Brinker International (EAT) to Repurchase $250.00 million in Outstanding Stock
Brinker International (NYSE:EAT) announced that its Board of Directors has approved a stock buyback plan, which authorizes the company to repurchase $250.00 million in shares on Thursday, August 10th, EventVestor reports. This repurchase authorization authorizes the restaurant operator to reacquire up to 14.6% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.
Several analysts recently commented on the stock. Royal Bank Of Canada reduced their price objective on shares of Brinker International from $49.00 to $40.00 and set a “sector perform” rating for the company in a research note on Thursday, August 3rd. Barclays PLC reduced their price objective on shares of Brinker International from $44.00 to $41.00 and set an “equal weight” rating for the company in a research note on Friday. Maxim Group reiterated a “buy” rating and issued a $49.00 price objective (down previously from $54.00) on shares of Brinker International in a research note on Wednesday. Sanford C. Bernstein reiterated a “market perform” rating and issued a $50.00 price objective on shares of Brinker International in a research note on Tuesday, July 25th. Finally, ValuEngine upgraded shares of Brinker International from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, twelve have given a hold rating and four have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $46.31.
Shares of Brinker International (NYSE:EAT) traded down 2.909% during trading on Friday, reaching $33.875. 555,964 shares of the company’s stock were exchanged. The company’s 50-day moving average price is $36.50 and its 200 day moving average price is $41.12. The firm has a market capitalization of $1.66 billion, a PE ratio of 11.063 and a beta of 0.25. Brinker International has a 52 week low of $33.41 and a 52 week high of $55.84.
Brinker International (NYSE:EAT) last issued its quarterly earnings results on Thursday, August 10th. The restaurant operator reported $1.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.05. Brinker International had a net margin of 5.05% and a negative return on equity of 39.89%. The company had revenue of $810.66 million during the quarter, compared to the consensus estimate of $809.94 million. During the same period in the prior year, the company earned $1.24 EPS. Brinker International’s revenue was down 8.1% on a year-over-year basis. Analysts predict that Brinker International will post $3.22 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 28th. Shareholders of record on Friday, September 8th will be issued a $0.38 dividend. This represents a $1.52 dividend on an annualized basis and a yield of 4.36%. This is an increase from Brinker International’s previous quarterly dividend of $0.34. The ex-dividend date of this dividend is Thursday, September 7th. Brinker International’s dividend payout ratio is presently 44.16%.
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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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