Wedge Capital Management L L P NC Sells 37,381 Shares of Cracker Barrel Old Country Store, Inc. $CBRL

Wedge Capital Management L L P NC reduced its stake in Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) by 45.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,341 shares of the restaurant operator’s stock after selling 37,381 shares during the quarter. Wedge Capital Management L L P NC owned 0.20% of Cracker Barrel Old Country Store worth $2,363,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CBRL. Alliancebernstein L.P. grew its stake in Cracker Barrel Old Country Store by 1,068.2% in the second quarter. Alliancebernstein L.P. now owns 1,222,242 shares of the restaurant operator’s stock valued at $74,655,000 after purchasing an additional 1,117,617 shares in the last quarter. Franklin Resources Inc. raised its holdings in Cracker Barrel Old Country Store by 13,737.1% in the 3rd quarter. Franklin Resources Inc. now owns 930,131 shares of the restaurant operator’s stock valued at $40,982,000 after acquiring an additional 923,409 shares during the period. Balyasny Asset Management L.P. bought a new position in shares of Cracker Barrel Old Country Store during the second quarter worth approximately $43,930,000. Marshall Wace LLP acquired a new stake in shares of Cracker Barrel Old Country Store during the fourth quarter worth $5,225,000. Finally, Bridgeway Capital Management LLC bought a new stake in shares of Cracker Barrel Old Country Store in the fourth quarter valued at about $3,962,000. Institutional investors and hedge funds own 96.01% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on CBRL shares. Piper Sandler reiterated a “neutral” rating and issued a $51.00 price objective on shares of Cracker Barrel Old Country Store in a research note on Wednesday, July 22nd. Argus increased their target price on shares of Cracker Barrel Old Country Store from $40.00 to $60.00 and gave the stock a “buy” rating in a research report on Thursday, June 11th. Weiss Ratings raised shares of Cracker Barrel Old Country Store from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, July 8th. Bank of America lifted their price target on Cracker Barrel Old Country Store from $34.00 to $40.00 in a research note on Monday, June 15th. Finally, Citigroup upped their price target on shares of Cracker Barrel Old Country Store from $34.00 to $42.00 and gave the stock a “sell” rating in a report on Tuesday, July 21st. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $48.14.

Cracker Barrel Old Country Store Price Performance

Shares of NASDAQ CBRL opened at $58.40 on Friday. The company has a market capitalization of $1.31 billion, a PE ratio of 50.35 and a beta of 1.20. The company has a quick ratio of 0.19, a current ratio of 0.50 and a debt-to-equity ratio of 0.72. Cracker Barrel Old Country Store, Inc. has a twelve month low of $24.85 and a twelve month high of $63.61. The firm has a fifty day simple moving average of $51.00 and a 200 day simple moving average of $37.68.

Cracker Barrel Old Country Store (NASDAQ:CBRL) last issued its quarterly earnings results on Tuesday, June 9th. The restaurant operator reported $0.29 EPS for the quarter, beating analysts’ consensus estimates of ($0.45) by $0.74. Cracker Barrel Old Country Store had a net margin of 0.79% and a return on equity of 2.78%. The business had revenue of $797.37 million for the quarter, compared to analysts’ expectations of $776.69 million. During the same quarter in the prior year, the firm posted $0.56 earnings per share. The business’s quarterly revenue was down 2.9% compared to the same quarter last year. On average, sell-side analysts forecast that Cracker Barrel Old Country Store, Inc. will post 0.01 EPS for the current year.

Cracker Barrel Old Country Store Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 12th. Shareholders of record on Friday, July 17th were paid a $0.25 dividend. The ex-dividend date of this dividend was Friday, July 17th. This represents a $1.00 annualized dividend and a yield of 1.7%. Cracker Barrel Old Country Store’s payout ratio is 86.21%.

About Cracker Barrel Old Country Store

Cracker Barrel Old Country Store, Inc operates a distinctive combination of country-themed restaurants and retail stores across the United States. Since its founding in 1969, the company has focused on providing a nostalgic dining experience reminiscent of Southern hospitality, serving breakfast, lunch and dinner with an emphasis on traditional comfort foods.

The restaurant segment offers an extensive menu featuring signature items such as buttermilk pancakes, country ham, biscuits and gravy, meatloaf and pot roast.