Elevation Point Wealth Partners LLC Invests $1.04 Million in The Cheesecake Factory Incorporated $CAKE

Elevation Point Wealth Partners LLC bought a new stake in The Cheesecake Factory Incorporated (NASDAQ:CAKE) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 13,103 shares of the restaurant operator’s stock, valued at approximately $1,042,000.

Several other institutional investors and hedge funds have also modified their holdings of CAKE. Invesco Ltd. raised its stake in Cheesecake Factory by 13.6% in the 4th quarter. Invesco Ltd. now owns 2,337,671 shares of the restaurant operator’s stock worth $118,006,000 after purchasing an additional 280,553 shares in the last quarter. State Street Corp grew its position in shares of Cheesecake Factory by 0.3% during the 4th quarter. State Street Corp now owns 1,785,955 shares of the restaurant operator’s stock worth $90,155,000 after purchasing an additional 4,535 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of Cheesecake Factory by 16.4% during the 4th quarter. Victory Capital Management Inc. now owns 1,474,320 shares of the restaurant operator’s stock worth $74,424,000 after purchasing an additional 207,788 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Cheesecake Factory by 2.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,242,143 shares of the restaurant operator’s stock worth $68,008,000 after purchasing an additional 29,037 shares during the period. Finally, Geode Capital Management LLC increased its holdings in shares of Cheesecake Factory by 0.4% during the fourth quarter. Geode Capital Management LLC now owns 1,152,174 shares of the restaurant operator’s stock worth $58,170,000 after purchasing an additional 4,577 shares during the period. 94.48% of the stock is currently owned by institutional investors and hedge funds.

Cheesecake Factory Stock Performance

Shares of Cheesecake Factory stock opened at $114.61 on Tuesday. The company has a 50 day moving average of $91.13 and a 200-day moving average of $71.91. The Cheesecake Factory Incorporated has a 1-year low of $43.07 and a 1-year high of $118.46. The company has a current ratio of 0.59, a quick ratio of 0.52 and a debt-to-equity ratio of 1.08. The company has a market cap of $5.70 billion, a PE ratio of 31.06, a price-to-earnings-growth ratio of 2.03 and a beta of 1.00.

Cheesecake Factory (NASDAQ:CAKE) last posted its quarterly earnings results on Tuesday, July 28th. The restaurant operator reported $1.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.26. The business had revenue of $1.03 billion for the quarter, compared to analyst estimates of $999.54 million. Cheesecake Factory had a net margin of 4.61% and a return on equity of 43.97%. The firm’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the business posted $1.16 EPS. As a group, equities research analysts forecast that The Cheesecake Factory Incorporated will post 4.47 earnings per share for the current fiscal year.

Cheesecake Factory Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Shareholders of record on Tuesday, August 11th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Tuesday, August 11th. Cheesecake Factory’s dividend payout ratio (DPR) is currently 32.52%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on CAKE shares. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $68.00 price target on shares of Cheesecake Factory in a research note on Thursday, April 30th. Stephens restated a “positive” rating on shares of Cheesecake Factory in a research note on Wednesday, July 29th. Morgan Stanley raised Cheesecake Factory from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $50.00 to $80.00 in a report on Wednesday, July 29th. JPMorgan Chase & Co. upgraded Cheesecake Factory from an “underweight” rating to a “neutral” rating and upped their target price for the company from $58.00 to $68.00 in a research report on Thursday, May 14th. Finally, UBS Group increased their target price on Cheesecake Factory from $53.00 to $60.00 and gave the stock a “sell” rating in a report on Thursday, July 23rd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $81.00.

Insider Transactions at Cheesecake Factory

In other news, Director Janice L. Meyer sold 1,958 shares of the business’s stock in a transaction on Monday, August 17th. The stock was sold at an average price of $109.36, for a total transaction of $214,126.88. Following the completion of the transaction, the director owned 21,251 shares of the company’s stock, valued at approximately $2,324,009.36. The trade was a 8.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President David M. Gordon sold 31,950 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $110.03, for a total value of $3,515,458.50. Following the sale, the president owned 26,875 shares of the company’s stock, valued at approximately $2,957,056.25. This represents a 54.31% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 216,239 shares of company stock worth $22,463,500. 8.00% of the stock is owned by insiders.

Cheesecake Factory Company Profile

The Cheesecake Factory Incorporated (NASDAQ:CAKE) is an American restaurant company and distributor renowned for its full-service casual-dining concept and specialty cheesecakes. Headquartered in Calabasas Hills, California, the company operates more than 200 restaurants under The Cheesecake Factory® brand across the United States, Puerto Rico and select international markets. In addition to sit-down dining, Cheesecake Factory franchised locations offer catering and take-out services, while a separate manufacturing arm supplies branded cheesecakes and desserts to supermarkets, hotels and other foodservice operators.

The origins of the brand trace back to a small cheesecake bakery founded in Detroit in the 1940s.