.
See Also: <a href="https://www.benzinga.com/25/05/45558200/advance-auto-parts-gears-up-for-q1-print-here-are-the-recent-forecast-changes-from-wall-streets-most-accurate-analysts">Advance Auto Parts Gears Up For Q1 Print; Here Are The Recent Forecast Changes From Wall Street&#8217;s Most Accurate Analysts</a>
Why It Matters: The report&#8217;s potential glyphosate restrictions could significantly impact agricultural productivity and food company operations. Kennedy&#8217;s broader MAHA agenda has already influenced restaurant industry practices, with Biglari Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BH#NASDAQ">BH</a>) subsidiary Steak &#8216;n Shake switching from seed oils to beef tallow for French fries, earning Kennedy&#8217;s public praise for <a href="https://www.benzinga.com/general/restaurants/25/03/44280041/rfk-jr-thanks-steak-n-shake-for-rfking-the-french-fries-restaurant-goes-all-in-on-make-america-healthy-again">&#8220;RFKing the French fries.&#8221;</a>
Other restaurant chains, including Sweetgreen Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SG#NYSE">SG</a>), Bloomin&#8217; Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>)-owned Outback Steakhouse, and Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>)-owned Popeyes, have initiated similar transitions. Kennedy has scheduled meetings with food giants PepsiCo Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PEP#NASDAQ">PEP</a>) and General Mills Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GIS#NYSE">GIS</a>) to <a href="https://www.benzinga.com/markets/equities/25/03/44209953/rfk-jr-takes-on-food-giants-calls-meeting-with-pepsico-and-general-mills">address processed food concerns.</a>
The MAHA initiative&#8217;s budget proposal threatens the <a href="https://www.benzinga.com/personal-finance/25/05/45522362/we-have-no-details-says-food-program-director-as-trumps-maha-boxes-threaten-730000-seniors-grocery-lifeline">$425 million Commodity Supplemental Food Program</a>, potentially affecting 730,000 seniors&#8217; grocery access through replacement &#8220;MAHA boxes.&#8221; Food program directors report logistical challenges and communication gaps, with Connecticut Foodshare experiencing 34 canceled federal shipments affecting over 600 food banks statewide.
The World Health Organization classifies glyphosate as a probable human carcinogen, while farmers argue it remains essential for weed control without excessive soil tilling, creating a regulatory tension between public health priorities and agricultural economics.
Read Also:
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<li><a href="https://www.benzinga.com/markets/equities/25/05/45557944/baidus-apollo-go-enters-dubai-and-abu-dhabi-ceo-robin-li-touts-global-robotaxi-lead-with-1-4-million-rides-in-q1">Baidu&#8217;s Apollo Go Enters Dubai And Abu Dhabi, CEO Robin Li Touts Global Robotaxi Lead With 1.4 Million Rides In Q1</a></li>
</ul>
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image Via Shutterstock

Politics

RFK Jr.'s 'Make America Healthy Again' Report Stirs GOP, Farmers Over Glyphosate Concerns Ahead Of Release

