Royal Bank of Canada Boosts Holdings in Texas Roadhouse, Inc. $TXRH

Key Points

• Royal Bank of Canada increased its stake in Texas Roadhouse by 108.6%, acquiring an additional 167,569 shares during the quarter, bringing its total ownership to 321,908 shares valued at approximately $53.64 million.
• Several hedge funds, including Armistice Capital and Quarry LP, have also increased their holdings in Texas Roadhouse, indicating strong institutional interest in the company, with about 94.82% of the stock owned by institutional investors.
• Texas Roadhouse recently announced a quarterly dividend of $0.68 per share, with a projected annual yield of 1.6%, set to be paid on September 30th to stockholders of record on September 2nd.

Royal Bank of Canada raised its stake in shares of Texas Roadhouse, Inc. (NASDAQ:TXRH - Free Report) by 108.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 321,908 shares of the restaurant operator's stock after acquiring an additional 167,569 shares during the period. Royal Bank of Canada owned approximately 0.48% of Texas Roadhouse worth $53,640,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brooklyn Investment Group lifted its holdings in shares of Texas Roadhouse by 478.6% during the first quarter. Brooklyn Investment Group now owns 162 shares of the restaurant operator's stock worth $27,000 after purchasing an additional 134 shares during the period. Bogart Wealth LLC acquired a new stake in shares of Texas Roadhouse during the first quarter worth $33,000. WPG Advisers LLC acquired a new stake in shares of Texas Roadhouse during the first quarter worth $59,000. Park Place Capital Corp lifted its holdings in shares of Texas Roadhouse by 459.1% during the first quarter. Park Place Capital Corp now owns 369 shares of the restaurant operator's stock worth $61,000 after purchasing an additional 303 shares during the period. Finally, MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Texas Roadhouse by 41.9% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 379 shares of the restaurant operator's stock worth $63,000 after purchasing an additional 112 shares during the period. 94.82% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CTO Hernan E. Mujica sold 2,189 shares of Texas Roadhouse stock in a transaction dated Thursday, August 21st. The stock was sold at an average price of $172.40, for a total transaction of $377,383.60. Following the completion of the sale, the chief technology officer owned 17,553 shares in the company, valued at approximately $3,026,137.20. This trade represents a 11.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Gregory N. Moore sold 3,000 shares of the stock in a transaction on Monday, August 18th. The stock was sold at an average price of $173.06, for a total value of $519,180.00. Following the transaction, the director directly owned 34,550 shares in the company, valued at approximately $5,979,223. This represents a 7.99% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 8,342 shares of company stock worth $1,443,704. 0.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TXRH has been the subject of several recent research reports. UBS Group increased their price target on Texas Roadhouse from $200.00 to $220.00 and gave the stock a "buy" rating in a report on Friday, June 6th. The Goldman Sachs Group increased their price target on Texas Roadhouse from $184.00 to $205.00 and gave the stock a "neutral" rating in a report on Wednesday, June 4th. Truist Financial set a $212.00 target price on shares of Texas Roadhouse and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Morgan Stanley increased their price target on shares of Texas Roadhouse from $200.00 to $205.00 and gave the company an "overweight" rating in a report on Monday, July 14th. Finally, Citigroup upped their target price on shares of Texas Roadhouse from $180.00 to $197.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and eleven have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $197.35.

Texas Roadhouse Price Performance

Texas Roadhouse stock traded up $0.79 during mid-day trading on Tuesday, hitting $168.27. 1,026,160 shares of the company were exchanged, compared to its average volume of 1,112,536. Texas Roadhouse, Inc. has a 12-month low of $148.73 and a 12-month high of $206.04. The company has a market capitalization of $11.18 billion, a P/E ratio of 25.69, a PEG ratio of 2.31 and a beta of 0.84. The business's 50 day simple moving average is $180.37 and its two-hundred day simple moving average is $178.76.

Texas Roadhouse (NASDAQ:TXRH - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The restaurant operator reported $1.86 earnings per share for the quarter, missing analysts' consensus estimates of $1.95 by ($0.09). The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.50 billion. Texas Roadhouse had a return on equity of 31.52% and a net margin of 7.72%.The business's revenue was up 12.7% compared to the same quarter last year. During the same period last year, the firm earned $1.79 earnings per share. Equities research analysts predict that Texas Roadhouse, Inc. will post 7.23 earnings per share for the current year.

Texas Roadhouse Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be given a dividend of $0.68 per share. This represents a $2.72 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date is Tuesday, September 2nd. Texas Roadhouse's dividend payout ratio (DPR) is currently 41.53%.

About Texas Roadhouse

Texas Roadhouse, Inc, together with its subsidiaries, operates casual dining restaurants in the United States and internationally. It also operates and franchises restaurants under the Texas Roadhouse, Bubba's 33, and Jaggers names in 49 states and ten internationally. Texas Roadhouse, Inc was founded in 1993 and is based in Louisville, Kentucky.