Wedbush Weighs in on The Cheesecake Factory Incorporated’s Q2 2024 Earnings (NASDAQ:CAKE)

The Cheesecake Factory Incorporated (NASDAQ:CAKE) – Research analysts at Wedbush dropped their Q2 2024 earnings estimates for shares of Cheesecake Factory in a research note issued to investors on Thursday, May 9th. Wedbush analyst N. Setyan now forecasts that the restaurant operator will earn $0.99 per share for the quarter, down from their previous estimate of $1.06. Wedbush has a “Outperform” rating and a $45.00 price target on the stock. The consensus estimate for Cheesecake Factory’s current full-year earnings is $3.13 per share. Wedbush also issued estimates for Cheesecake Factory’s Q3 2024 earnings at $0.55 EPS, Q4 2024 earnings at $0.91 EPS, Q1 2025 earnings at $0.88 EPS, Q2 2025 earnings at $1.14 EPS, Q3 2025 earnings at $0.62 EPS and Q4 2025 earnings at $1.07 EPS.

Cheesecake Factory (NASDAQ:CAKE) last posted its earnings results on Wednesday, May 8th. The restaurant operator reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.63 by $0.10. The firm had revenue of $891.22 million during the quarter, compared to analyst estimates of $890.49 million. Cheesecake Factory had a net margin of 3.07% and a return on equity of 42.15%. The business’s quarterly revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned $0.61 EPS.

Several other equities research analysts have also commented on the stock. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Cheesecake Factory from $37.00 to $38.00 and gave the stock a “hold” rating in a report on Thursday. Wells Fargo & Company boosted their price target on shares of Cheesecake Factory from $35.00 to $36.00 and gave the stock an “equal weight” rating in a report on Thursday. Piper Sandler boosted their price target on shares of Cheesecake Factory from $33.00 to $37.00 and gave the stock a “neutral” rating in a report on Thursday, February 22nd. Raymond James raised shares of Cheesecake Factory from a “market perform” rating to an “outperform” rating and set a $42.00 price target for the company in a report on Thursday. Finally, JPMorgan Chase & Co. cut shares of Cheesecake Factory from a “neutral” rating to an “underweight” rating and set a $33.00 target price on the stock. in a research note on Tuesday, January 23rd. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $37.67.

Cheesecake Factory Price Performance

Shares of NASDAQ CAKE opened at $37.65 on Monday. The firm has a market cap of $1.92 billion, a PE ratio of 17.27, a PEG ratio of 1.23 and a beta of 1.48. The firm has a fifty day moving average of $35.20 and a 200 day moving average of $34.09. The company has a debt-to-equity ratio of 1.42, a quick ratio of 0.37 and a current ratio of 0.43. Cheesecake Factory has a one year low of $28.58 and a one year high of $38.19.

Cheesecake Factory Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 4th. Investors of record on Wednesday, May 22nd will be issued a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Tuesday, May 21st. Cheesecake Factory’s dividend payout ratio is presently 49.54%.

Institutional Investors Weigh In On Cheesecake Factory

Several hedge funds have recently modified their holdings of CAKE. Norges Bank acquired a new stake in shares of Cheesecake Factory during the fourth quarter worth $11,729,000. Sapient Capital LLC acquired a new stake in shares of Cheesecake Factory during the fourth quarter worth $6,838,000. Envestnet Asset Management Inc. raised its position in Cheesecake Factory by 46.9% in the third quarter. Envestnet Asset Management Inc. now owns 411,017 shares of the restaurant operator’s stock worth $12,454,000 after acquiring an additional 131,295 shares in the last quarter. IPG Investment Advisors LLC raised its position in Cheesecake Factory by 104.7% in the fourth quarter. IPG Investment Advisors LLC now owns 151,695 shares of the restaurant operator’s stock worth $5,311,000 after acquiring an additional 77,575 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new position in Cheesecake Factory in the fourth quarter worth $2,532,000. 94.48% of the stock is owned by institutional investors and hedge funds.

About Cheesecake Factory

The Cheesecake Factory Incorporated operates and licenses restaurants in the United States and Canada. The company operates bakeries that produce cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors.