Norris Perne & French LLP MI Reduces Position in Panera Bread Co. (PNRA)
Norris Perne & French LLP MI lowered its stake in Panera Bread Co. (NASDAQ:PNRA) by 3.0% during the second quarter, Holdings Channel reports. The firm owned 49,201 shares of the company’s stock after selling 1,534 shares during the period. Panera Bread comprises approximately 2.2% of Norris Perne & French LLP MI’s investment portfolio, making the stock its 12th largest position. Norris Perne & French LLP MI’s holdings in Panera Bread were worth $10,428,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in PNRA. Bank of Montreal Can acquired a new stake in shares of Panera Bread during the second quarter valued at $5,439,000. Daiwa Securities Group Inc. increased its stake in shares of Panera Bread by 46.0% in the second quarter. Daiwa Securities Group Inc. now owns 7,300 shares of the company’s stock valued at $1,547,000 after buying an additional 2,300 shares during the period. Old Mutual Global Investors UK Ltd. purchased a new stake in shares of Panera Bread during the second quarter worth approximately $16,185,000. LS Investment Advisors LLC increased its stake in shares of Panera Bread by 63.3% in the second quarter. LS Investment Advisors LLC now owns 1,396 shares of the company’s stock worth $296,000 after buying an additional 541 shares during the last quarter. Finally, 1st Global Advisors Inc. increased its stake in shares of Panera Bread by 27.7% in the second quarter. 1st Global Advisors Inc. now owns 1,626 shares of the company’s stock worth $345,000 after buying an additional 353 shares during the last quarter. Institutional investors and hedge funds own 93.04% of the company’s stock.
Shares of Panera Bread Co. (NASDAQ:PNRA) traded up 0.48% during trading on Monday, hitting $201.08. 700,773 shares of the company’s stock were exchanged. The firm has a market capitalization of $4.74 billion, a PE ratio of 34.04 and a beta of 0.71. Panera Bread Co. has a 1-year low of $165.17 and a 1-year high of $224.15. The stock’s 50 day moving average is $215.15 and its 200 day moving average is $212.82.
Panera Bread (NASDAQ:PNRA) last released its quarterly earnings data on Tuesday, July 26th. The company reported $1.78 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.04. The firm had revenue of $698.90 million for the quarter, compared to analyst estimates of $696.46 million. Panera Bread had a net margin of 5.30% and a return on equity of 34.45%. The company’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.61 EPS. On average, equities research analysts forecast that Panera Bread Co. will post $6.69 earnings per share for the current year.
A number of equities research analysts recently commented on the stock. Vetr upgraded shares of Panera Bread from a “buy” rating to a “strong-buy” rating and set a $226.25 price objective for the company in a research report on Monday. Robert W. Baird restated an “outperform” rating on shares of Panera Bread in a research report on Thursday, September 8th. Canaccord Genuity assumed coverage on shares of Panera Bread in a research report on Monday, August 22nd. They issued a “buy” rating and a $255.00 price objective for the company. Piper Jaffray Cos. raised their price objective on shares of Panera Bread from $237.00 to $260.00 and gave the company an “overweight” rating in a research report on Thursday, August 18th. Finally, Cowen and Company set a $240.00 price objective on shares of Panera Bread and gave the company a “buy” rating in a research report on Thursday, August 11th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. Panera Bread has a consensus rating of “Buy” and a consensus price target of $230.69.
In other Panera Bread news, SVP Scott G. Blair sold 228 shares of the company’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $218.24, for a total value of $49,758.72. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Mark D. Wooldridge sold 164 shares of the company’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $222.18, for a total transaction of $36,437.52. Following the completion of the transaction, the insider now owns 1,461 shares in the company, valued at approximately $324,604.98. The disclosure for this sale can be found here. 6.96% of the stock is currently owned by company insiders.
About Panera Bread
Panera Bread Company (Panera) is a food service provider. Panera is a national bakery-cafe concept with approximately 1,970 Company-owned and franchise-operated bakery-cafe locations in over 45 states, the District of Columbia, and Ontario, Canada. The Company operates through three segments: Company Bakery-Cafe Operations, Franchise Operations, and Fresh Dough and Other Product Operations.
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