Restaurant Brands Up Nearly 30% In 2017; Ackman's Pershing Square Sells 10 Million Shares

Restaurant Brands International Inc QSR fell more than 1 percent Wednesday on news that Pershing Square Capital Management divested a 10 million share block.

But the sale wasn't reflective of any negative sentiment toward the company.

It was “simply for portfolio management purposes,” a source familiar with the matter told Benzinga. “The position has done incredibly well and had become too large of a position.”

Pershing Square reported at its April European Investment Meeting that Restaurant Brands, with its acquisition of Popeye’s and positive sales growth in Burger King and Tim Hortons, was an appealing opportunity. The stock represented 21 percent of Pershing’s capital at the time.

“Despite significant share price appreciation, we believe QSR remains a compelling long-term investment,” Pershing Square noted in its presentation.

Since the firm first disclosed its stake in Burger King in 2012, at which time it held more than 38 million shares valued above $1.48 billion, the stock has risen 71 percent. In 2014, Burger King merged with Tim Hortons to create what is known today as Restaurant Brands.

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