Brinker International, Inc. to Post FY2019 Earnings of $3.70 Per Share, Piper Jaffray Companies Forecasts (EAT)
Brinker International, Inc. (NYSE:EAT) – Equities researchers at Piper Jaffray Companies cut their FY2019 earnings estimates for Brinker International in a report released on Tuesday, August 14th. Piper Jaffray Companies analyst N. Regan now expects that the restaurant operator will earn $3.70 per share for the year, down from their previous forecast of $3.79. Piper Jaffray Companies has a “Positive” rating and a $48.00 price objective on the stock. Piper Jaffray Companies also issued estimates for Brinker International’s Q4 2019 earnings at $1.23 EPS and FY2020 earnings at $3.86 EPS.
A number of other equities research analysts have also recently commented on EAT. Canaccord Genuity reaffirmed a “hold” rating and issued a $43.00 price target on shares of Brinker International in a report on Friday, April 20th. Royal Bank of Canada raised shares of Brinker International from a “sector perform” rating to an “outperform” rating and lifted their price target for the stock from $41.37 to $49.00 in a report on Friday, April 27th. Maxim Group reaffirmed a “buy” rating and issued a $55.00 price target (up previously from $52.00) on shares of Brinker International in a report on Tuesday, May 1st. Telsey Advisory Group lifted their price target on shares of Brinker International from $39.00 to $49.00 and gave the stock a “market perform” rating in a report on Wednesday, May 2nd. Finally, Sanford C. Bernstein lifted their price target on shares of Brinker International from $40.00 to $47.00 and gave the stock a “market perform” rating in a report on Wednesday, May 2nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $45.33.
Brinker International (NYSE:EAT) last posted its quarterly earnings results on Tuesday, August 14th. The restaurant operator reported $1.19 EPS for the quarter, hitting analysts’ consensus estimates of $1.19. The company had revenue of $817.10 million for the quarter, compared to analysts’ expectations of $817.93 million. Brinker International had a net margin of 4.24% and a negative return on equity of 30.02%. Brinker International’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.09 EPS.
A number of hedge funds have recently modified their holdings of the business. Global X Management Co. LLC purchased a new position in shares of Brinker International during the 1st quarter valued at $8,844,000. Contrarius Investment Management Ltd grew its position in shares of Brinker International by 49.9% during the 1st quarter. Contrarius Investment Management Ltd now owns 693,128 shares of the restaurant operator’s stock valued at $25,022,000 after purchasing an additional 230,795 shares in the last quarter. Hussman Strategic Advisors Inc. purchased a new position in shares of Brinker International during the 1st quarter valued at $902,000. Atria Investments LLC grew its position in shares of Brinker International by 10.3% during the 1st quarter. Atria Investments LLC now owns 35,026 shares of the restaurant operator’s stock valued at $1,264,000 after purchasing an additional 3,280 shares in the last quarter. Finally, Meeder Asset Management Inc. grew its position in shares of Brinker International by 2,219.2% during the 1st quarter. Meeder Asset Management Inc. now owns 23,331 shares of the restaurant operator’s stock valued at $842,000 after purchasing an additional 22,325 shares in the last quarter.
In other Brinker International news, SVP David Roy Doyle sold 3,615 shares of the business’s stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $49.86, for a total transaction of $180,243.90. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Kelli Valade sold 4,224 shares of the business’s stock in a transaction on Wednesday, June 13th. The shares were sold at an average price of $49.59, for a total transaction of $209,468.16. The disclosure for this sale can be found here. Insiders own 1.91% of the company’s stock.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 27th. Shareholders of record on Friday, September 7th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, September 6th. This represents a $1.52 dividend on an annualized basis and a yield of 3.45%. Brinker International’s payout ratio is 47.50%.
About Brinker International
Brinker International, Inc, together with its subsidiaries, owns, develops, operates, and franchises casual dining restaurants worldwide. As of June 28, 2017, it owned, operated, or franchised 1,674 restaurants comprising 1,622 restaurants under the Chili's Grill & Bar brand name; and 52 restaurants under the Maggiano's Little Italy brand name.
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