Vanguard Amends Papa John's Stake to 15.7%, Holding 5.0M Shares

TL;DR

**Vanguard still owns a huge chunk of Papa John's, but slightly less than before.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, indicating its beneficial ownership of Papa John's International Inc. common stock as of December 29, 2023. This amendment, the 10th for Vanguard regarding Papa John's, shows that Vanguard holds 5,009,006 shares, representing 15.7% of the company's outstanding common stock. This matters to investors because Vanguard is a passive institutional investor, and its significant, albeit slightly reduced, stake suggests continued confidence in Papa John's, but the decrease in ownership could signal a slight shift in their portfolio allocation.

Why It Matters

This filing shows that a major institutional investor, The Vanguard Group, continues to hold a significant stake in Papa John's, providing a vote of confidence, though a slight reduction in their ownership percentage could be a minor concern.

Risk Assessment

Risk Level: low — This filing is a routine update from a passive institutional investor and does not indicate any immediate high-risk events for the company.

Analyst Insight

Investors should note that a major institutional investor like Vanguard continues to hold a substantial, albeit slightly reduced, position in Papa John's, suggesting long-term stability but not necessarily strong bullish momentum from this specific filing.

Key Numbers

• 5,009,006 — Shares Beneficially Owned (Represents The Vanguard Group's total ownership in Papa John's International Inc. common stock.)
• 15.7% — Percentage of Class (Indicates The Vanguard Group's significant stake in Papa John's International Inc., making them a major shareholder.)
• 10 — Amendment Number (Shows this is the tenth amendment to Vanguard's Schedule 13G filing for Papa John's, indicating ongoing adjustments to their position.)
• December 29, 2023 — Event Date (The specific date when the ownership change occurred that triggered this filing.)
• 0 — Sole Voting Power (Vanguard holds no sole voting power, indicating their passive investment strategy.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Papa John's International Inc (company) — issuer of the securities
• 5,009,006 shares (dollar_amount) — total shares beneficially owned by Vanguard
• 15.7% (dollar_amount) — percentage of class beneficially owned by Vanguard
• December 29, 2023 (date) — date of event requiring the filing
• February 13, 2024 (date) — filing date of the SC 13G/A

Forward-Looking Statements

• Vanguard will maintain a significant, but potentially slightly fluctuating, passive stake in Papa John's International Inc. over the next year. (The Vanguard Group) — high confidence, target: 2025-02-13

FAQ

Filing Documents

• tv01651-papajohnsinternation.htm (SC 13G/A) — 11KB
• 0001104659-24-021665.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Papa John's International Inc

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 2002 Papa John's Boulevard Louisville, KY 40299-2367

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 698813102

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR