Cheesecake Factory (NASDAQ:CAKE) Price Target Raised to $47.00 at Bank of America

Cheesecake Factory (NASDAQ:CAKE) had its target price increased by Bank of America from $45.00 to $47.00 in a research note released on Tuesday morning, Benzinga reports. They currently have a neutral rating on the restaurant operator’s stock.

CAKE has been the subject of a number of other reports. Wedbush reiterated an “outperform” rating and issued a $45.00 price target on shares of Cheesecake Factory in a research note on Tuesday. Barclays raised their price objective on shares of Cheesecake Factory from $35.00 to $38.00 and gave the stock an “underweight” rating in a report on Tuesday. Stephens reissued an “overweight” rating and issued a $50.00 price objective on shares of Cheesecake Factory in a report on Tuesday. Wells Fargo & Company raised their price objective on shares of Cheesecake Factory from $36.00 to $38.00 and gave the stock an “equal weight” rating in a report on Thursday, August 1st. Finally, Citigroup raised their price objective on shares of Cheesecake Factory from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, October 4th. Three analysts have rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Cheesecake Factory has an average rating of “Hold” and a consensus price target of $41.67.

Cheesecake Factory Stock Performance

Shares of CAKE stock opened at $42.04 on Tuesday. The company has a 50 day moving average price of $39.66 and a 200-day moving average price of $38.12. Cheesecake Factory has a 52 week low of $29.27 and a 52 week high of $43.51. The firm has a market capitalization of $2.14 billion, a PE ratio of 19.28, a P/E/G ratio of 1.13 and a beta of 1.49. The company has a quick ratio of 0.32, a current ratio of 0.43 and a debt-to-equity ratio of 1.26.

Cheesecake Factory (NASDAQ:CAKE) last announced its quarterly earnings results on Wednesday, July 31st. The restaurant operator reported $1.09 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.09. Cheesecake Factory had a net margin of 3.32% and a return on equity of 43.62%. The firm had revenue of $904.04 million during the quarter, compared to analyst estimates of $909.19 million. During the same period in the previous year, the business posted $0.88 earnings per share. The business’s revenue for the quarter was up 4.4% on a year-over-year basis. As a group, equities research analysts expect that Cheesecake Factory will post 3.21 earnings per share for the current year.

Cheesecake Factory Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Wednesday, August 14th were issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 2.57%. The ex-dividend date was Wednesday, August 14th. Cheesecake Factory’s dividend payout ratio is currently 49.54%.

Hedge Funds Weigh In On Cheesecake Factory

Large investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings in Cheesecake Factory by 2,360.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 689 shares of the restaurant operator’s stock valued at $25,000 after purchasing an additional 661 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Cheesecake Factory by 276.4% in the second quarter. GAMMA Investing LLC now owns 1,449 shares of the restaurant operator’s stock worth $57,000 after buying an additional 1,064 shares in the last quarter. nVerses Capital LLC purchased a new position in shares of Cheesecake Factory in the second quarter worth $67,000. SG Americas Securities LLC purchased a new position in shares of Cheesecake Factory in the first quarter worth $121,000. Finally, Wealth Alliance purchased a new position in shares of Cheesecake Factory in the second quarter worth $213,000. Hedge funds and other institutional investors own 94.48% of the company’s stock.

About Cheesecake Factory

The Cheesecake Factory Incorporated operates and licenses restaurants in the United States and Canada. The company operates bakeries that produce cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors.