Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) Announces Special Dividend of $3.00
Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL) announced a special dividend on Wednesday, June 5th, Wall Street Journal reports. Investors of record on Friday, July 19th will be paid a dividend of 3.00 per share by the restaurant operator on Friday, August 2nd. This represents a dividend yield of 3%. The ex-dividend date is Thursday, July 18th.
Cracker Barrel Old Country Store has increased its dividend by an average of 5.3% per year over the last three years and has raised its dividend annually for the last 9 consecutive years. Cracker Barrel Old Country Store has a payout ratio of 58.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Cracker Barrel Old Country Store to earn $9.07 per share next year, which means the company should continue to be able to cover its $5.20 annual dividend with an expected future payout ratio of 57.3%.
Shares of NASDAQ:CBRL opened at $179.61 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.57 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average of $168.84. The stock has a market cap of $4.30 billion, a PE ratio of 20.25, a P/E/G ratio of 1.98 and a beta of 0.58. Cracker Barrel Old Country Store has a 52-week low of $141.63 and a 52-week high of $185.00.
Cracker Barrel Old Country Store announced that its board has initiated a share repurchase plan on Tuesday, June 4th that authorizes the company to repurchase $50.00 million in outstanding shares. This repurchase authorization authorizes the restaurant operator to buy up to 1.2% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
In other news, major shareholder Sardar Biglari sold 2,520 shares of the stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $169.90, for a total value of $428,148.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last quarter, insiders sold 1,116,899 shares of company stock worth $191,482,548. Company insiders own 0.88% of the company’s stock.
A number of research firms have issued reports on CBRL. Maxim Group reaffirmed a “buy” rating and issued a $9.00 price target on shares of Pareteum in a research report on Friday, June 28th. ValuEngine raised Zillow Group from a “hold” rating to a “buy” rating in a research report on Thursday, July 11th. SunTrust Banks lowered Inflarx from a “buy” rating to a “hold” rating and reduced their price target for the company from $55.00 to $5.00 in a research report on Wednesday, June 5th. Zacks Investment Research raised Investors Real Estate Trust Reit from a “sell” rating to a “hold” rating in a research report on Thursday, May 23rd. Finally, Wells Fargo & Co reaffirmed a “buy” rating and issued a $55.00 price target on shares of Metlife in a research report on Wednesday, June 5th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company’s stock. Cracker Barrel Old Country Store currently has an average rating of “Hold” and a consensus price target of $170.54.
Cracker Barrel Old Country Store Company Profile
Cracker Barrel Old Country Store, Inc develops and operates the Cracker Barrel Old Country Store concept in the United States. Its Cracker Barrel stores consist of a restaurant with a gift shop. The company's restaurants serve breakfast, lunch, and dinner. Its gift shops offer various decorative and functional items, such as rocking chairs, holiday and seasonal gifts, toys, apparel, music CDs, cookware, and various other gift items, as well as pies, cornbread mixes, coffee, syrups, pancake mixes, candies, preserves, and other food items.
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