News Summary
In recent developments, Texas Roadhouse has attracted significant investments from various institutional investors, highlighted by Jefferies Financial Group’s massive 730.2% stake boost. Other firms like Bessemer Group and Comerica Bank are also increasing their holdings. Despite some insider selling, the majority of shares remain with institutional investors. Texas Roadhouse has received favorable ratings from brokers, with an average target price of $196.85. The company reported promising quarterly earnings and declared a dividend, showcasing its robust performance in the market.
Texas Roadhouse Stake Surge by Jefferies Financial Group
Texas
Jefferies Financial Group Inc. has significantly increased its stake in Texas Roadhouse, Inc. (NASDAQ:TXRH) by an impressive 730.2% in the first quarter of 2023, highlighting growing institutional interest in the popular casual dining chain. Following this acquisition, Jefferies now owns 17,060 shares, valued at approximately $2,843,000 by the end of the reporting period.
Notable Institutional Investments
Other institutional investors have also made adjustments to their holdings in Texas Roadhouse. Bessemer Group Inc. raised its stake by 4.3% to 176,065 shares, valued at $31,768,000 after purchasing an additional 7,301 shares. Golden State Wealth Management LLC increased its holdings by 157.3%, now owning 4,658 shares worth $776,000 after acquiring 2,848 shares. Additionally, Comerica Bank grew its stake by 16.0%, owning 132,914 shares valued at $23,982,000 after buying 18,339 additional shares. Wealth Enhancement Advisory Services LLC saw a remarkable 253.5% increase, now holding 38,086 shares valued at $6,346,000 after purchasing 27,312 shares. Brighton Jones LLC also entered the scene with a new position valued at $499,000.
Insider Transactions
Corporate insiders hold about 0.50% of Texas Roadhouse shares, with recent activity from directors indicating a bit of shifting. Director Donna E. Epps sold 800 shares on May 23rd at an average price of $186.52, totaling $149,216. This transaction represented a 14.73% decrease in her ownership, leaving her with 4,632 shares valued at approximately $863,960.64. Similarly, Director Gregory N. Moore sold 1,000 shares on May 12th at an average price of $187.62, amassing $187,620 and resulting in a 2.56% decrease in his position, ending with 38,050 shares valued at about $7,138,941.
Current Stock Overview
Institutional investors collectively own roughly 94.82% of Texas Roadhouse shares. As of August 8th, the stock opened at $182.97, while the company maintains a market capitalization of $12.14 billion. The stock has a price-to-earnings ratio of 28.24, a PEG ratio of 2.58, and a beta of 0.86. The twelve-month low for the stock was $148.73, and its twelve-month high reached $206.04. Texas Roadhouse also reported a 50-day moving average of $188.96 and a 200-day moving average of $179.16.
Recent Performance and Earnings
In its last quarterly earnings results, Texas Roadhouse reported $1.70 earnings per share, slightly below the consensus estimate by $0.05. The company’s revenue reached $1.45 billion, which was slightly above expectations, reflecting an 11.8% increase year over year.
Dividend Declaration
The company also declared a quarterly dividend of $0.68 payable on July 1st, providing investors with a yield of 1.5% and a payout ratio of 41.98%.
About Texas Roadhouse
Founded in 1993 and based in Louisville, Kentucky, Texas Roadhouse operates casual dining restaurants across the United States and internationally. The brand is well-known for its lively atmosphere and menu featuring grilled meats and fresh-baked bread. The company also operates under the brands Bubba’s 33 and Jaggers, expanding its footprint in the competitive dining landscape.
Brokerage Ratings
In the realm of brokerage ratings, Texas Roadhouse has received an average target price of $196.85, classified as a Moderate Buy according to MarketBeat.com. Deutsche Bank reaffirmed a buy rating, while Guggenheim raised their price target from $200.00 to $210.00. Wells Fargo adjusted their target down from $175.00 to $170.00, giving it an equal weight rating. Melius initiated coverage with a buy rating and a price target of $235.00, and Stifel Nicolaus increased their target from $180.00 to $188.00, assigning a hold rating.
Deeper Dive: News & Info About This Topic
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