Wellington Management Discloses Passive Stake in Papa John's

Ticker: PZZA · Form: SC 13G · Filed: 2024-02-08T00:00:00.000Z

Sentiment: bullish

Topics: institutional-ownership, passive-investment, SC-13G

TL;DR

**Wellington Management just revealed a big, passive stake in Papa John's, signaling institutional confidence.**

AI Summary

Wellington Management Group LLP, a Massachusetts-based investment firm, filed an SC 13G on February 8, 2024, disclosing its ownership of Papa John's International, Inc. (PZZA) common stock. This filing indicates that as of December 29, 2023, Wellington Management holds a significant, but passive, stake in the pizza chain. This matters to investors because it signals a major institutional investor sees value in Papa John's, potentially boosting confidence in the stock.

Why It Matters

This filing shows a large, reputable investment firm has taken a significant position in Papa John's, which can be seen as a vote of confidence in the company's future prospects.

Risk Assessment

Risk Level: low — This filing is a routine disclosure of a passive investment by an institutional investor, indicating no immediate risk or major change in company control.

Analyst Insight

A smart investor would view this as a positive signal, suggesting that a major institutional player sees value in Papa John's. It might prompt further research into Papa John's fundamentals and future growth prospects, potentially considering it for a long-term investment.

Key Players & Entities

Wellington Management Group LLP (company) — the reporting person and institutional investor
Papa John's International, Inc. (company) — the subject company (issuer) whose stock is being reported
Massachusetts (person) — place of organization for Wellington Management Group LLP
December 29, 2023 (person) — the date of the event requiring the filing
February 8, 2024 (person) — the filing date of the SC 13G

Forward-Looking Statements

Other institutional investors may increase their positions in Papa John's International, Inc. following Wellington Management's disclosure. (Papa John's International, Inc.) — medium confidence, target: Q2 2024
The stock price of Papa John's International, Inc. may experience a slight positive bump due to increased investor confidence. (Papa John's International, Inc.) — low confidence, target: Q1 2024

FAQ

What is the purpose of an SC 13G filing?

An SC 13G filing is used by institutional investors to report beneficial ownership of 5% or more of a company's stock when they hold the shares passively, meaning they do not intend to influence or change control of the company. This specific filing by Wellington Management Group LLP is under Rule 13d-1(b).

Who is the reporting person in this SC 13G filing?

The reporting person is Wellington Management Group LLP, with its place of organization listed as Massachusetts.

What is the subject company (issuer) of the securities reported in this filing?

The subject company, or issuer, is Papa John's International, Inc., identified by the CUSIP Number 698813102 and the business address 2002 Papa Johns Boulevard, Louisville, KY 40299-2334.

What is the 'Date of Event Which Requires Filing of this Statement'?

The 'Date of Event Which Requires Filing of this Statement' is December 29, 2023, indicating the date when Wellington Management Group LLP's beneficial ownership reached the threshold requiring this disclosure.

Under which rule was this Schedule 13G filed?

This Schedule 13G was filed under Rule 13d-1(b), which is typically used by qualified institutional investors who acquire beneficial ownership of more than 5% of a class of equity securities in the ordinary course of business and without the purpose or effect of changing or influencing control of the issuer.

From the Filing

0000902219-24-000196.txt : 20240208 0000902219-24-000196.hdr.sgml : 20240208 20240208102253 ACCESSION NUMBER: 0000902219-24-000196 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20240208 DATE AS OF CHANGE: 20240208 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: PAPA JOHNS INTERNATIONAL INC CENTRAL INDEX KEY: 0000901491 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-EATING PLACES [5812] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 611203323 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-44487 FILM NUMBER: 24607409 BUSINESS ADDRESS: STREET 1: 2002 PAPA JOHNS BOULEVARD CITY: LOUISVILLE STATE: KY ZIP: 40299-2334 BUSINESS PHONE: 5022617272 MAIL ADDRESS: STREET 1: P O BOX 99900 CITY: LOUISVILLE STATE: KY ZIP: 40269-9990 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WELLINGTON MANAGEMENT GROUP LLP CENTRAL INDEX KEY: 0000902219 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] ORGANIZATION NAME: IRS NUMBER: 042683227 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: C/O WELLINGTON MANAGEMENT COMPANY LLP STREET 2: 280 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 6179515000 MAIL ADDRESS: STREET 1: C/O WELLINGTON MANAGEMENT COMPANY LLP STREET 2: 280 CONGRESS STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: WELLINGTON MANAGEMENT CO LLP DATE OF NAME CHANGE: 19960930 FORMER COMPANY: FORMER CONFORMED NAME: WELLINGTON MANAGEMENT CO DATE OF NAME CHANGE: 19930426 SC 13G 1 SEC13G_Filing.htm SEC SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 (Amendment No. _ ) * Papa John's International, Inc. (Name of Issuer) Common Stock (Title of Class of Securities) 698813102 (CUSIP Number) December 29, 2023 (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [X] Rule 13d-1(b) [ ] Rule 13d-1(c) [ ] Rule 13d-1(d) * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 (the "Act") or otherwise subject to the liabilities of that section of the Act, but shall be subject to all other provisions of the Act (however, see the Notes.) CUSIP No. 698813102 1. NAMES OF REPORTING PERSONS Wellington Management Group LLP 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Massachusetts NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 1,426,502 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 1,698,833 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,698,833 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.19% 12. TYPE OF REPORTING PERSON HC CUSIP No. 698813102 1. NAMES OF REPORTING PERSONS Wellington Group Holdings LLP 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [ ] 3. SEC USE ONLY 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5. SOLE VOTING POWER 0 6. SHARED VOTING POWER 1,426,502 7. SOLE DISPOSITIVE POWER 0 8. SHARED DISPOSITIVE POWER 1,698,833 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,698,833 10. CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 5.19% 12.