Irenic Dumps Most Papa John's Shares

2 weeks ago 17

Lawrence Rothman, CFA, The Motley Fool

Sun, February 22, 2026 astatine 9:28 AM CST 3 min read

According to an SEC filing dated Feb. 17, Irenic Capital Management LP reduced its presumption in Papa John's International (NASDAQ:PZZA)by 748,592 shares. The fund’s remaining stake, reported astatine quarter-end, was 325,108 shares worthy $12.51 million.

Sold 748,592 shares of Papa John's International
Post-trade holding: 325,108 shares valued astatine $12.5 million
The involvement present represents 0.8% of money AUM, which places it extracurricular the fund's apical 5 holdings

Top communal banal holdings aft the filing (percentage of AUM includes a enactment owned connected the iShares Russell 2000 ETF):
- NYSE: ITGR: $99.1 cardinal (6.7% of AUM)
- NASDAQ: SHC: $67.0 cardinal (9.3% of AUM)
- NASDAQ: TBPH: $51.7 cardinal (3.5% of AUM)
- NASDAQ: ALKT: $48.6 cardinal (3.3% of AUM)

Metric

Value

Revenue (TTM)	$2.1 billion
Net Income (TTM)	$37.7 million
Dividend Yield	5.8%
Price (as of marketplace adjacent 2/20/26)	$31.59

Papa John's International, Inc. is simply a planetary pizza transportation and carryout marque with a web spanning implicit 5,600 restaurants crossed 50 countries and territories. The institution has company-owned and franchised locations, supported by a commissary strategy that supplies ingredients and products to franchisees.

Offers pizza transportation and carryout services, with gross generated from company-owned restaurants, franchising, and commissary income to franchisees.
Targets consumers seeking convenient, high-quality pizza and related paper items successful the United States and planetary markets.

Irenic Capital Management sold the bulk of its Papa John’s shares during the 4th quarter. The steadfast reduced its holdings by astir 70%, from astir 1.1 cardinal shares to astir 325,000.

At the extremity of the 3rd quarter, its Papa John’s involvement had a $51.7 cardinal value. That made it the firm’s third-largest position, down a enactment connected the iShares Russel 200 ETF (NYSEMKT: IWM) and shares of Sotera Health (NASDAQ: SHC).

Irenic’s fourth-quarter stock income enactment Papa John’s good extracurricular its apical 5 holdings. The $12.5 cardinal valuation accounted for conscionable 0.8% of Irenic’s $1.5 cardinal of assets nether absorption (AUM).

Notably, Papa John’s shares person severely lagged the market. Over the past year, done Feb. 20, the banal has mislaid 30.7% including dividends. During this time, the S&P 500 index returned 16.4%

The company’s North American restaurants same-store income person struggled, including a third-quarter diminution of 2.7%. Papa John’s reports fourth-quarter results connected Feb. 26.

Before you bargain banal successful Papa John's International, see this:

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