Brinker International (NYSE:EAT) Updates FY 2023 Earnings Guidance

Brinker International (NYSE:EATGet Rating) updated its FY 2023 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.45-$2.85 for the period, compared to the consensus earnings per share estimate of $3.65. The company issued revenue guidance of $3.90 billion-$4.00 billion, compared to the consensus revenue estimate of $4.00 billion.

Analyst Upgrades and Downgrades

EAT has been the topic of several recent analyst reports. Raymond James increased their target price on shares of Brinker International from $28.50 to $37.00 and gave the stock an outperform rating in a research note on Tuesday, August 16th. The Goldman Sachs Group cut shares of Brinker International from a buy rating to a neutral rating and decreased their target price for the stock from $46.00 to $28.00 in a research report on Monday, July 18th. Bank of America reiterated an underperform rating and issued a $26.00 target price on shares of Brinker International in a research report on Monday, June 27th. Citigroup lifted their target price on shares of Brinker International from $27.00 to $31.00 in a research report on Thursday, August 25th. Finally, MKM Partners decreased their target price on shares of Brinker International from $45.00 to $40.00 and set a buy rating on the stock in a research report on Friday, June 3rd. One equities research analyst has rated the stock with a sell rating, eleven have given a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Brinker International presently has a consensus rating of Hold and a consensus price target of $36.74.

Brinker International Price Performance

NYSE:EAT traded down $1.74 during mid-day trading on Friday, hitting $25.14. 41,405 shares of the company’s stock were exchanged, compared to its average volume of 943,710. Brinker International has a one year low of $21.47 and a one year high of $54.40. The business has a fifty day moving average price of $27.91 and a 200 day moving average price of $30.25. The company has a market cap of $1.10 billion, a PE ratio of 10.38, a P/E/G ratio of 1.05 and a beta of 2.43.

Brinker International (NYSE:EATGet Rating) last posted its quarterly earnings data on Wednesday, August 24th. The restaurant operator reported $1.15 EPS for the quarter, missing the consensus estimate of $1.16 by ($0.01). The business had revenue of $1.02 billion for the quarter, compared to the consensus estimate of $1.01 billion. Brinker International had a negative return on equity of 45.77% and a net margin of 3.09%. The company’s revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.68 EPS. On average, equities analysts forecast that Brinker International will post 2.6 EPS for the current fiscal year.

Insiders Place Their Bets

In other Brinker International news, EVP Rick Badgley sold 10,000 shares of Brinker International stock in a transaction dated Friday, September 9th. The shares were sold at an average price of $29.66, for a total value of $296,600.00. Following the completion of the transaction, the executive vice president now directly owns 37,441 shares of the company’s stock, valued at $1,110,500.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.21% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Point72 Hong Kong Ltd bought a new stake in Brinker International during the second quarter valued at approximately $71,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Brinker International by 8.1% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,603 shares of the restaurant operator’s stock valued at $190,000 after buying an additional 647 shares during the period. Guggenheim Capital LLC bought a new stake in Brinker International during the first quarter valued at approximately $205,000. Quantamental Technologies LLC bought a new stake in Brinker International during the first quarter valued at approximately $210,000. Finally, Beacon Pointe Advisors LLC bought a new stake in Brinker International during the first quarter valued at approximately $210,000. 95.38% of the stock is owned by hedge funds and other institutional investors.

Brinker International Company Profile

(Get Rating)

Brinker International, Inc, together with its subsidiaries, engages in the ownership, development, operation, and franchising of casual dining restaurants in the United States and internationally. The company operates in two segments, Chili's and Maggiano's. As of June 30, 2021, it owned, operated, or franchised 1,648 restaurants comprising 1,594 restaurants under the Chili's Grill & Bar name and 54 restaurants under the Maggiano's Little Italy brand name.

See Also

Earnings History and Estimates for Brinker International (NYSE:EAT)

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