Bloomin’ Brands (NASDAQ:BLMN) Updates FY24 Earnings Guidance

Bloomin’ Brands (NASDAQ:BLMN) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.51-$2.66 for the period, compared to the consensus EPS estimate of $2.55. Bloomin’ Brands also updated its Q2 guidance to $0.55-$0.60 EPS.

Bloomin’ Brands Price Performance

NASDAQ:BLMN traded down $0.07 during mid-day trading on Wednesday, hitting $23.89. The company’s stock had a trading volume of 1,849,574 shares, compared to its average volume of 1,326,785. The stock has a fifty day moving average of $27.54 and a 200-day moving average of $26.19. The company has a current ratio of 0.34, a quick ratio of 0.27 and a debt-to-equity ratio of 1.89. Bloomin’ Brands has a fifty-two week low of $22.03 and a fifty-two week high of $30.13. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 9.48, a P/E/G ratio of 9.85 and a beta of 2.02.

Bloomin’ Brands (NASDAQ:BLMN) last released its earnings results on Tuesday, May 7th. The restaurant operator reported $0.70 EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($0.05). Bloomin’ Brands had a return on equity of 73.67% and a net margin of 5.30%. The business had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.20 billion. During the same period in the prior year, the firm posted $0.98 EPS. Bloomin’ Brands’s revenue was down 4.0% on a year-over-year basis. As a group, equities analysts forecast that Bloomin’ Brands will post 2.55 EPS for the current fiscal year.

Bloomin’ Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 31st. Investors of record on Monday, May 20th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 4.02%. The ex-dividend date of this dividend is Friday, May 17th. Bloomin’ Brands’s payout ratio is 37.94%.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Citigroup lifted their price target on shares of Bloomin’ Brands from $25.00 to $29.00 and gave the stock a neutral rating in a research report on Thursday, February 15th. Barclays decreased their target price on Bloomin’ Brands from $32.00 to $30.00 and set an overweight rating for the company in a research note on Wednesday. UBS Group cut their price objective on Bloomin’ Brands from $30.00 to $26.00 and set a neutral rating on the stock in a report on Wednesday. BMO Capital Markets lowered their target price on Bloomin’ Brands from $29.00 to $27.00 and set a market perform rating for the company in a research note on Wednesday. Finally, JPMorgan Chase & Co. lowered shares of Bloomin’ Brands from an overweight rating to a neutral rating and set a $26.00 price target on the stock. in a research note on Tuesday, January 23rd. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, Bloomin’ Brands currently has a consensus rating of Hold and a consensus price target of $27.50.

About Bloomin’ Brands

Bloomin' Brands, Inc, through its subsidiaries, owns and operates casual, upscale casual, and fine dining restaurants in the United States and internationally. The company operates through two segments, U.S. and International. Its restaurant portfolio has four concepts, including Outback Steakhouse, a casual steakhouse restaurant; Carrabba's Italian Grill, a casual Italian restaurant; Bonefish Grill; and Fleming's Prime Steakhouse & Wine Bar, a contemporary steakhouse.