Brinker International (NYSE:EAT) Sets New 52-Week High Following Analyst Upgrade

Brinker International, Inc. (NYSE:EAT) shares hit a new 52-week high on Tuesday after BMO Capital Markets raised their price target on the stock from $105.00 to $125.00. BMO Capital Markets currently has a market perform rating on the stock. Brinker International traded as high as $155.55 and last traded at $155.23, with a volume of 921257 shares trading hands. The stock had previously closed at $151.82.

Several other research firms have also issued reports on EAT. Wells Fargo & Company lifted their price objective on shares of Brinker International from $130.00 to $145.00 and gave the company an “equal weight” rating in a research note on Thursday, January 23rd. Raymond James downgraded Brinker International from an “outperform” rating to a “market perform” rating in a research note on Thursday, October 17th. JPMorgan Chase & Co. downgraded Brinker International from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $67.00 to $100.00 in a research note on Thursday, October 31st. Citigroup upped their target price on Brinker International from $83.00 to $110.00 and gave the stock a “neutral” rating in a research report on Thursday, October 31st. Finally, Piper Sandler increased their price target on Brinker International from $62.00 to $97.00 and gave the company a “neutral” rating in a report on Monday, November 4th. Sixteen equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, Brinker International presently has a consensus rating of “Hold” and a consensus price target of $111.29.

Insider Buying and Selling

In related news, CFO Michaela M. Ware sold 3,753 shares of Brinker International stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $103.02, for a total value of $386,634.06. Following the sale, the chief financial officer now owns 23,071 shares of the company’s stock, valued at approximately $2,376,774.42. This trade represents a 13.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.72% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Brinker International

Hedge funds have recently made changes to their positions in the business. Hennessy Advisors Inc. bought a new position in Brinker International in the fourth quarter valued at $81,888,000. Assenagon Asset Management S.A. raised its holdings in Brinker International by 2,612.4% during the fourth quarter. Assenagon Asset Management S.A. now owns 588,594 shares of the restaurant operator’s stock worth $77,865,000 after acquiring an additional 566,894 shares in the last quarter. Wedge Capital Management L L P NC boosted its position in Brinker International by 1,145.2% during the fourth quarter. Wedge Capital Management L L P NC now owns 416,044 shares of the restaurant operator’s stock valued at $55,038,000 after purchasing an additional 382,633 shares during the last quarter. Wellington Management Group LLP grew its stake in Brinker International by 55.1% in the third quarter. Wellington Management Group LLP now owns 618,728 shares of the restaurant operator’s stock valued at $47,351,000 after purchasing an additional 219,836 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. acquired a new position in shares of Brinker International during the 3rd quarter worth approximately $14,611,000.

Brinker International Trading Up 2.3 %

The company has a quick ratio of 0.26, a current ratio of 0.32 and a debt-to-equity ratio of 63.54. The business’s 50 day simple moving average is $135.89 and its 200 day simple moving average is $100.11. The stock has a market cap of $6.90 billion, a price-to-earnings ratio of 37.89, a PEG ratio of 1.56 and a beta of 2.52.

Brinker International (NYSE:EAT) last announced its quarterly earnings results on Wednesday, October 30th. The restaurant operator reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.26. The business had revenue of $1.14 billion for the quarter, compared to analyst estimates of $1.10 billion. Brinker International had a net margin of 4.11% and a negative return on equity of 839.19%. Brinker International’s quarterly revenue was up 12.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.28 EPS. On average, research analysts expect that Brinker International, Inc. will post 5.96 EPS for the current fiscal year.

Brinker International Company Profile

Brinker International, Inc, together with its subsidiaries, engages in the ownership, development, operation, and franchising of casual dining restaurants in the United States and internationally. It operates and franchises Chili's Grill & Bar and Maggiano's Little Italy restaurant brands.