Cheesecake Factory (NASDAQ:CAKE) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Cheesecake Factory (NASDAQ:CAKE) announced its quarterly earnings results on Wednesday. The restaurant operator reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.09, Briefing.com reports. The firm had revenue of $904.04 million during the quarter, compared to analyst estimates of $909.19 million. Cheesecake Factory had a return on equity of 42.15% and a net margin of 3.07%. Cheesecake Factory’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.88 earnings per share. Cheesecake Factory updated its FY 2024 guidance to EPS.

Cheesecake Factory Stock Down 0.1 %

Shares of CAKE stock traded down $0.03 during trading hours on Wednesday, reaching $38.89. 1,471,533 shares of the company’s stock were exchanged, compared to its average volume of 934,890. The company has a market cap of $1.98 billion, a price-to-earnings ratio of 17.84, a P/E/G ratio of 1.12 and a beta of 1.51. The company has a current ratio of 0.43, a quick ratio of 0.33 and a debt-to-equity ratio of 1.42. Cheesecake Factory has a fifty-two week low of $28.58 and a fifty-two week high of $41.25. The stock’s 50 day moving average is $38.73 and its 200-day moving average is $36.45.

Cheesecake Factory Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 4th. Stockholders of record on Wednesday, May 22nd were given a dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date of this dividend was Tuesday, May 21st. Cheesecake Factory’s payout ratio is presently 49.54%.

Insider Activity

In other news, insider Keith Carango sold 3,785 shares of the business’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $40.10, for a total transaction of $151,778.50. Following the sale, the insider now directly owns 28,072 shares of the company’s stock, valued at $1,125,687.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 8.10% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on CAKE shares. Wedbush reiterated an “outperform” rating and issued a $45.00 price target on shares of Cheesecake Factory in a report on Friday, July 19th. Raymond James upgraded Cheesecake Factory from a “market perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Thursday, May 9th. JPMorgan Chase & Co. boosted their price objective on shares of Cheesecake Factory from $34.00 to $40.00 and gave the stock an “underweight” rating in a research note on Tuesday, May 28th. Robert W. Baird boosted their price objective on shares of Cheesecake Factory from $32.00 to $37.00 and gave the stock a “neutral” rating in a research note on Thursday, May 9th. Finally, Stephens boosted their price objective on shares of Cheesecake Factory from $44.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 15th. Three analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $39.58.

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.