Panera Bread Co. (PNRA) Downgraded by Vetr Inc. to Buy
Panera Bread Co. (NASDAQ:PNRA) was downgraded by Vetr from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Thursday. They presently have a $243.51 price objective on the stock. Vetr‘s price target points to a potential upside of 11.75% from the company’s current price.
PNRA has been the subject of a number of other research reports. Cowen and Company set a $240.00 target price on Panera Bread and gave the stock a “buy” rating in a report on Thursday, August 11th. Zacks Investment Research upgraded Panera Bread from a “sell” rating to a “hold” rating in a report on Thursday, October 27th. Credit Suisse Group AG upped their target price on Panera Bread from $225.00 to $235.00 and gave the stock an “outperform” rating in a report on Thursday, July 28th. Piper Jaffray Cos. upped their target price on Panera Bread from $237.00 to $260.00 and gave the stock an “overweight” rating in a report on Thursday, August 18th. Finally, Maxim Group increased their price objective on Panera Bread from $230.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, September 29th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and nineteen have assigned a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $233.33.
Panera Bread (NASDAQ:PNRA) remained flat at $217.90 during mid-day trading on Thursday. 403,632 shares of the stock were exchanged. The firm has a 50 day moving average of $196.77 and a 200-day moving average of $207.99. The stock has a market cap of $5.07 billion, a P/E ratio of 36.23 and a beta of 0.27. Panera Bread has a 1-year low of $178.99 and a 1-year high of $224.15.
Panera Bread (NASDAQ:PNRA) last posted its earnings results on Tuesday, October 25th. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.03. The company earned $684.20 million during the quarter, compared to analyst estimates of $682.04 million. Panera Bread had a return on equity of 39.44% and a net margin of 5.24%. Panera Bread’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.32 earnings per share. On average, equities research analysts forecast that Panera Bread will post $6.71 earnings per share for the current fiscal year.
In other Panera Bread news, SVP Scott G. Blair sold 204 shares of the firm’s stock in a transaction that occurred on Wednesday, November 9th. The shares were sold at an average price of $186.00, for a total value of $37,944.00. Following the transaction, the senior vice president now directly owns 5,752 shares of the company’s stock, valued at approximately $1,069,872. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 6.96% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PNRA. Scout Investments Inc. raised its position in Panera Bread by 67.9% in the third quarter. Scout Investments Inc. now owns 146,220 shares of the company’s stock worth $28,472,000 after buying an additional 59,130 shares during the period. Price T Rowe Associates Inc. MD raised its position in Panera Bread by 4.9% in the third quarter. Price T Rowe Associates Inc. MD now owns 62,221 shares of the company’s stock worth $12,116,000 after buying an additional 2,900 shares during the period. Credit Suisse AG raised its position in Panera Bread by 21.5% in the third quarter. Credit Suisse AG now owns 39,646 shares of the company’s stock worth $7,720,000 after buying an additional 7,011 shares during the period. Ameritas Investment Partners Inc. raised its position in Panera Bread by 29.2% in the third quarter. Ameritas Investment Partners Inc. now owns 13,790 shares of the company’s stock worth $2,685,000 after buying an additional 3,115 shares during the period. Finally, Verition Fund Management LLC acquired a new position in Panera Bread during the third quarter worth $340,000. 96.57% of the stock is currently owned by institutional investors and hedge funds.
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Panera Bread Company Profile
Panera Bread Company (Panera) is a food service provider. Panera is a national bakery-cafe concept with approximately 1,970 Company-owned and franchise-operated bakery-cafe locations in over 45 states, the District of Columbia, and Ontario, Canada. The Company operates through three segments: Company Bakery-Cafe Operations, Franchise Operations, and Fresh Dough and Other Product Operations.
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