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Whopper with bacon and cheese from Burger King.
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International Restaurant Brands
So far this year, the stock has underperformed the market, but Marc Lemann, the newest director at the parent company of Burger King, Popeyes, and Tim Horton’s, just made the largest insider share buy in years. The stock of Restaurant Brands (ticker: QSR) has gained 6.1 percent so far in 2021, while the S&P 500 has gained 1.6 percent.
The S&P 500 index
has increased by 15.9%. Following a dismal fourth-quarter performance, the most recent earnings report for the first quarter was strong.
On June 18, the day after he was elected to the board of Restaurant Brands, Lemann paid $1 million for 15,000 shares. The average price of a share was $67.15. Lemann made the acquisition through an entity of which he is the only owner, according to a form he filed with the Securities and Exchange Commission.
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Restaurant Brands did not respond to a request for comment from Lemann. The new director is a businessman and investor who is the son of Brazilian billionaire Jorge Paulo Lemann, a co-founder of 3G Capital, which founded Restaurant Brands in 2014. 3G’s affiliates own 30.8 percent of the company’s voting stock. Marc Lemann wasn’t have to buy as much Restaurant Brands shares as he did, and he didn’t have to do it so quickly. Non-employee directors must possess Restaurant Brands shares with a market value of five times the annual base cash retainer within five years of being elected, according to the company’s requirements. Non-management directors are paid a $50,000 annual base cash retainer. Inside Scoop is a frequent Barron’s feature that covers stock transactions by corporate executives and board members, as well as significant shareholders, politicians, and other notable persons. These investors are required to report stock trades to the Securities and Exchange Commission or other regulatory bodies due to their insider status. Ed Lin can be reached at ed.lin@barrons.com, and he can be followed on Twitter at @BarronsEdLin./n
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