10 Best Food Stocks To Buy Under $20

2. Bloomin Brands, Inc. (NASDAQ:BLMN)

Stock Price: $11.21

Number of Hedge Fund Holders: 27

Bloomin’ Brands, Inc. (NASDAQ:BLMN) is a Florida-based restaurant holding company that owns four brands: Outback Steakhouse, Fleming’s Prime Steakhouse & Wine Bar, Carrabba’s Italian Grill, and Bonefish Grill. The company owns and operates more than 1,450 restaurants in 45 US states, Guam, and 13 countries, some of which are franchises. Its operations are thus divided into segments: International and US.

Bloomin’ Brands, Inc. (NASDAQ:BLMN) is undergoing a leadership transition, with Michael Spanos recently stepping in as CEO to revamp its operations. In addition, the company is in the process of franchising its Brazilian operations. The company has a strong cash position, as it ended fiscal Q3 2024 with over $83.6 million available in cash and cash equivalents. It has also been paying regular dividends to shareholders since 2015.

On November 6, Bloomin’ Brands, Inc. (NASDAQ:BLMN) entered into a Purchase Agreement with Vinci Partners to strategically re-franchise its Brazilian operations, selling a 67% stake for around $243 million. Analysts believe this move will streamline Bloomin’ Brands, Inc.’s (NASDAQ:BLMN) business and boost operational efficiency by allowing it to concentrate on its domestic market.