Brinker International, Inc. $EAT Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Brinker International stake by 46% in the second quarter, selling 210,182 shares and retaining 246,383 shares worth approximately $41.4 million.
• Analyst sentiment remains positive, with 15 analysts rating EAT Strong Buy or Buy and an average price target of $193.25; recent target increases included Citigroup’s move to $227 and KeyCorp’s move to $204.
• Brinker shares opened at $224.82, near their 52-week high of $229.99, with a $9.64 billion market capitalization and a price-to-earnings ratio of 22.04.

Assenagon Asset Management S.A. cut its holdings in Brinker International, Inc. (NYSE:EAT - Free Report) by 46.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 246,383 shares of the restaurant operator's stock after selling 210,182 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.57% of Brinker International worth $41,392,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. NewEdge Advisors LLC increased its position in Brinker International by 1,118.9% during the first quarter. NewEdge Advisors LLC now owns 1,158 shares of the restaurant operator's stock worth $173,000 after buying an additional 1,063 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Brinker International by 271.1% in the second quarter. EverSource Wealth Advisors LLC now owns 846 shares of the restaurant operator's stock valued at $153,000 after acquiring an additional 618 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Brinker International by 1.9% during the second quarter. First Trust Advisors LP now owns 52,249 shares of the restaurant operator's stock valued at $9,422,000 after acquiring an additional 978 shares during the last quarter. Baird Financial Group Inc. purchased a new stake in Brinker International during the 2nd quarter worth about $3,222,000. Finally, Brown Advisory Inc. increased its position in Brinker International by 33.0% during the 2nd quarter. Brown Advisory Inc. now owns 1,789 shares of the restaurant operator's stock worth $323,000 after purchasing an additional 444 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on EAT shares. Morgan Stanley upped their target price on shares of Brinker International from $205.00 to $207.00 and gave the company an "overweight" rating in a report on Thursday, April 30th. Weiss Ratings raised shares of Brinker International from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, June 16th. KeyCorp upped their price objective on shares of Brinker International from $177.00 to $204.00 and gave the company an "overweight" rating in a research note on Wednesday, July 15th. Citigroup raised their target price on shares of Brinker International from $189.00 to $227.00 and gave the stock a "buy" rating in a research report on Tuesday, July 28th. Finally, Barclays lifted their target price on shares of Brinker International from $170.00 to $175.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 30th. One equities research analyst has rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $193.25.

Brinker International Price Performance

EAT opened at $224.82 on Friday. Brinker International, Inc. has a 1 year low of $100.30 and a 1 year high of $229.99. The company's 50 day simple moving average is $177.52 and its 200 day simple moving average is $158.17. The stock has a market capitalization of $9.64 billion, a PE ratio of 22.04, a P/E/G ratio of 1.34 and a beta of 1.24. The company has a debt-to-equity ratio of 1.05, a quick ratio of 0.35 and a current ratio of 0.40.

Brinker International Profile

Brinker International, Inc NYSE: EAT is a leading global operator of casual dining restaurants. The company's portfolio is anchored by its flagship Chili's® Grill & Bar concept and Maggiano's® Little Italy full‐service restaurants, offering a range of American‐style menu items, handcrafted cocktails and family‐friendly dining experiences. Through dine‐in, takeout, delivery and catering services, Brinker seeks to meet consumer preferences across multiple channels.

The Chili's brand features signature items such as baby back ribs, burgers and fajitas alongside a rotating selection of limited‐time offerings and seasonal beverages.

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