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

The Cheesecake Factory Incorporated (NASDAQ:CAKE) – Investment analysts at William Blair raised their FY2023 earnings per share estimates for shares of Cheesecake Factory in a research note issued to investors on Thursday, November 2nd. William Blair analyst S. Zackfia now forecasts that the restaurant operator will post earnings of $2.65 per share for the year, up from their previous forecast of $2.56. William Blair currently has a “Outperform” rating on the stock. The consensus estimate for Cheesecake Factory’s current full-year earnings is $2.69 per share. William Blair also issued estimates for Cheesecake Factory’s Q4 2023 earnings at $0.76 EPS and FY2024 earnings at $3.02 EPS.

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

CAKE has been the subject of several other research reports. TheStreet downgraded shares of Cheesecake Factory from a “b-” rating to a “c+” rating in a research note on Monday, October 30th. Morgan Stanley dropped their price objective on shares of Cheesecake Factory from $31.00 to $28.00 and set an “underweight” rating for the company in a research note on Wednesday, October 11th. Piper Sandler dropped their price objective on shares of Cheesecake Factory from $36.00 to $33.00 and set a “neutral” rating for the company in a research note on Thursday. Wedbush reaffirmed a “neutral” rating and set a $32.00 price objective on shares of Cheesecake Factory in a research note on Thursday. Finally, Citigroup dropped their price objective on shares of Cheesecake Factory from $39.00 to $33.00 and set a “neutral” rating for the company in a research note on Wednesday, October 18th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $33.93.

Cheesecake Factory Trading Up 2.8 %

Shares of CAKE stock opened at $31.09 on Monday. The firm has a 50-day moving average price of $30.27 and a 200 day moving average price of $32.68. Cheesecake Factory has a twelve month low of $28.58 and a twelve month high of $41.28. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 17.97, a PEG ratio of 0.55 and a beta of 1.46. The company has a current ratio of 0.48, a quick ratio of 0.38 and a debt-to-equity ratio of 1.44.

Hedge Funds Weigh In On Cheesecake Factory

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in Cheesecake Factory by 2.0% in the 1st quarter. Vanguard Group Inc. now owns 5,387,902 shares of the restaurant operator’s stock worth $214,385,000 after acquiring an additional 107,399 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Cheesecake Factory by 0.6% in the 1st quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,799,304 shares of the restaurant operator’s stock worth $133,166,000 after acquiring an additional 21,505 shares during the period. State Street Corp boosted its holdings in Cheesecake Factory by 0.7% in the 3rd quarter. State Street Corp now owns 1,751,453 shares of the restaurant operator’s stock worth $51,283,000 after acquiring an additional 12,578 shares during the period. Dimensional Fund Advisors LP boosted its holdings in Cheesecake Factory by 1.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,178,874 shares of the restaurant operator’s stock worth $40,765,000 after acquiring an additional 16,901 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in Cheesecake Factory by 3.7% in the 2nd quarter. Geode Capital Management LLC now owns 966,062 shares of the restaurant operator’s stock worth $33,406,000 after acquiring an additional 34,508 shares during the period. Hedge funds and other institutional investors own 88.68% of the company’s stock.

Cheesecake Factory Dividend Announcement

The company 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 dividend of $0.27 per share. This represents a $1.08 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Tuesday, November 14th. Cheesecake Factory’s payout ratio is currently 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.