Cracker Barrel Old Country Store (CBRL) Upgraded to Hold by Zacks Investment Research

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Zacks Investment Research upgraded shares of Cracker Barrel Old Country Store (NASDAQ:CBRL) from a sell rating to a hold rating in a research report report published on Thursday, Zacks.com reports.

According to Zacks, “Shares of Cracker Barrel have underperformed the industry in the past six months. We are particularly encouraged by the company’s revenue growth. Of late, earnings estimates for the current quarter and year have remained stable, reflecting analysts’ doubt surrounding the upside potential of the company’s earnings. Despite cost-saving initiatives, higher labor costs due to increased wages are expected to continue keeping profits under pressure. Moreover, expenses for opening of units are expected to continue hurting the margins of the company. However, increased focus on menu innovation and consistent unit growth are expected to continue driving growth. Cracker Barrel is continuously focusing on rejuvenating its menu, which serves as the backbone of the company’s riveting growth potential.”

CBRL has been the subject of a number of other research reports. Maxim Group upgraded Cracker Barrel Old Country Store from a hold rating to a buy rating and lifted their price objective for the company from $180.00 to $190.00 in a research note on Thursday, April 11th. BidaskClub lowered Cracker Barrel Old Country Store from a hold rating to a sell rating in a research note on Thursday, March 14th. ValuEngine lowered Cracker Barrel Old Country Store from a buy rating to a hold rating in a research note on Wednesday, January 30th. Argus reiterated a buy rating on shares of Cracker Barrel Old Country Store in a research note on Wednesday, February 27th. Finally, Wells Fargo & Co reduced their price objective on Cracker Barrel Old Country Store from $157.00 to $150.00 and set a market perform rating for the company in a research note on Wednesday, February 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $169.82.

NASDAQ CBRL opened at $163.94 on Thursday. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 18.48, a P/E/G ratio of 1.89 and a beta of 0.50. Cracker Barrel Old Country Store has a fifty-two week low of $141.63 and a fifty-two week high of $185.00. The company has a quick ratio of 0.55, a current ratio of 0.94 and a debt-to-equity ratio of 0.64.

Cracker Barrel Old Country Store (NASDAQ:CBRL) last released its quarterly earnings data on Tuesday, February 26th. The restaurant operator reported $2.52 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.46 by $0.06. The business had revenue of $811.70 million during the quarter, compared to analyst estimates of $810.49 million. Cracker Barrel Old Country Store had a return on equity of 34.20% and a net margin of 7.09%. The company’s revenue was up 3.0% on a year-over-year basis. During the same quarter last year, the business posted $2.73 EPS. Analysts forecast that Cracker Barrel Old Country Store will post 8.95 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, May 6th. Investors of record on Friday, April 19th were issued a $1.25 dividend. This represents a $5.00 annualized dividend and a yield of 3.05%. The ex-dividend date was Wednesday, April 17th. Cracker Barrel Old Country Store’s payout ratio is 56.37%.

In other news, major shareholder Sardar Biglari sold 12,130 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $170.02, for a total transaction of $2,062,342.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.88% of the company’s stock.

Institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. boosted its position in shares of Cracker Barrel Old Country Store by 23.0% during the third quarter. JPMorgan Chase & Co. now owns 94,955 shares of the restaurant operator’s stock valued at $13,972,000 after purchasing an additional 17,765 shares in the last quarter. Teachers Advisors LLC boosted its position in shares of Cracker Barrel Old Country Store by 1.5% during the third quarter. Teachers Advisors LLC now owns 38,089 shares of the restaurant operator’s stock valued at $5,604,000 after purchasing an additional 545 shares in the last quarter. Legal & General Group Plc boosted its position in shares of Cracker Barrel Old Country Store by 2.2% during the third quarter. Legal & General Group Plc now owns 28,986 shares of the restaurant operator’s stock valued at $4,265,000 after purchasing an additional 616 shares in the last quarter. State of Alaska Department of Revenue boosted its position in shares of Cracker Barrel Old Country Store by 5.6% during the fourth quarter. State of Alaska Department of Revenue now owns 3,210 shares of the restaurant operator’s stock valued at $513,000 after purchasing an additional 169 shares in the last quarter. Finally, BB&T Corp boosted its position in shares of Cracker Barrel Old Country Store by 3.5% during the fourth quarter. BB&T Corp now owns 11,166 shares of the restaurant operator’s stock valued at $1,785,000 after purchasing an additional 375 shares in the last quarter. Institutional investors and hedge funds own 85.53% of the company’s stock.

About Cracker Barrel Old Country Store

Cracker Barrel Old Country Store, Inc develops and operates the Cracker Barrel Old Country Store concept in the United States. Its Cracker Barrel stores consist of a restaurant with a gift shop. The company's restaurants serve breakfast, lunch, and dinner. Its gift shops offer various decorative and functional items, such as rocking chairs, holiday and seasonal gifts, toys, apparel, music CDs, cookware, and various other gift items, as well as pies, cornbread mixes, coffee, syrups, pancake mixes, candies, preserves, and other food items.

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Analyst Recommendations for Cracker Barrel Old Country Store (NASDAQ:CBRL)

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