Cannae (CNNE)
Actively owns restaurants, Alight, BKFC, JANA, and other portfolio investments.
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Actively manages a portfolio spanning consolidated restaurant operations, equity-method stakes in Alight, BKFC, and JANA Partners, and other controlled or minority investments. Capital allocation is shifting toward sports and entertainment while non-strategic assets, including restaurants, are reviewed for monetization.
Actively manages and operates a portfolio of majority and minority ownership stakes, using control or significant influence where available. Reportable segments are Restaurant Group, Alight, BKFC, and JANA, with additional assets such as CSI, Watkins, AmeriLife, Minden Mill, JANA Fund, and other controlled subsidiaries or minority interests.
Restaurant Group consolidates O'Charley's and Ninety Nine Restaurants. Alight, BKFC, and JANA are equity-method segments; BKFC includes football-club holdings, while JANA Partners is an investment manager.
Capital allocation is being redirected toward sports and entertainment-related investments after the Dun & Bradstreet exit. The business depends on restaurant operations, affiliate performance, portfolio valuation, access to capital and investment opportunities, and execution of monetizations and redeployment.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Apr 21, 2026 | RBC Capital | Target | Target: $16 | Target: $17 |
| Feb 24, 2026 | RBC Capital | Reiterate | Rating: —Target: — | Target: $16 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $70.4M · Total debt $194.3M · Total assets $1.26B · Shareholders' equity $957.6M
- Revenue
- $102.2M
- Operating income
- −$56.8M
- Net income
- $37.5M
HistoryDividendAnnual yield
| Institutions | ≈ 84.56% | 36.68M shares | |
|---|---|---|---|
| 212 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 14.77% | 6.40M shares | |
| 19 holders · as of Aug 17, 2026 | |||
| Other | ≈ 0.67% | 293.8K shares | |
| remainder | |||
43.37M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
William P. Ii Foley1Insiderdirector | 11.51% | 4.99M | filed May 12, 2026 |
BlackRock, Inc.Institution | 9.53% | 4.13M | as of Jun 30, 2026 |
Carronade Capital Management, LPInstitution | 7.45% | 3.23M | as of Jun 30, 2026 |
Newtyn Management, LLCInstitution | 7.31% | 3.17M | as of Jun 30, 2026 |
Private Management Group IncInstitution | 5.54% | 2.40M | as of Jun 30, 2026 |
- William P. Ii Foley's transaction reports restate only vehicles that traded; the 2026 ownership statement (4.99M) is used instead.
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 8, 2026 | Peter T. Sadowski | officer: EVP, Chief Legal Officer | −157 | $12.25 |
- Darden Restaurants
Scaled full-service dining against O'Charley's and Ninety Nine
- KKR
Private-markets capital allocation and active ownership
- Bloomin' Brands
Casual-dining brands against O'Charley's and Ninety Nine
- Blackstone
Alternative assets platform against portfolio-capital exposure
- Brinker International
Chili's and Maggiano's against casual-dining exposure
- ADP
HCM, payroll, and benefits services against Alight exposure
- Manchester United
Listed football-club economics against BKFC club ownership
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cannae | $15.47 | +1.58% | $669.2M | — | — | 1.6 | −7.3% |
| Darden Restaurants | $213.88 | +1.22% | $24.21B | 20.3 | 18.9 | 1.8 | +13.7% |
| KKR | $99.34 | −1.48% | $90.53B | 31.7 | 14.1 | 4.3 | −44.8% |
| Bloomin' Brands | $8.62 | +2.19% | $721.7M | 27.2 | 9.3 | 0.2 | +1.3% |
| Blackstone | $124.49 | −1.52% | $152.70B | 28.1 | 19.4 | 9.5 | +2.4% |
| Brinker International | $206.90 | +3.30% | $8.59B | 18.4 | 15.6 | 1.5 | +5.1% |
| ADP | $268.17 | −0.66% | $107.90B | 24.7 | 21.9 | 4.9 | +6.8% |
| Manchester United | $20.41 | −0.02% | $3.52B | — | — | 3.9 | +20.8% |
| Median | 25.9 | 17.3 | 3.9 | +5.1% |