Editor&#8217;s Note: This article has been updated to reflect that Pershing Square converted its Nike stock into call options, maintaining exposure
Bill Ackman could have a new love for the automotive sector with a new investment made in the first quarter and an added position to a stake from the fourth quarter of 2024 that was <a href="https://www.benzinga.com/25/04/44878275/billionare-investor-bill-ackman-posts-hertz-investment-thesis-proposes-av-fleet-partnership-with-uber">revealed in April.</a>
Here's a look at Ackman's investment holdings in Pershing Square as of March 31.
First Quarter Changes: Ackman and Pershing Square unveiled a new stake in Uber Technologies (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>) in the first quarter with a position of more than 30 million shares. The stake is now the largest holding the Pershing Square portfolio and comes with the investor making several recent moves to his investment strategy.
Ackman increased his stake in Hertz Global Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HTZ#NASDAQ">HTZ</a>) in the first quarter with the <a href="https://www.sec.gov/Archives/edgar/data/1336528/000117266125002315/0001172661-25-002315-index.html">filing </a>showing an 18% increase.
Ackman's stake in Hertz was unveiled via a tweet and an updated SEC filing in April. A 12.7 million share purchase was originally kept from the fourth-quarter holdings document due to a request for confidentiality.
Here were the other increased stakes in the quarter:
<ul class="wp-block-list">
<li>Brookfield Corporation: +18%</li>
<li>Alphabet Inc Class A (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>): +11%</li>
</ul>
Pershing Square lowered its investments in the following stocks in the first quarter:
<ul class="wp-block-list">
<li>Hilton Worldwide Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HLT#NYSE">HLT</a>): -45%</li>
<li>Google Class C (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>): -16%</li>
<li>Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>): -13%</li>
<li>Canadian Pacific (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CP#NYSE">CP</a>): decreased by less than 1%</li>
</ul>
One notable move in the quarter was Pershing Square&#8217;s conversion of its 18.8 million Nike shares into over-the-counter call options, maintaining a similar economic exposure.
Read Also: <a href="https://www.benzinga.com/trading-ideas/movers/25/02/43799342/bill-ackman-following-warren-buffett-hedge-funder-promises-modern-day-berkshire-hathaway-with-latest-transaction">Bill Ackman Follows Warren Buffett: Hedge Funder Promises &#8216;Modern Day Berkshire Hathaway&#8217; With Latest Transaction</a>
Ackman's Top Holdings: The newest 13F filing shows 11 stocks owned by Ackman and Pershing Square. Here are the current holdings and their percentage of the investment fund:
<ul class="wp-block-list">
<li>Uber: 19%</li>
<li>Brookfield: 18%</li>
<li>Restaurant Brands International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>): 13%</li>
<li>Howard Hughes Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HHH#NYSE">HHH</a>): 12%</li>
<li>Chipotle: 9.1%</li>
<li>Canadian Pacific: 8.7%</li>
<li>Alphabet Class C: 8.3%</li>
<li>Alphabet Class A: 5.8%</li>
<li>Hilton: 5.7%</li>
<li>Seaport Entertainment Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SEG#NYSE">SEG</a>): 0.9%</li>
<li>Hertz: 0.5%</li>
</ul>
The latest 13F filing comes as Ackman is trying to <a href="https://www.benzinga.com/25/05/45401638/howard-hughes-rises-nearly-3-in-pre-market-as-bill-ackman-exits-from-universal-music-groups-board-to-prioritize-new-investments">buy control of </a>Howard Hughes and turn it into a diversified holding company to copy the conglomerate style of legendary investor Warren Buffett.
The Pershing Square 13F could look significantly different next quarter.
Read Next: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/25/03/44330386/bill-ackman-sells-portion-of-universal-music-stake-one-of-the-best-businesses-we-have-ever-owned">Bill Ackman Sells Portion Of Universal Music Stake: &#8216;One Of The Best Businesses We Have Ever Owned&#8217;</a></li>
</ul>
Image created using artificial intelligence via Midjourney.

Management

GOOG

Bill Ackman Loads Up On Uber In Major Q1 Portfolio Rebalance (CORRECTED)

Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) (TSX:<a class="ticker" href="https://www.benzinga.com/stock/QSR#TSX">QSR</a>) ("RBI") has been notified of an unsolicited mini-tender offer made by New York Stock and Bond LLC ("NYSB") to purchase up to 100,000 RBI common shares, or approximately 0.03% of the company's outstanding common shares, at a price of US$44.00 per share.&nbsp; RBI cautions shareholders that the mini-tender offer has been made at a price below market price for RBI shares. The offer represents a discount of 29.96% on the NYSE closing price for RBI common shares on April 21, 2025, the last trading day before the mini-tender offer was commenced.

TSX:QSR

Restaurant Brands International Recommends Shareholders Reject NYSB's US$44.00/Shr "Mini-tender Offer"

Morgan Stanley analyst John Glass maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Equal-Weight and raises the price target from $72 to $73.

