Panera Bread Co. (PNRA) Downgraded to Hold at Vetr Inc.
Panera Bread Co. (NASDAQ:PNRA) was downgraded by Vetr from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday. They presently have a $202.50 target price on the stock. Vetr‘s price target points to a potential upside of 2.44% from the company’s current price.
A number of other brokerages also recently commented on PNRA. Royal Bank Of Canada initiated coverage on shares of Panera Bread in a research note on Wednesday, July 20th. They set an “outperform” rating and a $250.00 target price on the stock. Robert W. Baird reaffirmed an “outperform” rating on shares of Panera Bread in a research note on Thursday, September 8th. BTIG Research set a $240.00 target price on shares of Panera Bread and gave the stock a “buy” rating in a research note on Wednesday, July 27th. BMO Capital Markets reaffirmed a “market perform” rating and set a $210.00 target price (up from $205.00) on shares of Panera Bread in a research note on Thursday, July 28th. Finally, Sanford C. Bernstein initiated coverage on shares of Panera Bread in a research note on Thursday, May 26th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty have assigned a buy rating to the stock. Panera Bread has an average rating of “Buy” and a consensus price target of $229.61.
Shares of Panera Bread (NASDAQ:PNRA) traded up 0.05% during midday trading on Wednesday, hitting $197.68. 528,430 shares of the stock traded hands. The company has a market cap of $4.66 billion, a price-to-earnings ratio of 33.46 and a beta of 0.71. Panera Bread has a 52-week low of $165.17 and a 52-week high of $224.15. The stock has a 50-day moving average of $213.96 and a 200-day moving average of $212.59.
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Panera Bread (NASDAQ:PNRA) last posted its quarterly earnings results on Tuesday, July 26th. The company reported $1.78 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.74 by $0.04. The firm had revenue of $698.90 million for the quarter, compared to the consensus estimate of $696.46 million. Panera Bread had a net margin of 5.30% and a return on equity of 34.45%. The company’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same period last year, the firm posted $1.61 earnings per share. On average, equities analysts predict that Panera Bread will post $6.69 earnings per share for the current fiscal year.
In related news, insider Mark D. Wooldridge sold 164 shares of the company’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $222.18, for a total value of $36,437.52. Following the completion of the sale, the insider now owns 1,461 shares in the company, valued at approximately $324,604.98. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Scott G. Blair sold 228 shares of the company’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $218.24, for a total transaction of $49,758.72. The disclosure for this sale can be found here. 6.96% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in PNRA. Krilogy Financial LLC increased its position in shares of Panera Bread by 8.6% in the second quarter. Krilogy Financial LLC now owns 630 shares of the company’s stock worth $134,000 after buying an additional 50 shares during the last quarter. IFP Advisors Inc increased its position in shares of Panera Bread by 3.6% in the first quarter. IFP Advisors Inc now owns 686 shares of the company’s stock worth $141,000 after buying an additional 24 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Panera Bread by 17.9% in the second quarter. Tower Research Capital LLC TRC now owns 849 shares of the company’s stock worth $179,000 after buying an additional 129 shares during the last quarter. C M Bidwell & Associates Ltd. purchased a new position in shares of Panera Bread during the first quarter worth approximately $177,000. Finally, Rockefeller Financial Services Inc. purchased a new position in shares of Panera Bread during the second quarter worth approximately $196,000. Hedge funds and other institutional investors own 92.95% of the company’s stock.
About Panera Bread
Panera Bread Company (Panera) is a food service provider. Panera is a national bakery-cafe concept with approximately 1,970 Company-owned and franchise-operated bakery-cafe locations in over 45 states, the District of Columbia, and Ontario, Canada. The Company operates through three segments: Company Bakery-Cafe Operations, Franchise Operations, and Fresh Dough and Other Product Operations.
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