Cracker Barrel Old Country Store (NASDAQ:CBRL) Sets New 52-Week High - Here's What Happened

Key Points

• Cracker Barrel shares reached a new 52-week high of $72.07, closing well above the previous session’s $68.19. The stock’s average analyst rating remains “Hold,” with a consensus price target of $50.86.
• The company exceeded quarterly expectations, reporting EPS of $0.99 versus the $0.17 consensus and revenue of $849.34 million, although revenue declined 2.2% year over year.
• Cracker Barrel announced a quarterly dividend of $0.25 per share, equivalent to a $1.00 annualized payout and a 1.4% yield; institutional investors own approximately 96% of the stock.

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL - Get Free Report)'s share price reached a new 52-week high on Wednesday. The company traded as high as $72.07 and last traded at $70.0250, with a volume of 495,398 shares. The stock had previously closed at $68.19.

Analysts Set New Price Targets

Several research firms recently issued reports on CBRL. Bank of America reissued an "underperform" rating and issued a $48.00 target price on shares of Cracker Barrel Old Country Store in a research note on Thursday, September 24th. UBS Group upped their price target on Cracker Barrel Old Country Store from $37.00 to $46.00 and gave the company a "neutral" rating in a research report on Monday, September 21st. Wells Fargo & Company increased their price objective on Cracker Barrel Old Country Store from $50.00 to $60.00 and gave the stock an "overweight" rating in a report on Wednesday, July 22nd. Zacks Research upgraded Cracker Barrel Old Country Store from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 24th. Finally, Citigroup boosted their target price on Cracker Barrel Old Country Store from $42.00 to $44.00 and gave the company a "sell" rating in a research note on Friday, September 25th. Two equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $50.86.

Cracker Barrel Old Country Store Stock Performance

The company's 50-day moving average price is $55.97 and its 200 day moving average price is $42.15. The stock has a market capitalization of $1.57 billion, a PE ratio of 50.11, a PEG ratio of 1.61 and a beta of 1.21. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.24 and a current ratio of 0.58.

Cracker Barrel Old Country Store (NASDAQ:CBRL - Get Free Report) last announced its quarterly earnings results on Wednesday, September 23rd. The restaurant operator reported $0.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.17 by $0.82. Cracker Barrel Old Country Store had a net margin of 0.95% and a return on equity of 4.01%. The company had revenue of $849.34 million for the quarter, compared to analysts' expectations of $834.57 million. During the same quarter in the previous year, the company earned $0.74 earnings per share. Cracker Barrel Old Country Store's quarterly revenue was down 2.2% on a year-over-year basis. On average, equities research analysts expect that Cracker Barrel Old Country Store, Inc. will post 1.56 earnings per share for the current fiscal year.

Cracker Barrel Old Country Store Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 12th. Shareholders of record on Friday, October 16th will be issued a dividend of $0.25 per share. The ex-dividend date is Friday, October 16th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.4%. Cracker Barrel Old Country Store's dividend payout ratio is 71.43%.

Insider Buying and Selling at Cracker Barrel Old Country Store

In other news, SVP Donna Roberts sold 3,500 shares of the stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $52.08, for a total value of $182,280.00. Following the completion of the transaction, the senior vice president owned 43,702 shares of the company's stock, valued at approximately $2,276,000.16. This represents a 7.41% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 1.30% of the company's stock.

Institutional Investors Weigh In On Cracker Barrel Old Country Store

Several hedge funds have recently made changes to their positions in CBRL. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Cracker Barrel Old Country Store in the second quarter worth $11,152,000. Meros Investment Management LP purchased a new position in Cracker Barrel Old Country Store during the second quarter valued at $8,492,076. Bank of New York Mellon Corp purchased a new position in Cracker Barrel Old Country Store during the second quarter valued at $7,444,000. Empowered Funds LLC bought a new stake in shares of Cracker Barrel Old Country Store during the 2nd quarter valued at $4,854,000. Finally, Royal Bank of Canada boosted its holdings in shares of Cracker Barrel Old Country Store by 55.0% during the 1st quarter. Royal Bank of Canada now owns 153,397 shares of the restaurant operator's stock valued at $4,312,000 after buying an additional 54,431 shares in the last quarter. 96.01% of the stock is currently owned by institutional investors.

About Cracker Barrel Old Country Store

Cracker Barrel Old Country Store, Inc operates full-service restaurants combined with retail stores under the Cracker Barrel Old Country Store brand. Its restaurants serve homestyle, Southern-inspired food, including breakfast, lunch and dinner offerings, along with beverages and seasonal menu items.

The company's adjoining retail stores sell a range of merchandise, including home décor, apparel, gifts, toys, food products and other items associated with country living and traditional American culture.

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