Northern Trust Corp Sells 4,135 Shares of The Cheesecake Factory Incorporated $CAKE

Key Points

• Northern Trust Corp reduced its holdings in The Cheesecake Factory by 0.8%, owning 534,150 shares worth approximately $25.99 million after selling 4,135 shares in the first quarter.
• Analysts have varied price targets for Cheesecake Factory, with JPMorgan Chase & Co. raising their target from $50 to $58, while Oppenheimer increased it from $65 to $75, reflecting a generally optimistic outlook.
• Cheesecake Factory announced a quarterly dividend of $0.27, representing an annualized yield of 1.8%, and has a payout ratio of 33.23%.

Northern Trust Corp decreased its position in The Cheesecake Factory Incorporated (NASDAQ:CAKE - Free Report) by 0.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 534,150 shares of the restaurant operator's stock after selling 4,135 shares during the period. Northern Trust Corp owned 1.08% of Cheesecake Factory worth $25,992,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Invesco Ltd. lifted its holdings in Cheesecake Factory by 83.5% during the first quarter. Invesco Ltd. now owns 2,591,205 shares of the restaurant operator's stock worth $126,088,000 after acquiring an additional 1,178,722 shares during the period. Victory Capital Management Inc. raised its stake in shares of Cheesecake Factory by 64.1% during the 1st quarter. Victory Capital Management Inc. now owns 1,766,131 shares of the restaurant operator's stock worth $85,940,000 after purchasing an additional 689,784 shares during the period. American Century Companies Inc. boosted its holdings in shares of Cheesecake Factory by 17.7% in the 1st quarter. American Century Companies Inc. now owns 1,604,626 shares of the restaurant operator's stock worth $78,081,000 after buying an additional 241,575 shares during the last quarter. Westwood Holdings Group Inc. purchased a new stake in Cheesecake Factory during the first quarter worth about $75,795,000. Finally, Wellington Management Group LLP bought a new stake in Cheesecake Factory in the fourth quarter worth about $56,288,000. Institutional investors own 94.48% of the company's stock.

Insider Activity at Cheesecake Factory

In other news, EVP Scarlett May sold 18,800 shares of Cheesecake Factory stock in a transaction dated Monday, June 9th. The stock was sold at an average price of $58.82, for a total transaction of $1,105,816.00. Following the completion of the sale, the executive vice president owned 22,872 shares in the company, valued at approximately $1,345,331.04. This trade represents a 45.11% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, President David M. Gordon sold 43,335 shares of the business's stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $63.06, for a total value of $2,732,705.10. Following the transaction, the president directly owned 24,532 shares of the company's stock, valued at $1,546,987.92. The trade was a 63.85% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,523 shares of company stock valued at $4,654,643. Company insiders own 8.40% of the company's stock.

Analyst Ratings Changes

CAKE has been the subject of several research analyst reports. Robert W. Baird set a $64.00 price target on shares of Cheesecake Factory and gave the stock a "neutral" rating in a research note on Wednesday, July 30th. The Goldman Sachs Group reissued a "neutral" rating and issued a $67.00 target price (up from $66.00) on shares of Cheesecake Factory in a research report on Thursday, July 10th. Argus set a $60.00 price target on Cheesecake Factory in a research report on Wednesday, May 14th. Raymond James Financial increased their price target on Cheesecake Factory from $70.00 to $73.00 and gave the stock an "outperform" rating in a research note on Friday, August 15th. Finally, Morgan Stanley boosted their price objective on Cheesecake Factory from $45.00 to $47.00 and gave the company an "underweight" rating in a research note on Thursday, July 31st. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and four have assigned a Sell rating to the company's stock. According to data from MarketBeat, Cheesecake Factory currently has a consensus rating of "Hold" and an average target price of $61.94.

Cheesecake Factory Price Performance

Shares of CAKE stock traded down $0.79 during trading hours on Thursday, reaching $60.92. The stock had a trading volume of 282,974 shares, compared to its average volume of 1,434,037. The stock's fifty day simple moving average is $63.18 and its 200 day simple moving average is $55.78. The firm has a market capitalization of $3.03 billion, a PE ratio of 18.75, a PEG ratio of 1.46 and a beta of 1.10. The Cheesecake Factory Incorporated has a 12 month low of $35.40 and a 12 month high of $69.70. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 1.40.

Cheesecake Factory (NASDAQ:CAKE - Get Free Report) last posted its earnings results on Tuesday, July 29th. The restaurant operator reported $1.16 earnings per share for the quarter, topping analysts' consensus estimates of $1.06 by $0.10. Cheesecake Factory had a net margin of 4.33% and a return on equity of 45.92%. The business had revenue of $955.83 million for the quarter, compared to analyst estimates of $945.82 million. During the same quarter in the prior year, the firm posted $1.09 EPS. Cheesecake Factory's revenue was up 5.7% on a year-over-year basis. On average, equities research analysts predict that The Cheesecake Factory Incorporated will post 3.71 EPS for the current year.

Cheesecake Factory Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 26th. Investors of record on Tuesday, August 12th were given a $0.27 dividend. This represents a $1.08 dividend on an annualized basis and a dividend yield of 1.8%. The ex-dividend date was Tuesday, August 12th. Cheesecake Factory's dividend payout ratio (DPR) is 33.23%.

Cheesecake Factory Company Profile

The Cheesecake Factory Incorporated operates and licenses restaurants in the United States and Canada. The company operates bakeries that produce cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors.