Pershing Square Capital Management, the hedge fund company managed by billionaire Bill Ackman, sold 10 million of its stake in Restaurant Brands International Inc. (NYSE: QSR), sending the company’s shares down more than 1 percent on Wednesday.
Pershing Square sold 10 million Restaurant Brands’ shares at $61 per share on Tuesday night, according to the people familiar with the matter, asked not to be named as the details are not public. The New York-based hedge fund owned about 39.2 million shares in Restaurant Brands before the sale, according to Bloomberg’s data.
Restaurant Brands shares fell 1.45 percent to $61.19 in the early trading on Wednesday. The stock is up about 28 percent this year.
Pershing now own about 29.2 million shares of Restaurant Brands, accounting about 14 percent of the company’s outstanding common shares.
“Despite significant share price appreciation, we believe QSR remains a compelling long-term investment,” Pershing Square noted in its presentation.
Restaurant Brands is the parent company of Burger King and Tim Hortons. The people familiar with the matter said the move is simply for portfolio management purposes and as part of a portfolio rebalancing.
Ackman also invests in the other restaurant chain, Chipotle, whose shares are pressure recently.