Irenic Dumps Most Papa John's Shares

Key Points

• Irenic sold 748,592 shares of Papa John's Internationa.

• It held 325,108 shares valued at $12.5 million.

• The stake now represents 0.8% of fund AUM.

• 10 stocks we like better than Papa John's International ›

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

• Sold 748,592 shares of Papa John's International
• Post-trade holding: 325,108 shares valued at $12.5 million
• The stake now represents 0.8% of fund AUM, which places it outside the fund's top five holdings

What else to know

• Top common stock holdings after the filing (percentage of AUM includes a put owned on the iShares Russell 2000 ETF):
  • NYSE: ITGR: $99.1 million (6.7% of AUM)
  • NASDAQ: SHC: $67.0 million (9.3% of AUM)
  • NASDAQ: TBPH: $51.7 million (3.5% of AUM)
  • NASDAQ: ALKT: $48.6 million (3.3% of AUM)

Company overview

Company snapshot

Papa John's International, Inc. is a global pizza delivery and carryout brand with a network spanning over 5,600 restaurants across 50 countries and territories. The company has company-owned and franchised locations, supported by a commissary system that supplies ingredients and products to franchisees.

• Offers pizza delivery and carryout services, with revenue generated from company-owned restaurants, franchising, and commissary sales to franchisees.
• Targets consumers seeking convenient, high-quality pizza and related menu items in the United States and international markets.

What this transaction means for investors

Irenic Capital Management sold the majority of its Papa John’s shares during the fourth quarter. The firm reduced its holdings by about 70%, from nearly 1.1 million shares to about 325,000.

At the end of the third quarter, its Papa John’s stake had a $51.7 million value. That made it the firm’s third-largest position, behind a put on the iShares Russel 200 ETF (NYSEMKT: IWM) and shares of Sotera Health (NASDAQ: SHC).

Irenic’s fourth-quarter share sales put Papa John’s well outside its top five holdings. The $12.5 million valuation accounted for just 0.8% of Irenic’s $1.5 million of assets under management (AUM).

Notably, Papa John’s shares have badly lagged the market. Over the last year, through Feb. 20, the stock has lost 30.7% including dividends. During this time, the S&P 500 index returned 16.4%

The company’s North American restaurants same-store sales have struggled, including a third-quarter decline of 2.7%. Papa John’s reports fourth-quarter results on Feb. 26.

Should you buy stock in Papa John's International right now?

Before you buy stock in Papa John's International, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Papa John's International wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $424,262!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,163,635!*

Now, it’s worth noting Stock Advisor’s total average return is 904% — a market-crushing outperformance compared to 194% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

See the 10 stocks »

*Stock Advisor returns as of February 22, 2026.

Lawrence Rothman, CFA has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Workiva. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.