Morgan Stanley Maintains Equal-Weight on Restaurant Brands Intl, Raises Price Target to $73

Just months after assuming full control of its underperforming Chinese chain, Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) is moving swiftly to offload its Burger King China operations.
What Happened: On Thursday, during its <a href="https://benzinga.com/25/05/45292609/burger-king-parent-restaurant-brands-q1-earnings-miss-comparable-sales-drop-and-more">first quarter earnings</a> call, the fast food holding company revealed that it was classifying its Burger King China subsidiary as &#8220;held for sale&#8221; on its books, while simultaneously engaging Morgan Stanley Inc. to find a new local &#8220;controlling shareholder.&#8221;
This comes just months after it acquired its remaining equity interest in Burger King China from its former joint venture partners in February. 
See Also: <a href="https://www.benzinga.com/government/regulations/25/05/45311562/mohamed-el-erian-flags-adverse-implications-for-domestic-industries-as-chinas-exports-rise-8-despite-21-drop-in-us-shipments">Mohamed El-Erian Flags &#8216;Adverse Implications&#8217; For Domestic Industries As China&#8217;s Exports Rise 8% Despite 21% Drop In US Shipments</a>
Restaurant Brands has already made good progress in restructuring the company over the past three months. &#8220;We've made great progress in the three months since we bought it,&#8221; says Executive Chairman Patrick Doyle.
This involved the closure of several unprofitable stores, a move that was described by CEO Joshua Kobza as &#8220;a critical and necessary step to reposition the business for long-term success.&#8221;
The unit is already weighing on the company&#8217;s finances, according to CFO Sami Siddiqui, who notes that it resulted in a $9 million revenue and operating income headwind during the quarter. &#8220;For the full year, assuming no change in ownership, we expect a $37 million impact to revenue and a $19 million impact to AOI [Adjusted Operating Income],&#8221; Siddiqui says. 
This move underscores the management&#8217;s focus on curbing complexity, with Doyle stating, &#8220;We're operating in a moment of peak complexity, but our business will get simpler from here,&#8221; adding that &#8220;We can't control the macro environment, but we can control our complexity.&#8221;
Why It Matters: Analysts have been <a href="https://benzinga.com/25/02/43707945/restaurant-brands-international-faces-challenges-but-remains-on-track-for-growth-say-analysts">increasingly bullish on the stock</a> in recent months, citing strong same-store-sales figures and a turnaround in China operations. 
During its <a href="https://benzinga.com/25/05/45292609/burger-king-parent-restaurant-brands-q1-earnings-miss-comparable-sales-drop-and-more">first quarter results</a> on Thursday, the company reported $2.11 billion in revenue, up 21.3% year-over-year, with a profit of $0.75 per share, against $0.73 per share a year ago. 
Price Action: The stock was down 0.53% on Thursday and is down another 0.34% after hours following its first quarter results. 
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="134" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-1024x134.png" alt="" class="wp-image-909779" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-1024x134.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-300x39.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-768x101.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM-1536x201.png 1536w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/05/09050936/Screenshot-2025-05-09-at-2.39.18-PM.png 1604w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
According to Benzinga Edge Stock Rankings, the stock fares well in the short and medium term, but is unfavorable in the long term. For more insights, sign up for <a href="https://www.benzinga.com/premium/ideas/benzinga-edge-2#:~:text=Turn%20Market%20Chaos,when%20markets%20rebound">Benzinga Edge</a>. 
Read More: 
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/news/25/05/45311797/the-financial-hurdles-to-owning-a-home-have-rarely-been-higher-says-bmo-as-fed-holds-rates-extending-wait-for-homebuyers">&#8216;Financial Hurdles To Owning A Home Have Rarely Been Higher,&#8217; Says BMO As Fed Holds Rates, Extending Wait For Homebuyers</a></li>
</ul>
Image Via Shutterstock

Earnings

Restaurants

'Held For Sale': Restaurant Brands International Moves Swiftly To Exit Burger King China, Citing Peak Complexity And Drag On Finances

