JPMorgan Chase & Co. lowered its stake in Panera Bread Co. (NASDAQ:PNRA) by 3.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,654 shares of the company’s stock after selling 2,016 shares during the period. JPMorgan Chase & Co. owned 0.26% of Panera Bread worth $13,068,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in PNRA. Geode Capital Management LLC increased its position in Panera Bread by 1.7% in the first quarter. Geode Capital Management LLC now owns 147,463 shares of the company’s stock valued at $30,204,000 after buying an additional 2,436 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Panera Bread by 16.6% in the first quarter. Renaissance Technologies LLC now owns 270,392 shares of the company’s stock valued at $55,384,000 after buying an additional 38,592 shares during the period. Calamos Advisors LLC acquired a new stake in Panera Bread during the second quarter valued at about $28,251,000. Norges Bank acquired a new stake in Panera Bread during the fourth quarter valued at about $42,083,000. Finally, Westend Capital Management LLC acquired a new stake in Panera Bread during the first quarter valued at about $1,480,000. 92.95% of the stock is owned by institutional investors.
Panera Bread Co. (NASDAQ:PNRA) traded up 1.26% during trading on Friday, hitting $194.72. The stock had a trading volume of 763,338 shares. Panera Bread Co. has a 52 week low of $165.17 and a 52 week high of $224.15. The stock has a 50-day moving average price of $209.35 and a 200-day moving average price of $211.80. The company has a market cap of $4.59 billion, a PE ratio of 32.96 and a beta of 0.71.
Panera Bread (NASDAQ:PNRA) last released its quarterly earnings results on Tuesday, July 26th. The company reported $1.78 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.04. Panera Bread had a net margin of 5.30% and a return on equity of 34.45%. The company earned $698.90 million during the quarter, compared to analysts’ expectations of $696.46 million. During the same period in the prior year, the company earned $1.61 earnings per share. The business’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities analysts predict that Panera Bread Co. will post $6.69 EPS for the current year.
Several equities research analysts have recently issued reports on the company. Sanford C. Bernstein restated an “outperform” rating and set a $250.00 price objective on shares of Panera Bread in a report on Thursday, July 28th. Vetr upgraded Panera Bread from a “hold” rating to a “buy” rating in a report on Tuesday, August 30th. Cowen and Company set a $240.00 price objective on Panera Bread and gave the stock a “buy” rating in a report on Thursday, August 11th. Canaccord Genuity assumed coverage on Panera Bread in a report on Monday, August 22nd. They set a “buy” rating and a $255.00 price objective on the stock. Finally, Stifel Nicolaus cut Panera Bread from a “hold” rating to a “sell” rating and set a $175.00 price objective on the stock. in a report on Tuesday, July 26th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nineteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $230.52.
In other Panera Bread news, SVP Scott G. Blair sold 228 shares of the company’s stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $218.24, for a total transaction of $49,758.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark D. Wooldridge sold 164 shares of the company’s stock in a transaction dated Monday, August 15th. The shares were sold at an average price of $222.18, for a total transaction of $36,437.52. Following the sale, the insider now owns 1,461 shares of the company’s stock, valued at $324,604.98. The disclosure for this sale can be found here. Company insiders own 6.96% of the company’s stock.
About Panera Bread
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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