Cracker Barrel Old Country Store (NASDAQ:CBRL) Shares Gap Up After Dividend Announcement

Cracker Barrel Old Country Store, Inc. (NASDAQ:CBRL)’s share price gapped up prior to trading on Thursday following a dividend announcement from the company. The stock had previously closed at $40.29, but opened at $50.96. Cracker Barrel Old Country Store shares last traded at $48.85, with a volume of 538,612 shares changing hands.

The newly announced dividend which will be paid on Wednesday, May 14th. Shareholders of record on Friday, April 11th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date of this dividend is Friday, April 11th. Cracker Barrel Old Country Store’s dividend payout ratio (DPR) is currently 55.25%.

Analysts Set New Price Targets

Several research firms recently issued reports on CBRL. Loop Capital reduced their price objective on shares of Cracker Barrel Old Country Store from $55.00 to $50.00 and set a “hold” rating for the company in a research note on Friday. Bank of America boosted their price objective on shares of Cracker Barrel Old Country Store from $45.00 to $53.00 and gave the stock an “underperform” rating in a report on Thursday, December 5th. Citigroup upped their target price on shares of Cracker Barrel Old Country Store from $38.00 to $39.00 and gave the company a “sell” rating in a research note on Friday. UBS Group boosted their price target on shares of Cracker Barrel Old Country Store from $42.00 to $60.00 and gave the company a “neutral” rating in a research report on Thursday, December 5th. Finally, Truist Financial boosted their price target on shares of Cracker Barrel Old Country Store from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Thursday, January 16th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $56.63.

Cracker Barrel Old Country Store Price Performance

The company’s fifty day moving average is $54.00 and its two-hundred day moving average is $49.08. The firm has a market capitalization of $953.13 million, a price-to-earnings ratio of 23.66, a price-to-earnings-growth ratio of 8.36 and a beta of 1.48. The company has a quick ratio of 0.24, a current ratio of 0.69 and a debt-to-equity ratio of 1.20.

Hedge Funds Weigh In On Cracker Barrel Old Country Store

Several large investors have recently bought and sold shares of the business. Marshall Wace LLP increased its stake in Cracker Barrel Old Country Store by 151.9% in the fourth quarter. Marshall Wace LLP now owns 767,006 shares of the restaurant operator’s stock valued at $40,544,000 after purchasing an additional 462,542 shares in the last quarter. Towle & Co. bought a new position in Cracker Barrel Old Country Store in the fourth quarter valued at $13,575,000. Cibc World Market Inc. bought a new position in Cracker Barrel Old Country Store in the fourth quarter valued at $11,711,000. Charles Schwab Investment Management Inc. grew its position in Cracker Barrel Old Country Store by 11.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,075,016 shares of the restaurant operator’s stock valued at $48,752,000 after purchasing an additional 111,892 shares in the last quarter. Finally, Maverick Capital Ltd. acquired a new stake in Cracker Barrel Old Country Store in the third quarter valued at $4,498,000. 96.01% of the stock is currently owned by institutional investors and hedge funds.

About Cracker Barrel Old Country Store

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 restaurants with a gift shop. The company's restaurants serve breakfast, lunch, and dinner daily, as well as dine-in, pick-up, and delivery services.