Analysts Issue Forecasts for The Cheesecake Factory Incorporated’s FY2023 Earnings (NASDAQ:CAKE)

The Cheesecake Factory Incorporated (NASDAQ:CAKE) – Analysts at Wedbush increased their FY2023 EPS estimates for shares of Cheesecake Factory in a research report issued on Wednesday, November 1st. Wedbush analyst N. Setyan now forecasts that the restaurant operator will post earnings per share of $2.64 for the year, up from their previous forecast of $2.63. Wedbush has a “Neutral” rating and a $32.00 price target on the stock. The consensus estimate for Cheesecake Factory’s current full-year earnings is $2.69 per share. Wedbush also issued estimates for Cheesecake Factory’s Q4 2024 earnings at $0.93 EPS.

Cheesecake Factory (NASDAQ:CAKE) last posted its earnings results on Wednesday, November 1st. The restaurant operator reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.03). Cheesecake Factory had a net margin of 2.47% and a return on equity of 39.29%. The business had revenue of $830.20 million for the quarter, compared to analysts’ expectations of $842.63 million. During the same period last year, the business posted ($0.03) EPS. The company’s revenue for the quarter was up 5.9% on a year-over-year basis.

CAKE has been the subject of several other reports. Piper Sandler cut their target price on shares of Cheesecake Factory from $36.00 to $33.00 and set a “neutral” rating for the company in a report on Thursday. Morgan Stanley cut their target price on shares of Cheesecake Factory from $31.00 to $28.00 and set an “underweight” rating for the company in a report on Wednesday, October 11th. StockNews.com initiated coverage on shares of Cheesecake Factory in a report on Thursday, October 5th. They set a “hold” rating for the company. Barclays cut their price target on shares of Cheesecake Factory from $28.00 to $26.00 and set an “underweight” rating for the company in a report on Thursday. Finally, Stephens cut their price target on shares of Cheesecake Factory from $40.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $33.93.

Cheesecake Factory Stock Performance

Shares of NASDAQ CAKE opened at $31.09 on Friday. The company has a current ratio of 0.48, a quick ratio of 0.38 and a debt-to-equity ratio of 1.44. Cheesecake Factory has a 12 month low of $28.58 and a 12 month high of $41.28. The company has a 50 day simple moving average of $30.27 and a two-hundred day simple moving average of $32.68. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 0.55 and a beta of 1.46.

Hedge Funds Weigh In On Cheesecake Factory

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Millennium Management LLC raised its stake in shares of Cheesecake Factory by 2,369.2% during the 2nd quarter. Millennium Management LLC now owns 905,116 shares of the restaurant operator’s stock worth $23,913,000 after buying an additional 868,460 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Cheesecake Factory by 436.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 578,646 shares of the restaurant operator’s stock valued at $20,010,000 after purchasing an additional 470,681 shares during the last quarter. Norges Bank acquired a new position in Cheesecake Factory in the 4th quarter valued at about $13,927,000. Weiss Multi Strategy Advisers LLC acquired a new position in Cheesecake Factory in the 1st quarter valued at about $10,360,000. Finally, Renaissance Technologies LLC acquired a new position in shares of Cheesecake Factory during the 2nd quarter valued at about $6,244,000. 88.68% of the stock is currently owned by hedge funds and other institutional investors.

Cheesecake Factory Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, November 28th. Stockholders of record on Wednesday, November 15th will be issued a $0.27 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.47%. Cheesecake Factory’s payout ratio is 62.43%.

Cheesecake Factory Company Profile

The Cheesecake Factory Incorporated engages in restaurant business. The company operates two bakeries that produces cheesecakes and other baked products for its restaurants, international licensees, third-party bakery customers, external foodservice operators, retailers, and distributors. It also operates restaurants in the United States and Canada under brands comprising The Cheesecake Factory, North Italia, and a collection of Fox Restaurant Concepts, as well as The Cheesecake Factory restaurants under licensing agreements internationally.