Restaurant Brands International Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) reported <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/n45279852/restaurant-brands-international-inc-reports-first-quarter-2025-results" rel="noreferrer noopener">first-quarter revenue growth</a> of 21.3% year-on-year to $2.11 billion, missing the analyst consensus estimate of $2.13 billion.
Consolidated comparable sales increased 0.1%, and net restaurants grew 3.3% versus the prior year. Consolidated system-wide sales increased 2.8%.
Comparable sales for Tim Hortons&nbsp;fell&nbsp;0.1%, Burger King decreased&nbsp;1.3%, and Popeyes Louisiana Kitchen slumped&nbsp;4%. Revenue for Burger King rose 1.8%, and Popeyes Louisiana Kitchen increased 9%, while that of Tim Hortons fell 3.7% year over year.
Adjusted EPS of 75 cents <a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">missed the consensus</a> estimate of 78 cents, but grew compared to 73 cents last year.
General and administrative expenses increased 10.4%. The operating income for the quarter declined 20% to $435 million.
Also Read: <a target="_blank" href="https://www.benzinga.com/25/05/45272097/kellogg-has-margin-opportunity-but-challenges-keep-shares-grounded-says-analyst" rel="noreferrer noopener">Long-Term Decline In Cereal Market Poses Structural Challenges For Kellogg, Analyst Says</a>
Adjusted EBITDA for the quarter was $642 million, up from $627 million in the prior year.
Restaurant Brands held $899 million in cash and equivalents as of March-end. Net cash provided by operating activities for the quarter totaled $118 million.
Restaurant Brands' Board of Directors has declared a dividend of $0.62 per common share, payable on July&nbsp;8, 2025, to shareholders and unitholders of record at the close of business on June&nbsp;24, 2025.
"We are making solid progress executing the fundamentals of our business, despite a slower start to the year. We have clear growth plans across each of our brands and strong alignment with our franchisees," said CEO&nbsp;Josh Kobza.
"We're seeing encouraging momentum in Q2 and combined with responsible cost management, are on track to deliver stronger results through the balance of the year and achieve at least 8 percent organic adjusted operating income growth in 2025."
Outlook: Restaurant Brands&nbsp;sees FY25 capital expenditures of $400 million &#8211; $450 million.
For the long term, from 2024 to 2028, Restaurant Brands&nbsp;expects a comparable sales growth of 3% and an organic adjusted operating income growth of 8%.
Price Action: QSR shares traded lower by 0.29% at $67.70 at the last check on Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/44907247" target="_blank" rel="noreferrer noopener">Restaurant Sector Q1 Volatilty From Weather, Inflation — Analyst Lowers Price Targets</a></li>
</ul>
Photo by Savvapanf Photo via Shutterstock

Guidance

Most Of Burger King Parent Restaurant Brands Growth Came From New Restaurants; It Plans Up To $450 Million In 2025 Capex

WIIM

QSR stock has given up its prior loss. Restaurant Brands shares were trading lower after the company reported Q1 results below estimates.

Restaurant Brands shares are trading lower after the company reported Q1 results below estimates.

Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) reported quarterly earnings of $0.75 per share which missed the analyst consensus estimate of $0.78 by 3.85 percent. This is a 2.74 percent increase over earnings of $0.73 per share from the same period last year. The company reported quarterly sales of $2.11 billion which missed the analyst consensus estimate of $2.13 billion by 0.88 percent. This is a 21.28 percent increase over sales of $1.74 billion the same period last year.

Earnings Misses

Restaurant Brands Intl Q1 Adj. EPS $0.75 Misses $0.78 Estimate, Sales $2.11B Miss $2.13B Estimate

AAOI

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Earnings Scheduled For May 8, 2025

UBS analyst Dennis Geiger maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Buy and lowers the price target from $90 to $85.

