Brinker International, Inc. (NYSE:EAT) announced a quarterly dividend on Thursday, August 10th, RTT News reports. Shareholders of record on Friday, September 8th will be paid a dividend of 0.38 per share by the restaurant operator on Thursday, September 28th. This represents a $1.52 dividend on an annualized basis and a yield of 4.61%. The ex-dividend date is Thursday, September 7th. This is an increase from Brinker International’s previous quarterly dividend of $0.34.
Brinker International has increased its dividend by an average of 14.5% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Brinker International has a dividend payout ratio of 46.8% indicating that its dividend is sufficiently covered by earnings. Analysts expect Brinker International to earn $3.30 per share next year, which means the company should continue to be able to cover its $1.52 annual dividend with an expected future payout ratio of 46.1%.
Brinker International (NYSE:EAT) traded up 2.39% during mid-day trading on Friday, reaching $32.97. The company’s stock had a trading volume of 1,894,957 shares. The firm has a 50 day moving average price of $33.20 and a 200-day moving average price of $39.00. The company has a market capitalization of $1.60 billion, a PE ratio of 11.21 and a beta of 0.26. Brinker International has a 1-year low of $29.50 and a 1-year high of $55.84.
Brinker International (NYSE:EAT) last issued its quarterly earnings data on Thursday, August 10th. The restaurant operator reported $1.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.04 by $0.05. The firm had revenue of $810.66 million during the quarter, compared to the consensus estimate of $809.94 million. Brinker International had a net margin of 4.79% and a negative return on equity of 31.46%. The business’s revenue for the quarter was down 8.1% compared to the same quarter last year. During the same period last year, the business posted $1.24 earnings per share. On average, equities analysts predict that Brinker International will post $3.24 EPS for the current fiscal year.
In other news, Director Michael A. George bought 16,450 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average price of $30.31 per share, for a total transaction of $498,599.50. Following the completion of the acquisition, the director now directly owns 49,952 shares in the company, valued at $1,514,045.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.76% of the stock is owned by insiders.
Brinker International announced that its board has authorized a share repurchase plan on Thursday, August 10th that allows the company to repurchase $250.00 million in shares. This repurchase authorization allows the restaurant operator to purchase up to 14.6% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
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A number of equities research analysts have recently weighed in on EAT shares. J P Morgan Chase & Co downgraded shares of Brinker International from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $48.00 to $44.00 in a research report on Thursday, June 15th. ValuEngine downgraded shares of Brinker International from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. BMO Capital Markets upgraded shares of Brinker International from an “underperform” rating to a “market perform” rating and set a $40.00 price target for the company in a research report on Thursday, June 22nd. Maxim Group restated a “buy” rating and set a $54.00 price objective on shares of Brinker International in a research report on Thursday, June 15th. Finally, Raymond James Financial, Inc. restated a “market perform” rating on shares of Brinker International in a research report on Monday, July 24th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $45.67.
About Brinker International
Brinker International, Inc is engaged in the ownership, operation, development, and franchising of the Chili’s Grill & Bar (Chili’s) and Maggiano’s Little Italy (Maggiano’s) restaurant brands. The Company’s Chili’s operates Bar & Grill category of casual dining. Chili’s menu features authentic Fresh Mex and Fresh Tex cuisine, including signature items, such as Baby Back Ribs smoked in-house, Hand-Crafted Burgers served with house-made garlic dill pickles, Mix and Match Fajitas, Tableside Guacamole and house-made Chips and Salsa.
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