Envestnet Asset Management Inc. Reduces Stock Holdings in The Cheesecake Factory Incorporated (NASDAQ:CAKE)

Envestnet Asset Management Inc. trimmed its position in The Cheesecake Factory Incorporated (NASDAQ:CAKE) by 3.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 421,551 shares of the restaurant operator’s stock after selling 13,218 shares during the period. Envestnet Asset Management Inc. owned about 0.85% of Cheesecake Factory worth $20,513,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Aviance Capital Partners LLC lifted its position in shares of Cheesecake Factory by 23.3% during the 1st quarter. Aviance Capital Partners LLC now owns 25,751 shares of the restaurant operator’s stock valued at $1,253,000 after buying an additional 4,863 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Cheesecake Factory by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 274,877 shares of the restaurant operator’s stock valued at $13,376,000 after buying an additional 6,047 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Cheesecake Factory during the 1st quarter valued at about $345,000. Lisanti Capital Growth LLC purchased a new position in shares of Cheesecake Factory during the 1st quarter valued at about $2,423,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in shares of Cheesecake Factory during the 1st quarter valued at about $5,559,000. 94.48% of the stock is currently owned by hedge funds and other institutional investors.

Cheesecake Factory Stock Performance

NASDAQ CAKE opened at $62.36 on Thursday. The company has a market cap of $3.09 billion, a P/E ratio of 19.55, a P/E/G ratio of 1.58 and a beta of 1.16. The company has a debt-to-equity ratio of 1.85, a quick ratio of 0.43 and a current ratio of 0.53. The business’s 50 day moving average price is $58.29 and its 200-day moving average price is $52.98. The Cheesecake Factory Incorporated has a fifty-two week low of $33.50 and a fifty-two week high of $65.99.

Cheesecake Factory (NASDAQ:CAKE) last released its earnings results on Wednesday, April 30th. The restaurant operator reported $0.93 earnings per share for the quarter, beating the consensus estimate of $0.81 by $0.12. The firm had revenue of $927.20 million for the quarter, compared to the consensus estimate of $927.17 million. Cheesecake Factory had a return on equity of 46.06% and a net margin of 4.33%. The company’s revenue for the quarter was up 4.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.73 EPS. Sell-side analysts predict that The Cheesecake Factory Incorporated will post 3.71 earnings per share for the current year.

Cheesecake Factory Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, May 27th. Shareholders of record on Wednesday, May 14th were given a $0.27 dividend. This represents a $1.08 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend was Wednesday, May 14th. Cheesecake Factory’s dividend payout ratio (DPR) is presently 33.86%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $67.00 price objective (up from $66.00) on shares of Cheesecake Factory in a research report on Thursday, July 10th. JPMorgan Chase & Co. boosted their price target on Cheesecake Factory from $50.00 to $58.00 and gave the stock an “underweight” rating in a report on Wednesday, June 25th. Barclays lowered their price target on Cheesecake Factory from $50.00 to $46.00 and set an “underweight” rating on the stock in a report on Tuesday, April 22nd. Robert W. Baird boosted their price target on Cheesecake Factory from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Finally, Argus set a $60.00 price target on Cheesecake Factory in a report on Wednesday, May 14th. Four analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.75.

Insider Buying and Selling at Cheesecake Factory

In related news, CFO Matthew Eliot Clark sold 42,900 shares of the company’s stock in a transaction on Tuesday, May 27th. The stock was sold at an average price of $56.00, for a total transaction of $2,402,400.00. Following the completion of the sale, the chief financial officer directly owned 40,878 shares in the company, valued at $2,289,168. This represents a 51.21% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Scarlett May sold 20,800 shares of the company’s stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $56.02, for a total value of $1,165,216.00. Following the sale, the executive vice president owned 22,872 shares of the company’s stock, valued at $1,281,289.44. This trade represents a 47.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 133,000 shares of company stock valued at $7,456,992 in the last quarter. 8.40% of the stock is owned by insiders.

Cheesecake Factory Company Profile

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.