66,713 Shares in Cracker Barrel Old Country Store, Inc. $CBRL Purchased by Bank of America Corp DE

Key Points

• Bank of America purchased 66,713 Cracker Barrel shares in the second quarter, valued at approximately $3.56 million, joining other institutions that recently built or increased positions. Institutional investors collectively own 96.01% of the company.
• Cracker Barrel reported quarterly earnings of $0.99 per share, substantially beating the $0.17 consensus estimate, while revenue of $849.34 million exceeded expectations but declined 2.2% year over year.
• The company declared a quarterly dividend of $0.25 per share, equivalent to a $1.00 annual payout and a 1.9% yield. Despite mixed analyst views, the stock carried an average “Hold” rating and a $50.86 consensus price target.

Bank of America Corp DE bought a new position in shares of Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 66,713 shares of the restaurant operator's stock, valued at approximately $3,556,000. Bank of America Corp DE owned approximately 0.30% of Cracker Barrel Old Country Store at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in CBRL. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Cracker Barrel Old Country Store in the second quarter valued at about $11,152,000. Meros Investment Management LP purchased a new stake in Cracker Barrel Old Country Store during the 2nd quarter worth approximately $8,492,076. Bank of New York Mellon Corp acquired a new position in shares of Cracker Barrel Old Country Store in the 2nd quarter valued at approximately $7,444,000. Royal Bank of Canada raised its position in shares of Cracker Barrel Old Country Store by 55.0% in the 1st quarter. Royal Bank of Canada now owns 153,397 shares of the restaurant operator's stock valued at $4,312,000 after purchasing an additional 54,431 shares in the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Cracker Barrel Old Country Store by 262.7% during the 4th quarter. Commonwealth Equity Services LLC now owns 149,849 shares of the restaurant operator's stock valued at $3,806,000 after buying an additional 108,533 shares during the last quarter. 96.01% of the stock is currently owned by hedge funds and other institutional investors.

Cracker Barrel Old Country Store Price Performance

Shares of NASDAQ CBRL opened at $52.48 on Wednesday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.58 and a quick ratio of 0.24. The firm has a market capitalization of $1.17 billion, a PE ratio of 37.49, a P/E/G ratio of 1.06 and a beta of 1.19. Cracker Barrel Old Country Store, Inc. has a 1-year low of $24.85 and a 1-year high of $60.26. The business's fifty day moving average price is $53.79 and its two-hundred day moving average price is $42.63.

Cracker Barrel Old Country Store (NASDAQ:CBRL - Get Free Report) last issued its quarterly earnings data on Wednesday, September 23rd. The restaurant operator reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.82. Cracker Barrel Old Country Store had a net margin of 0.95% and a return on equity of 4.01%. The firm had revenue of $849.34 million for the quarter, compared to the consensus estimate of $834.57 million. During the same period last year, the firm posted $0.74 EPS. Cracker Barrel Old Country Store's quarterly revenue was down 2.2% compared to the same quarter last year. On average, research analysts expect that Cracker Barrel Old Country Store, Inc. will post 1.18 EPS for the current year.

Cracker Barrel Old Country Store Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Friday, October 16th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, October 16th. This represents a $1.00 annualized dividend and a yield of 1.9%. Cracker Barrel Old Country Store's dividend payout ratio (DPR) is presently 71.43%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CBRL. Piper Sandler restated a "neutral" rating and issued a $51.00 price target on shares of Cracker Barrel Old Country Store in a research note on Wednesday, July 22nd. Zacks Research upgraded shares of Cracker Barrel Old Country Store from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 24th. Weiss Ratings raised shares of Cracker Barrel Old Country Store from a "hold (c-)" rating to a "hold (c)" rating in a report on Monday, September 21st. Citigroup boosted their target price on shares of Cracker Barrel Old Country Store from $42.00 to $44.00 and gave the stock a "sell" rating in a research report on Friday. Finally, Argus upped their target price on shares of Cracker Barrel Old Country Store from $40.00 to $60.00 and gave the company a "buy" rating in a research note on Thursday, June 11th. Two investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $50.86.

Cracker Barrel Old Country Store Profile

Cracker Barrel Old Country Store, Inc operates a chain of full-service restaurants and retail stores under the Cracker Barrel brand. Its restaurants offer Southern-inspired, homestyle meals, including breakfast served throughout the day, lunch, dinner and seasonal menu items.

The company's adjoining country stores sell a variety of merchandise, including home décor, apparel, gifts, toys, games, candy, music and food products. Cracker Barrel's locations are designed around a nostalgic country-store and roadside dining experience, with many restaurants featuring front porches and rocking chairs.

Founded in 1969 by Dan Evins, the company opened its first location in Lebanon, Tennessee.

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