Q2 2017 Earnings Estimate for Darden Restaurants Inc. Issued By SunTrust Banks (DRI)
Darden Restaurants Inc. (NYSE:DRI) – Investment analysts at SunTrust Banks upped their Q2 2017 EPS estimates for Darden Restaurants in a note issued to investors on Tuesday. SunTrust Banks analyst J. Bartlett now expects that the brokerage will earn $0.70 per share for the quarter, up from their prior forecast of $0.68. SunTrust Banks currently has a “Neutral” rating and a $67.00 target price on the stock. SunTrust Banks also issued estimates for Darden Restaurants’ Q3 2017 earnings at $1.24 EPS, FY2017 earnings at $3.91 EPS, Q1 2018 earnings at $0.93 EPS, Q2 2018 earnings at $0.77 EPS, Q3 2018 earnings at $1.35 EPS, Q4 2018 earnings at $1.22 EPS and FY2018 earnings at $4.26 EPS.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.06. Darden Restaurants had a return on equity of 21.95% and a net margin of 5.41%. The business had revenue of $1.71 billion for the quarter. During the same period in the previous year, the business posted $0.68 earnings per share. The firm’s revenue was up 1.6% on a year-over-year basis.
Several other equities research analysts also recently issued reports on DRI. Bank of America Corp. restated a “sell” rating on shares of Darden Restaurants in a report on Wednesday. Robert W. Baird restated a “neutral” rating and issued a $70.00 price target on shares of Darden Restaurants in a report on Tuesday, June 28th. Maxim Group restated a “buy” rating and issued a $74.00 price target (down from $77.00) on shares of Darden Restaurants in a report on Friday, July 1st. Zacks Investment Research downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Finally, Credit Suisse Group AG restated a “buy” rating and issued a $69.00 price target on shares of Darden Restaurants in a report on Wednesday. Three analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $70.26.
Shares of Darden Restaurants (NYSE:DRI) traded up 0.85% on Wednesday, hitting $61.68. The company had a trading volume of 1,558,377 shares. The firm has a market capitalization of $7.78 billion, a P/E ratio of 21.28 and a beta of 0.41. The firm has a 50 day moving average of $61.98 and a 200-day moving average of $63.84. Darden Restaurants has a 12-month low of $53.38 and a 12-month high of $68.68.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.63%. Darden Restaurants’s dividend payout ratio (DPR) is presently 76.98%.
In related news, Director James P. Fogarty acquired 3,000 shares of the stock in a transaction on Thursday, July 7th. The shares were purchased at an average price of $61.70 per share, for a total transaction of $185,100.00. Following the purchase, the director now directly owns 7,890 shares in the company, valued at $486,813. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company insiders own 0.69% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. BB&T Securities LLC bought a new position in Darden Restaurants during the first quarter worth approximately $2,002,000. Aviva PLC raised its position in Darden Restaurants by 0.7% in the first quarter. Aviva PLC now owns 138,386 shares of the restaurant operator’s stock worth $9,175,000 after buying an additional 1,025 shares during the period. Huntington Asset Advisors Inc. bought a new position in Darden Restaurants during the first quarter worth approximately $484,000. M&T Bank Corp raised its position in Darden Restaurants by 6.3% in the first quarter. M&T Bank Corp now owns 236,846 shares of the restaurant operator’s stock worth $15,703,000 after buying an additional 14,105 shares during the period. Finally, Menta Capital LLC bought a new position in Darden Restaurants during the first quarter worth approximately $537,000. Hedge funds and other institutional investors own 94.57% of the company’s stock.
About Darden Restaurants
Darden Restaurants, Inc is a full-service restaurant company. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company’s segments include Olive Garden, LongHorn Steakhouse, Fine Dining (which includes The Capital Grille, and Eddie V’s Prime Seafood and Wildfish Seafood Grille (Eddie V’s)) and Other Business (which includes Yard House, Seasons 52, Bahama Breeze, consumer-packaged goods and franchise revenues).
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