Allianz Asset Management GmbH Acquires 145,511 Shares of Cracker Barrel Old Country Store, Inc. $CBRL

Key Points

• Allianz Asset Management GmbH increased its stake in Cracker Barrel Old Country Store by 113.5%, acquiring an additional 145,511 shares to hold a total of 273,745 shares, valued at approximately $16.7 million.
• Multiple brokerages have downgraded their ratings on Cracker Barrel, with Zacks and Wall Street Zen both issuing a "strong sell" rating, while UBS set a target price of $69.00.
• Cracker Barrel is set to pay a quarterly dividend of $0.25 per share, reflecting a 2.7% yield with a payout ratio of 48.31%.

Allianz Asset Management GmbH raised its holdings in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Free Report) by 113.5% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 273,745 shares of the restaurant operator's stock after purchasing an additional 145,511 shares during the period. Allianz Asset Management GmbH owned approximately 1.23% of Cracker Barrel Old Country Store worth $16,720,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in CBRL. Whittier Trust Co. of Nevada Inc. bought a new position in Cracker Barrel Old Country Store in the first quarter valued at approximately $25,000. Brooklyn Investment Group bought a new position in Cracker Barrel Old Country Store in the first quarter valued at approximately $30,000. Meeder Asset Management Inc. bought a new position in Cracker Barrel Old Country Store in the first quarter valued at approximately $45,000. Russell Investments Group Ltd. increased its stake in Cracker Barrel Old Country Store by 360.2% in the first quarter. Russell Investments Group Ltd. now owns 1,178 shares of the restaurant operator's stock valued at $46,000 after acquiring an additional 922 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new position in Cracker Barrel Old Country Store in the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 96.01% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on CBRL. UBS Group reissued a "neutral" rating and issued a $69.00 price objective (up from $60.00) on shares of Cracker Barrel Old Country Store in a research note on Monday, July 14th. Bank of America decreased their price objective on shares of Cracker Barrel Old Country Store from $48.00 to $42.00 and set an "underperform" rating on the stock in a research note on Thursday, September 18th. Wall Street Zen cut shares of Cracker Barrel Old Country Store from a "hold" rating to a "strong sell" rating in a research note on Saturday, September 20th. Zacks Research cut shares of Cracker Barrel Old Country Store from a "hold" rating to a "strong sell" rating in a research note on Friday, September 19th. Finally, Argus decreased their target price on shares of Cracker Barrel Old Country Store from $62.00 to $50.00 and set a "buy" rating on the stock in a research note on Monday, September 29th. Two equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $50.88.

Cracker Barrel Old Country Store Stock Performance

NASDAQ CBRL opened at $36.63 on Tuesday. The firm's fifty day moving average price is $49.75 and its two-hundred day moving average price is $53.22. The stock has a market cap of $815.75 million, a PE ratio of 17.70 and a beta of 1.32. Cracker Barrel Old Country Store, Inc. has a fifty-two week low of $33.85 and a fifty-two week high of $71.93. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.21 and a current ratio of 0.50.

Cracker Barrel Old Country Store (NASDAQ:CBRL - Get Free Report) last posted its earnings results on Wednesday, December 4th. The restaurant operator reported $0.45 earnings per share for the quarter. The firm had revenue of $845.09 million for the quarter. Cracker Barrel Old Country Store had a net margin of 1.33% and a return on equity of 15.48%. On average, equities analysts expect that Cracker Barrel Old Country Store, Inc. will post 2.76 EPS for the current fiscal year.

Cracker Barrel Old Country Store Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, November 12th. Investors of record on Friday, October 17th will be issued a $0.25 dividend. The ex-dividend date is Friday, October 17th. This represents a $1.00 annualized dividend and a yield of 2.7%. Cracker Barrel Old Country Store's payout ratio is presently 48.31%.

About Cracker Barrel Old Country Store

Cracker Barrel Old Country Store, Inc develops and operates the Cracker Barrel Old Country Store concept in the United States. Its Cracker Barrel stores consist of restaurants with a gift shop. The company's restaurants serve breakfast, lunch, and dinner daily, as well as dine-in, pick-up, and delivery services.

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