Northwestern Mutual Investment Management Company LLC Decreases Position in Brinker International, Inc. (NYSE:EAT)
Northwestern Mutual Investment Management Company LLC reduced its stake in Brinker International, Inc. (NYSE:EAT) by 8.6% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,672 shares of the restaurant operator’s stock after selling 625 shares during the period. Northwestern Mutual Investment Management Company LLC’s holdings in Brinker International were worth $296,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in EAT. Norges Bank bought a new position in Brinker International in the fourth quarter worth about $28,030,000. JPMorgan Chase & Co. increased its stake in shares of Brinker International by 9.7% during the first quarter. JPMorgan Chase & Co. now owns 2,585,170 shares of the restaurant operator’s stock valued at $114,731,000 after purchasing an additional 228,830 shares in the last quarter. Bessemer Group Inc. increased its stake in shares of Brinker International by 26.1% during the fourth quarter. Bessemer Group Inc. now owns 973,223 shares of the restaurant operator’s stock valued at $42,802,000 after purchasing an additional 201,431 shares in the last quarter. APG Asset Management N.V. increased its stake in shares of Brinker International by 147.6% during the fourth quarter. APG Asset Management N.V. now owns 320,100 shares of the restaurant operator’s stock valued at $12,315,000 after purchasing an additional 190,800 shares in the last quarter. Finally, BlackRock Inc. increased its stake in shares of Brinker International by 4.0% during the first quarter. BlackRock Inc. now owns 4,929,519 shares of the restaurant operator’s stock valued at $218,770,000 after purchasing an additional 187,775 shares in the last quarter.
In other news, EVP Kelly C. Baltes purchased 800 shares of the business’s stock in a transaction dated Wednesday, May 8th. The shares were purchased at an average price of $42.05 per share, for a total transaction of $33,640.00. Following the completion of the acquisition, the executive vice president now directly owns 13,134 shares in the company, valued at approximately $552,284.70. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 2.72% of the company’s stock.
Brinker International (NYSE:EAT) last posted its quarterly earnings results on Tuesday, April 30th. The restaurant operator reported $1.26 EPS for the quarter, beating the Zacks’ consensus estimate of $1.20 by $0.06. Brinker International had a net margin of 4.75% and a negative return on equity of 19.10%. The firm had revenue of $839.30 million for the quarter, compared to analysts’ expectations of $831.16 million. During the same quarter in the prior year, the company posted $1.08 earnings per share. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. On average, sell-side analysts forecast that Brinker International, Inc. will post 3.93 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a dividend yield of 3.76%. The ex-dividend date is Thursday, June 6th. Brinker International’s payout ratio is 43.43%.
EAT has been the subject of a number of analyst reports. ValuEngine raised shares of Brinker International from a “sell” rating to a “hold” rating in a research note on Wednesday, May 22nd. Zacks Investment Research raised shares of Brinker International from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research note on Tuesday, April 16th. UBS Group raised shares of Brinker International from a “sell” rating to a “neutral” rating and set a $39.00 target price for the company in a research note on Monday, June 3rd. Evercore ISI initiated coverage on shares of Brinker International in a research note on Tuesday. They set an “in-line” rating and a $40.00 target price for the company. Finally, Maxim Group reaffirmed a “buy” rating and set a $58.00 target price on shares of Brinker International in a research note on Tuesday, April 30th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and an average price target of $44.86.
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Brinker International Company Profile
Brinker International, Inc, together with its subsidiaries, owns, develops, operates, and franchises casual dining restaurants in the United States and internationally. As of June 27, 2018, it owned, operated, or franchised 1,686 restaurants comprising 997 company-owned restaurants and 689 franchised restaurants under the Chili's Grill & Bar and Maggiano's Little Italy brand names.
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