Panera Bread Co. (PNRA) Upgraded at Longbow Research
Panera Bread Co. (NASDAQ:PNRA) was upgraded by analysts at Longbow Research from a “neutral” rating to a “buy” rating in a report issued on Monday, The Fly reports.
PNRA has been the subject of several other reports. Piper Jaffray Cos. reissued an “overweight” rating and set a $237.00 price target on shares of Panera Bread in a report on Tuesday, July 12th. Vetr raised Panera Bread from a “hold” rating to a “strong-buy” rating and set a $250.00 price target for the company in a report on Wednesday, July 20th. Maxim Group reissued a “buy” rating and set a $230.00 price target (down from $238.00) on shares of Panera Bread in a report on Monday, July 18th. Cowen and Company set a $240.00 price target on Panera Bread and gave the stock a “buy” rating in a report on Thursday, August 11th. Finally, Credit Suisse Group AG lifted their price target on Panera Bread from $225.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and twenty have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $230.52.
Panera Bread (NASDAQ:PNRA) opened at 189.28 on Monday. Panera Bread has a 1-year low of $165.17 and a 1-year high of $224.15. The firm has a market cap of $4.46 billion, a price-to-earnings ratio of 32.04 and a beta of 0.66. The firm has a 50-day moving average price of $205.36 and a 200-day moving average price of $211.13.
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Panera Bread (NASDAQ:PNRA) last released 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 business earned $698.90 million during the quarter, compared to analysts’ expectations of $696.46 million. Panera Bread had a return on equity of 34.45% and a net margin of 5.30%. The firm’s revenue for the quarter was up 3.3% compared to the same quarter last year. During the same period last year, the firm posted $1.61 EPS. On average, analysts expect that Panera Bread will post $6.69 earnings per share for the current fiscal year.
In other news, SVP Scott G. Blair sold 202 shares of the business’s stock in a transaction dated Wednesday, August 24th. The stock was sold at an average price of $217.95, for a total value of $44,025.90. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark D. Wooldridge sold 164 shares of the business’s stock in a transaction dated 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 transaction, the insider now directly owns 1,461 shares in the company, valued at $324,604.98. The disclosure for this sale can be found here. Company insiders own 6.96% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in PNRA. Columbus Circle Investors increased its position in shares of Panera Bread by 985.5% in the second quarter. Columbus Circle Investors now owns 409,650 shares of the company’s stock worth $86,821,000 after buying an additional 371,910 shares in the last quarter. Alliancebernstein L.P. increased its position in shares of Panera Bread by 2,177.7% in the second quarter. Alliancebernstein L.P. now owns 384,637 shares of the company’s stock worth $81,520,000 after buying an additional 367,750 shares in the last quarter. Conatus Capital Management LP acquired a new position in shares of Panera Bread during the second quarter worth about $76,922,000. Bank of New York Mellon Corp increased its position in shares of Panera Bread by 75.0% in the second quarter. Bank of New York Mellon Corp now owns 721,181 shares of the company’s stock worth $152,846,000 after buying an additional 309,133 shares in the last quarter. Finally, FMR LLC increased its position in shares of Panera Bread by 40.0% in the second quarter. FMR LLC now owns 1,003,927 shares of the company’s stock worth $212,772,000 after buying an additional 286,619 shares in the last quarter. 92.95% of the stock is currently owned by institutional investors.
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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