Dave & Buster’s Entertainment (PLAY) to Buyback $100.00 million in Stock
Dave & Buster’s Entertainment (NASDAQ:PLAY) announced that its board has authorized a stock repurchase plan, which allows the company to buyback $100.00 million in shares on Friday, September 8th, EventVestor reports. This buyback authorization allows the restaurant operator to reacquire up to 4.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.
Several analysts have weighed in on PLAY shares. Zacks Investment Research upgraded shares of Dave & Buster’s Entertainment from a “hold” rating to a “buy” rating and set a $75.00 target price for the company in a research note on Tuesday, May 23rd. Jefferies Group LLC reiterated a “buy” rating and set a $65.00 target price on shares of Dave & Buster’s Entertainment in a research note on Thursday, May 18th. Maxim Group reiterated a “buy” rating and set a $72.00 target price on shares of Dave & Buster’s Entertainment in a research note on Friday, June 2nd. SunTrust Banks, Inc. set a $85.00 target price on shares of Dave & Buster’s Entertainment and gave the company a “buy” rating in a research note on Wednesday, June 7th. Finally, BMO Capital Markets reiterated a “buy” rating and set a $77.00 target price (up previously from $64.00) on shares of Dave & Buster’s Entertainment in a research note on Wednesday, June 7th. One research analyst has rated the stock with a sell rating and eleven have given a buy rating to the company. Dave & Buster’s Entertainment has a consensus rating of “Buy” and a consensus price target of $74.11.
Dave & Buster’s Entertainment (PLAY) traded up 2.74% during trading on Friday, hitting $50.95. 2,219,826 shares of the stock traded hands. The stock has a market cap of $2.11 billion, a PE ratio of 21.56 and a beta of 0.65. The company has a 50-day moving average price of $60.13 and a 200 day moving average price of $62.78. Dave & Buster’s Entertainment has a one year low of $37.60 and a one year high of $73.48.
Dave & Buster’s Entertainment (NASDAQ:PLAY) last released its quarterly earnings data on Tuesday, September 5th. The restaurant operator reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.04. Dave & Buster’s Entertainment had a return on equity of 24.58% and a net margin of 10.27%. The firm had revenue of $280.80 million during the quarter, compared to analyst estimates of $281.69 million. During the same period in the prior year, the company posted $0.50 earnings per share. The business’s revenue for the quarter was up 14.9% compared to the same quarter last year. Analysts expect that Dave & Buster’s Entertainment will post $2.69 earnings per share for the current year.
In other Dave & Buster’s Entertainment news, CMO John P. Gleason sold 15,000 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $66.96, for a total transaction of $1,004,400.00. Following the completion of the transaction, the chief marketing officer now directly owns 25,505 shares in the company, valued at $1,707,814.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John Mulleady sold 2,500 shares of the stock in a transaction on Thursday, June 15th. The stock was sold at an average price of $66.75, for a total value of $166,875.00. Following the transaction, the senior vice president now owns 5,101 shares of the company’s stock, valued at $340,491.75. The disclosure for this sale can be found here. Insiders have sold 102,500 shares of company stock valued at $5,949,550 over the last quarter. Corporate insiders own 5.60% of the company’s stock.
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About Dave & Buster’s Entertainment
Dave & Busters Entertainment, Inc owns and operates entertainment and dining venues for adults and families in North America. Its venues offer a menu of Fun American New Gourmet entrées and appetizers, as well as a selection of non-alcoholic and alcoholic beverages; and an assortment of entertainment attractions centered on playing games and watching live sports, and other televised events.
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