UBS Maintains Buy on Restaurant Brands Intl, Lowers Price Target to $85

Goldman Sachs analyst Christine Cho on Wednesday provided a preview of the first quarter for U.S. restaurants.
What Happened: U.S. restaurant companies faced a tough start to 2025, with weaker consumer sentiment, weather impacts and tariff uncertainties affecting performance, except for a few like Brinker International Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EAT#NYSE">EAT</a>).
Although first-quarter softness was expected, risks remain on the downside due to macroeconomic and policy uncertainties, as reflected in Chipotle Mexican Grill Inc.&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) <a href="https://www.benzinga.com/25/04/44996394/chipotle-battles-slumping-sales-but-honey-chicken-boosts-hope-say-analysts">same-store sales growth miss and lowered guidance</a>.
These factors are likely to dominate investor attention during the earnings season, noted the analyst.
Despite no major changes in consumer intent for restaurant spending, recent adjustments to estimates reflect lower macroeconomic forecasts from GS economists, including slower GDP growth and a higher recession probability.
Restaurant sales trends are closely tied to consumer spending, and weaker macro conditions suggest lower comparable store-sales growth in the second half of 2025 and into 2026.
Inflation&#8217;s impact on margins is limited, and there&#8217;s a higher risk to global restaurant development plans, particularly in international markets, which could reduce long-term unit growth, the analyst said.
Economists predict a slowdown in U.S. GDP growth to 0.5% in 2025, down from 2.5% in 2024, with a 45% recession risk, up from 20% earlier in the year due to tightening financial conditions, foreign boycotts, and policy uncertainty.
Also Read: <a href="https://www.benzinga.com/news/earnings/25/04/44977669/pepsico-ceo-warns-of-tariffs-led-increase-in-supply-chain-costs-cuts-annual-profit-outlook">PepsiCo CEO Warns Of Tariffs Led &#8216;Increase In Supply Chain Costs,&#8217; Cuts Annual Profit Outlook</a>
The deceleration in consumer spending and macro headwinds are putting pressure on restaurant top-line growth, with varying impacts across different restaurant types.
Fast food restaurants show the lowest sensitivity to macroeconomic conditions, with higher resiliency compared to fast casual and full-service restaurants, which are more correlated with GDP and consumer discretionary spending.
Recent surveys show no significant shifts in consumer purchase intent for restaurants, with full-service restaurants seeing improvement compared to grocery stores, while limited-service restaurants have contracted in recent months.
What&#8217;s Next: Companies like Wendy&#8217;s Co (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WEN#NASDAQ">WEN</a>), Bloomin&#8217; Brands Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BLMN#NASDAQ">BLMN</a>), Domino&#8217;s Pizza Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DPZ#NASDAQ">DPZ</a>), Wingstop Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>), Yum! Brands Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/YUM#NYSE">YUM</a>), and Jack In The Box Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/JACK#NASDAQ">JACK</a>) have higher lease-adjusted net leverage, with Starbucks Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SBUX#NASDAQ">SBUX</a>) and Domino&#8217;s facing notable near-term debt maturities.
Slower same-store sales growth and higher build costs are expected to hurt franchisee profitability and reduce demand for new stores.
Many fast food chains anticipate slower unit expansion in 2025, with Jack in The Box planning major cutbacks and closures, while fast casual/casual dining brands remain mostly on track.
Potential U.S. tariffs may raise domestic build costs, while international growth faces challenges from weaker global demand and rising anti-U.S. brand sentiment.
U.S. tariff actions and foreign policy stances have damaged international perceptions of the U.S., raising concerns about reduced demand for American brands.
While it&#8217;s too soon to measure definitive consumer pullback, monitoring sentiment is increasingly important for U.S. brands abroad.
Morning Consult data shows a YTD decline in U.S. favorability across most tracked countries, particularly Canada, Western Europe and Mexico.
Despite rising anti-U.S. sentiment globally, current data indicates no strong link between U.S. tariffs and Chinese consumer attitudes toward U.S. brands.
Read Next: • <a href="https://www.benzinga.com/news/25/04/45011035/meta-booz-allen-launch-space-llama-ai-system-for-space-station-operations">Meta, Booz Allen Launch &#8216;Space Llama&#8217; AI System For Space Station Operations</a>
Photo: Rawpixel.com via Shutterstock

CAKE

JACK

SHAK

TXRH

WING

US Restaurants Face Growth Hurdles As Macro Headwinds Mount, Says Analyst

Truist Securities analyst Jake Bartlett maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Buy and lowers the price target from $83 to $78.

Truist Securities Maintains Buy on Restaurant Brands Intl, Lowers Price Target to $78

Wells Fargo analyst Zachary Fadem maintains Restaurant Brands Intl (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QSR#NYSE">QSR</a>) with a Equal-Weight and lowers the price target from $69 to $66.

Wells Fargo Maintains Equal-Weight on Restaurant Brands Intl, Lowers Price Target to $66

Press Releases

Tims China Announces Fourth Quarter and Full Year 2024 Financial Results

Restaurant Brands International Inc. Reports First Quarter 2025 Results

RBI Recommends Shareholders Reject NYSB's "Mini-tender Offer"

Panera Brands Appoints José Cil as Chairman

Tims China Participates in Nation-wide "Weight Management Year" Campaign with New Hot & Healthy Power Bowls

Restaurant Brands International Inc. to Participate in the Bernstein 41st Annual Strategic Decisions Conference

Contracts

Firehouse Subs® Accelerates Expansion in Mexico With Plans To Open 100 Restaurants

Restaurant Brands International Inc. to Participate in the dbAccess Global Consumer Conference 2025

Penny Stocks

Tims China Registration & Webcast details for Q1 2025 Results Conference Call on June 24, 2025

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