Cracker Barrel Old Country Store (NASDAQ:CBRL) Shares Gap Up Following 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 trading hands.

The newly announced dividend which will be paid on Wednesday, May 14th. Shareholders of record on Friday, April 11th will be issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.31%. Cracker Barrel Old Country Store’s dividend payout ratio (DPR) is 55.25%.

Analyst Ratings Changes

Several brokerages have recently issued reports on CBRL. Argus upgraded shares of Cracker Barrel Old Country Store from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Monday, November 18th. Piper Sandler boosted their target price on Cracker Barrel Old Country Store from $46.00 to $58.00 and gave the company a “neutral” rating in a report on Thursday, December 5th. Bank of America raised their price target on Cracker Barrel Old Country Store from $45.00 to $53.00 and gave the stock an “underperform” rating in a research note on Thursday, December 5th. StockNews.com upgraded Cracker Barrel Old Country Store from a “sell” rating to a “hold” rating in a research note on Sunday, March 2nd. Finally, Loop Capital raised their target price on shares of Cracker Barrel Old Country Store from $45.00 to $55.00 and gave the stock a “hold” rating in a research report on Thursday, December 5th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Cracker Barrel Old Country Store presently has an average rating of “Hold” and an average target price of $57.63.

Cracker Barrel Old Country Store Stock Up 7.6 %

The company has a market capitalization of $964.71 million, a PE ratio of 23.94, a P/E/G ratio of 8.36 and a beta of 1.48. The company has a current ratio of 0.69, a quick ratio of 0.24 and a debt-to-equity ratio of 1.20. The firm has a 50 day simple moving average of $54.28 and a two-hundred day simple moving average of $49.12.

Hedge Funds Weigh In On Cracker Barrel Old Country Store

A number of hedge funds and other institutional investors have recently bought and sold shares of CBRL. Vanguard Group Inc. raised its position in Cracker Barrel Old Country Store by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 2,613,358 shares of the restaurant operator’s stock worth $138,142,000 after buying an additional 13,305 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Cracker Barrel Old Country Store by 9.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,181,456 shares of the restaurant operator’s stock worth $62,452,000 after purchasing an additional 106,440 shares in the last quarter. Marshall Wace LLP lifted its position 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 during the period. Arrowstreet Capital Limited Partnership boosted its holdings in Cracker Barrel Old Country Store by 2.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 648,342 shares of the restaurant operator’s stock valued at $34,271,000 after purchasing an additional 16,333 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Cracker Barrel Old Country Store by 16.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 351,539 shares of the restaurant operator’s stock worth $18,584,000 after purchasing an additional 50,905 shares during the period. 96.01% of the stock is currently owned by hedge funds and other institutional investors.

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.