Virginia Retirement Systems ET AL Buys New Position in Panera Bread Co. (PNRA)
Virginia Retirement Systems ET AL bought a new position in shares of Panera Bread Co. (NASDAQ:PNRA) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 32,200 shares of the company’s stock, valued at approximately $6,824,000. Virginia Retirement Systems ET AL owned about 0.14% of Panera Bread at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in the stock. IFP Advisors Inc raised its position in shares of Panera Bread by 3.6% in the first quarter. IFP Advisors Inc now owns 686 shares of the company’s stock worth $141,000 after buying an additional 24 shares in the last quarter. C M Bidwell & Associates Ltd. acquired a new stake in shares of Panera Bread during the first quarter worth $177,000. Rockefeller Financial Services Inc. acquired a new stake in shares of Panera Bread during the second quarter worth $196,000. BlueMountain Capital Management LLC acquired a new stake in shares of Panera Bread during the first quarter worth $204,000. Finally, Connable Office Inc. acquired a new stake in shares of Panera Bread during the first quarter worth $205,000. Hedge funds and other institutional investors own 93.04% of the company’s stock.
Shares of Panera Bread Co. (NASDAQ:PNRA) opened at 200.12 on Monday. The stock has a 50 day moving average price of $216.70 and a 200 day moving average price of $213.07. Panera Bread Co. has a 52-week low of $165.17 and a 52-week high of $224.15. The company has a market capitalization of $4.72 billion, a PE ratio of 33.87 and a beta of 0.71.
Panera Bread (NASDAQ:PNRA) last posted its earnings results on Tuesday, July 26th. The company reported $1.78 earnings per share for the quarter, topping analysts’ consensus estimates of $1.74 by $0.04. The business had revenue of $698.90 million for the quarter, compared to analyst estimates of $696.46 million. Panera Bread had a return on equity of 34.45% and a net margin of 5.30%. The firm’s revenue was up 3.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.61 EPS. On average, analysts predict that Panera Bread Co. will post $6.69 earnings per share for the current fiscal year.
A number of brokerages have weighed in on PNRA. Vetr raised shares of Panera Bread from a “buy” rating to a “strong-buy” rating and set a $226.25 price target for the company in a report on Monday. BTIG Research set a $240.00 price target on shares of Panera Bread and gave the company a “buy” rating in a report on Wednesday, July 27th. BMO Capital Markets reissued a “market perform” rating and issued a $210.00 price target (up from $205.00) on shares of Panera Bread in a report on Thursday, July 28th. Sanford C. Bernstein began coverage on shares of Panera Bread in a report on Thursday, May 26th. They issued an “outperform” rating for the company. Finally, Cowen and Company set a $240.00 price target on shares of Panera Bread and gave the company a “buy” rating in a report on Wednesday, July 27th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $230.69.
In related news, insider Mark D. Wooldridge sold 164 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $222.18, for a total transaction of $36,437.52. Following the transaction, the insider now directly owns 1,461 shares of the company’s stock, valued at approximately $324,604.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Scott G. Blair sold 306 shares of the business’s stock in a transaction that occurred on Monday, August 15th. The stock was sold at an average price of $221.38, for a total value of $67,742.28. The disclosure for this sale can be found here. Corporate insiders own 6.96% of the company’s stock.
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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