Envestnet Asset Management Inc. Cuts Holdings in Brinker International, Inc. (NYSE:EAT)

Key Points

• Envestnet Asset Management Inc. reduced its stake in Brinker International by 34.9%, owning 4,795 shares valued at approximately $715,000 after selling 2,570 shares in the first quarter.
• Several other institutional investors, including AdvisorShares Investments LLC and Summit Investment Advisors Inc., also adjusted their positions in Brinker International, indicating mixed sentiment among investors.
• Wall Street analysts have varied price targets for Brinker International, with Wells Fargo raising its target to $165.00 and JPMorgan Chase increasing theirs to $180.00, reflecting differing outlooks on the company's growth prospects.

Envestnet Asset Management Inc. decreased its position in shares of Brinker International, Inc. (NYSE:EAT - Free Report) by 34.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,795 shares of the restaurant operator's stock after selling 2,570 shares during the period. Envestnet Asset Management Inc.'s holdings in Brinker International were worth $715,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. AdvisorShares Investments LLC lifted its holdings in shares of Brinker International by 4.4% in the 4th quarter. AdvisorShares Investments LLC now owns 2,131 shares of the restaurant operator's stock valued at $282,000 after acquiring an additional 89 shares during the last quarter. Summit Investment Advisors Inc. lifted its holdings in shares of Brinker International by 3.4% in the 4th quarter. Summit Investment Advisors Inc. now owns 4,509 shares of the restaurant operator's stock valued at $596,000 after acquiring an additional 148 shares during the last quarter. Farther Finance Advisors LLC lifted its holdings in shares of Brinker International by 575.0% in the 1st quarter. Farther Finance Advisors LLC now owns 189 shares of the restaurant operator's stock valued at $29,000 after acquiring an additional 161 shares during the last quarter. Coppell Advisory Solutions LLC bought a new position in shares of Brinker International in the 4th quarter valued at about $26,000. Finally, Financial Management Professionals Inc. bought a new position in shares of Brinker International in the 1st quarter valued at about $30,000.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on EAT. Wells Fargo & Company increased their price target on shares of Brinker International from $150.00 to $165.00 and gave the company an "equal weight" rating in a report on Thursday, July 17th. JPMorgan Chase & Co. raised their price objective on shares of Brinker International from $160.00 to $180.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 25th. Citigroup decreased their price objective on shares of Brinker International from $185.00 to $170.00 and set a "neutral" rating for the company in a research note on Thursday, April 10th. Barclays raised their price objective on shares of Brinker International from $155.00 to $166.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley raised their price objective on shares of Brinker International from $144.00 to $149.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Thirteen equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $156.41.

Brinker International Stock Performance

Shares of NYSE:EAT opened at $160.55 on Tuesday. The firm has a market cap of $7.14 billion, a PE ratio of 22.14, a price-to-earnings-growth ratio of 0.37 and a beta of 1.68. The firm's 50 day simple moving average is $170.45 and its 200-day simple moving average is $158.18. Brinker International, Inc. has a one year low of $56.27 and a one year high of $192.21. The company has a debt-to-equity ratio of 2.00, a quick ratio of 0.23 and a current ratio of 0.28.

Insider Activity at Brinker International

In related news, Director Ramona Hood sold 777 shares of Brinker International stock in a transaction that occurred on Wednesday, May 7th. The shares were sold at an average price of $135.23, for a total transaction of $105,073.71. Following the transaction, the director directly owned 8,568 shares of the company's stock, valued at $1,158,650.64. This trade represents a 8.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Douglas N. Comings sold 2,350 shares of Brinker International stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $135.91, for a total transaction of $319,388.50. Following the transaction, the chief operating officer directly owned 20,591 shares in the company, valued at approximately $2,798,522.81. The trade was a 10.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 13,127 shares of company stock valued at $2,128,062 over the last ninety days. 1.72% of the stock is owned by company insiders.

About Brinker International

Brinker International, Inc, together with its subsidiaries, engages in the ownership, development, operation, and franchising of casual dining restaurants in the United States and internationally. It operates and franchises Chili's Grill & Bar and Maggiano's Little Italy restaurant brands.

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