Municipal Employees Retirement System of Michigan cut its position in shares of Brinker International, Inc. (NYSE:EAT) by 18.9% during the second quarter, Holdings Channel reports. The fund owned 18,460 shares of the restaurant operator’s stock after selling 4,300 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Brinker International were worth $703,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of the stock. Kernodle & Katon Asset Management Group LLC raised its stake in Brinker International by 0.4% in the first quarter. Kernodle & Katon Asset Management Group LLC now owns 4,864 shares of the restaurant operator’s stock worth $214,000 after buying an additional 17 shares during the last quarter. Eqis Capital Management Inc. raised its stake in Brinker International by 0.3% in the first quarter. Eqis Capital Management Inc. now owns 6,393 shares of the restaurant operator’s stock worth $281,000 after buying an additional 18 shares during the last quarter. Creative Planning raised its stake in Brinker International by 2.7% in the first quarter. Creative Planning now owns 6,843 shares of the restaurant operator’s stock worth $301,000 after buying an additional 180 shares during the last quarter. Oregon Public Employees Retirement Fund raised its stake in Brinker International by 1.0% in the first quarter. Oregon Public Employees Retirement Fund now owns 19,564 shares of the restaurant operator’s stock worth $860,000 after buying an additional 200 shares during the last quarter. Finally, State Treasurer State of Michigan raised its stake in Brinker International by 1.5% in the second quarter. State Treasurer State of Michigan now owns 20,177 shares of the restaurant operator’s stock worth $769,000 after buying an additional 300 shares during the last quarter.
Brinker International, Inc. (NYSE:EAT) opened at 35.05 on Thursday. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 11.92 and a beta of 0.25. The company has a 50 day moving average price of $36.18 and a 200 day moving average price of $40.81. Brinker International, Inc. has a 12 month low of $33.41 and a 12 month high of $55.84.
Brinker International (NYSE:EAT) last issued its earnings results on Thursday, August 10th. The restaurant operator reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.05. The company had revenue of $810.66 million during the quarter, compared to analyst estimates of $809.94 million. Brinker International had a net margin of 4.79% and a negative return on equity of 31.46%. The company’s revenue for the quarter was down 8.1% on a year-over-year basis. During the same quarter last year, the business posted $1.24 EPS. Equities research analysts predict that Brinker International, Inc. will post $3.24 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Friday, September 8th will be paid a dividend of $0.38 per share. The ex-dividend date of this dividend is Thursday, September 7th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 4.34%. This is a positive change from Brinker International’s previous quarterly dividend of $0.34. Brinker International’s dividend payout ratio (DPR) is 45.48%.
Brinker International announced that its Board of Directors has initiated a share repurchase plan on Thursday, August 10th that authorizes the company to buyback $250.00 million in shares. This buyback authorization authorizes the restaurant operator to buy up to 14.6% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its stock is undervalued.
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A number of equities research analysts recently issued reports on the company. Barclays PLC reduced their target price on Brinker International from $47.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Wednesday, July 19th. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Brinker International in a research note on Monday, July 24th. Maxim Group reaffirmed a “buy” rating and issued a $54.00 target price on shares of Brinker International in a research note on Thursday, June 15th. BMO Capital Markets set a $36.00 target price on Brinker International and gave the company a “hold” rating in a research note on Saturday, August 12th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating on shares of Brinker International in a research note on Friday, August 11th. Three analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $45.67.
Brinker International Company Profile
Brinker International, Inc is engaged in the ownership, operation, development, and franchising of the Chili’s Grill & Bar (Chili’s) and Maggiano’s Little Italy (Maggiano’s) restaurant brands. The Company’s Chili’s operates Bar & Grill category of casual dining. Chili’s menu features authentic Fresh Mex and Fresh Tex cuisine, including signature items, such as Baby Back Ribs smoked in-house, Hand-Crafted Burgers served with house-made garlic dill pickles, Mix and Match Fajitas, Tableside Guacamole and house-made Chips and Salsa.
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