Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Rating Increased to Buy at Zacks Investment Research

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday, July 12th. The firm currently has a $181.00 price objective on the restaurant operator’s stock. Zacks Investment Research‘s target price suggests a potential upside of 18.68% from the stock’s previous close.

According to Zacks, “Cracker Barrel’s shares outpaced the Zacks categorized Retail-Restaurants industry in the last one month. Notably, the fiscal third quarter marked the 24th successive earnings beat for the company. Cracker barrel is focused on increasing itsbrand’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. However, comps at both restaurants and retail stores have been under pressure due to the challenging sales environment. Limited geographic diversity also remains a potent headwind. Moreover, higher costs are expected to weigh on margins.”

Several other analysts also recently issued reports on the company. Argus downgraded Cracker Barrel Old Country Store from a “buy” rating to a “hold” rating in a report on Tuesday, March 21st. Maxim Group reiterated a “hold” rating and issued a $170.00 price target on shares of Cracker Barrel Old Country Store in a report on Wednesday, May 17th. BidaskClub upgraded Cracker Barrel Old Country Store from a “hold” rating to a “buy” rating in a report on Friday, June 30th. Nomura initiated coverage on Cracker Barrel Old Country Store in a report on Wednesday, July 12th. They issued a “neutral” rating and a $162.00 price target for the company. Finally, Instinet initiated coverage on Cracker Barrel Old Country Store in a report on Wednesday, July 12th. They issued a “neutral” rating and a $162.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. Cracker Barrel Old Country Store has a consensus rating of “Hold” and a consensus price target of $165.78.

Shares of Cracker Barrel Old Country Store (CBRL) traded up 0.76% during midday trading on Wednesday, hitting $152.51. The company’s stock had a trading volume of 181,149 shares. The firm has a 50-day moving average of $159.38 and a 200 day moving average of $160.96. Cracker Barrel Old Country Store has a 12-month low of $130.15 and a 12-month high of $175.04. The firm has a market cap of $3.67 billion, a price-to-earnings ratio of 18.49 and a beta of 0.51.

Cracker Barrel Old Country Store (NASDAQ:CBRL) last announced its quarterly earnings results on Tuesday, May 23rd. The restaurant operator reported $1.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.85 by $0.10. Cracker Barrel Old Country Store had a return on equity of 35.27% and a net margin of 6.80%. The firm had revenue of $700.40 million during the quarter, compared to the consensus estimate of $713.06 million. During the same period in the prior year, the firm earned $1.82 EPS. The firm’s quarterly revenue was up .0% compared to the same quarter last year. On average, equities research analysts predict that Cracker Barrel Old Country Store will post $8.33 EPS for the current fiscal year.

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Institutional investors have recently modified their holdings of the company. Cambridge Investment Research Advisors Inc. boosted its position in shares of Cracker Barrel Old Country Store by 0.9% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 2,001 shares of the restaurant operator’s stock valued at $335,000 after buying an additional 18 shares during the last quarter. Bank of Montreal Can boosted its position in shares of Cracker Barrel Old Country Store by 0.7% in the first quarter. Bank of Montreal Can now owns 3,526 shares of the restaurant operator’s stock valued at $562,000 after buying an additional 23 shares during the last quarter. World Asset Management Inc boosted its position in shares of Cracker Barrel Old Country Store by 2.0% in the first quarter. World Asset Management Inc now owns 1,426 shares of the restaurant operator’s stock valued at $227,000 after buying an additional 28 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of Cracker Barrel Old Country Store by 1.2% in the second quarter. Capstone Asset Management Co. now owns 2,511 shares of the restaurant operator’s stock valued at $420,000 after buying an additional 30 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its position in shares of Cracker Barrel Old Country Store by 2.0% in the second quarter. Teacher Retirement System of Texas now owns 1,543 shares of the restaurant operator’s stock valued at $258,000 after buying an additional 30 shares during the last quarter. 88.85% of the stock is currently owned by institutional investors and hedge funds.

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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