Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Raised to Hold at Zacks Investment Research

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Wednesday, November 8th. The brokerage presently has a $173.00 price target on the restaurant operator’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 10.05% from the company’s previous close.

According to Zacks, “Cracker barrel is focused on increasing its brand’s relevance at both restaurants and retail stores through enhanced marketing efforts, menu innovation and new retail merchandise. Seasonal promotions and efforts to improve guest experience are also expected to drive incremental sales for the company. Moreover, its new fast casual concept, Holler & Dash Biscuit House, is anticipated to be a key long-term growth driver. Meanwhile, expansion of units and cost saving initiatives seem to bode well. Notably, the fiscal third quarter marked the 24th successive earnings beat for the company. However, a challenging macro environment and limited geographic diversity remain potent headwinds. Additionally, higher costs are expected to weigh on margins, moving ahead. In fact, shares of the company have underperformed the industry year to date. Estimates too have been going down ahead of its first-quarter fiscal 2018 earnings release.”

Several other research analysts also recently issued reports on the company. SunTrust Banks, Inc. reaffirmed a “hold” rating and set a $136.00 price objective on shares of Cracker Barrel Old Country Store in a report on Friday, October 20th. Maxim Group reissued a “hold” rating and issued a $155.00 price target (down previously from $170.00) on shares of Cracker Barrel Old Country Store in a research note on Thursday, September 7th. BidaskClub downgraded Cracker Barrel Old Country Store from a “hold” rating to a “sell” rating in a research note on Friday, July 28th. Nomura dropped their price objective on Cracker Barrel Old Country Store from $162.00 to $158.00 and set a “neutral” rating on the stock in a research note on Thursday, September 14th. Finally, Bank of America Corporation dropped their price objective on Cracker Barrel Old Country Store from $150.00 to $140.00 and set an “underperform” rating on the stock in a research note on Monday, September 11th. Two analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company. The stock has an average rating of “Hold” and a consensus target price of $160.20.

Cracker Barrel Old Country Store (NASDAQ CBRL) opened at $157.20 on Wednesday. Cracker Barrel Old Country Store has a 12-month low of $141.75 and a 12-month high of $175.04. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.54 and a current ratio of 0.95. The firm has a market capitalization of $3,823.76, a PE ratio of 18.94, a P/E/G ratio of 2.67 and a beta of 0.48.

Cracker Barrel Old Country Store (NASDAQ:CBRL) last posted its quarterly earnings results on Wednesday, September 13th. The restaurant operator reported $2.23 EPS for the quarter, beating the consensus estimate of $2.18 by $0.05. Cracker Barrel Old Country Store had a return on equity of 35.49% and a net margin of 6.90%. The firm had revenue of $743.20 million during the quarter, compared to analysts’ expectations of $746.72 million. During the same quarter in the prior year, the firm posted $2.12 EPS. The company’s revenue for the quarter was down .3% on a year-over-year basis. analysts forecast that Cracker Barrel Old Country Store will post 8.75 earnings per share for the current fiscal year.

Cracker Barrel Old Country Store announced that its board has authorized a share repurchase plan on Friday, September 29th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the restaurant operator to purchase up to 0.7% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.

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In related news, Director Andrea Weiss sold 2,000 shares of the business’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $153.39, for a total value of $306,780.00. Following the transaction, the director now owns 11,758 shares in the company, valued at $1,803,559.62. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sandra B. Cochran sold 36,794 shares of the company’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $151.67, for a total transaction of $5,580,545.98. Following the transaction, the chief executive officer now owns 157,591 shares in the company, valued at approximately $23,901,826.97. The disclosure for this sale can be found here. 0.86% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of CBRL. Russell Investments Group Ltd. raised its holdings in shares of Cracker Barrel Old Country Store by 884.8% in the 1st quarter. Russell Investments Group Ltd. now owns 1,812 shares of the restaurant operator’s stock worth $289,000 after acquiring an additional 1,628 shares during the last quarter. Teachers Advisors LLC raised its holdings in shares of Cracker Barrel Old Country Store by 5.1% in the 1st quarter. Teachers Advisors LLC now owns 33,247 shares of the restaurant operator’s stock worth $5,295,000 after acquiring an additional 1,606 shares during the last quarter. California Public Employees Retirement System raised its holdings in shares of Cracker Barrel Old Country Store by 3.0% in the 1st quarter. California Public Employees Retirement System now owns 30,800 shares of the restaurant operator’s stock worth $4,905,000 after acquiring an additional 900 shares during the last quarter. Thrivent Financial For Lutherans raised its holdings in shares of Cracker Barrel Old Country Store by 10.2% in the 1st quarter. Thrivent Financial For Lutherans now owns 4,540 shares of the restaurant operator’s stock worth $723,000 after acquiring an additional 420 shares during the last quarter. Finally, HighTower Advisors LLC raised its holdings in shares of Cracker Barrel Old Country Store by 92.5% in the 1st quarter. HighTower Advisors LLC now owns 2,345 shares of the restaurant operator’s stock worth $375,000 after acquiring an additional 1,127 shares during the last quarter. Institutional investors own 86.88% of the company’s stock.

Cracker Barrel Old Country Store Company Profile

Cracker Barrel Old Country Store, Inc is engaged in the operation and development of the Cracker Barrel Old Country Store concept (Cracker Barrel). The Company’s segments include Restaurant and Retail. As of September 19, 2016, the Company operated 640 Cracker Barrel stores in 43 states. The format of its stores consists of a rustic old country-store design offering a restaurant menu that features home-style country food and a range of decorative and functional items, such as rocking chairs, holiday and seasonal gifts and toys, apparel, cookware and foods.

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