Zacks Investment Research upgraded shares of Restaurant Brands International Inc. (NYSE:QSR) (TSE:QSR) from a hold rating to a buy rating in a research note issued to investors on Tuesday. The firm currently has $73.00 price target on the restaurant operator’s stock.
According to Zacks, “Restaurant Brands shares have widely outpaced its industry over the past year. Going forward, various sales-boosting initiatives like improving services, reimaging restaurants, menu innovation along with continued expansion should drive the top line. In fact, the company believes that there is opportunity to grow both the Tim Hortons and Burger King brands across the world. The acquisition of Popeye’s also bodes well as it adds a solid brand to its portfolio, which should further ramp up unit growth and aid in reducing costs. Moving ahead, the company aims to continue focusing on guest satisfaction and franchisee profitability, which it believes will drive long-term growth of brands. However, rising costs along with negative currency translation might dent the company’s profitability, while a soft consumer spending environment could keep comps under pressure.”
QSR has been the topic of a number of other reports. BidaskClub raised shares of Restaurant Brands International from a sell rating to a hold rating in a research report on Saturday, August 19th. Piper Jaffray Companies reissued an overweight rating and set a $66.00 target price on shares of Restaurant Brands International in a research report on Tuesday, June 6th. CIBC raised shares of Restaurant Brands International from a market perform rating to an outperform rating and set a $70.00 target price on the stock in a research report on Wednesday, June 14th. Bank of America Corporation reissued a neutral rating and set a $62.00 target price (up from $58.00) on shares of Restaurant Brands International in a research report on Tuesday, June 13th. Finally, Scotiabank boosted their target price on shares of Restaurant Brands International from $63.00 to $65.00 and gave the stock an outperform rating in a research report on Thursday, August 3rd. Four analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. The company currently has an average rating of Buy and an average target price of $65.69.
Shares of Restaurant Brands International (NYSE QSR) opened at 63.34 on Tuesday. The firm has a 50 day moving average of $61.01 and a 200-day moving average of $58.93. The stock has a market capitalization of $14.96 billion, a P/E ratio of 44.32 and a beta of 1.77. Restaurant Brands International has a 12 month low of $42.35 and a 12 month high of $64.97.
Restaurant Brands International (NYSE:QSR) (TSE:QSR) last announced its quarterly earnings results on Wednesday, August 2nd. The restaurant operator reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.06. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.14 billion. Restaurant Brands International had a net margin of 12.66% and a return on equity of 22.71%. Restaurant Brands International’s revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.41 earnings per share. Analysts forecast that Restaurant Brands International will post $1.89 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 15th will be issued a $0.20 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This is a boost from Restaurant Brands International’s previous quarterly dividend of $0.19. This represents a $0.80 annualized dividend and a yield of 1.26%. Restaurant Brands International’s dividend payout ratio is currently 52.78%.
Restaurant Brands International announced that its board has initiated a stock repurchase plan on Wednesday, August 2nd that authorizes the company to repurchase $300.00 million in outstanding shares. This repurchase authorization authorizes the restaurant operator to purchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Director Ali Hedayat purchased 5,000 shares of the business’s stock in a transaction that occurred on Friday, August 4th. The shares were purchased at an average cost of $61.32 per share, with a total value of $306,600.00. Following the completion of the acquisition, the director now directly owns 25,966 shares of the company’s stock, valued at approximately $1,592,235.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Jose E. Cil sold 105,540 shares of the company’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $59.86, for a total transaction of $6,317,624.40. Following the completion of the sale, the executive vice president now directly owns 58,644 shares in the company, valued at $3,510,429.84. The disclosure for this sale can be found here. Corporate insiders own 4.20% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cetera Investment Advisers acquired a new stake in Restaurant Brands International in the second quarter valued at $802,000. Tower Research Capital LLC TRC raised its holdings in Restaurant Brands International by 82.7% in the second quarter. Tower Research Capital LLC TRC now owns 3,446 shares of the restaurant operator’s stock valued at $280,000 after acquiring an additional 1,560 shares in the last quarter. Caxton Associates LP acquired a new stake in Restaurant Brands International in the second quarter valued at $4,065,000. Newbrook Capital Advisors LP raised its holdings in Restaurant Brands International by 14.8% in the second quarter. Newbrook Capital Advisors LP now owns 1,044,604 shares of the restaurant operator’s stock valued at $65,375,000 after acquiring an additional 134,538 shares in the last quarter. Finally, Prudential PLC raised its holdings in Restaurant Brands International by 19.4% in the second quarter. Prudential PLC now owns 144,939 shares of the restaurant operator’s stock valued at $9,064,000 after acquiring an additional 23,538 shares in the last quarter. 76.68% of the stock is currently owned by hedge funds and other institutional investors.
Restaurant Brands International Company Profile
Restaurant Brands International Inc is a quick service restaurant (QSR) company. The Company had over 20,000 restaurants in more than 100 countries and the United States territories, as of December 31, 2016. It operates through two segments: Tim Hortons (TH) and Burger King (BK). Tim Hortons restaurants are quick service restaurants with a menu that includes blend coffee, tea, espresso-based hot and cold specialty drinks, baked goods, including donuts, Timbits, bagels, muffins, cookies and pastries, grilled paninis, classic sandwiches, wraps and soups, among others.
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