Darden Restaurants Inc. Forecasted to Post FY2017 Earnings of $3.92 Per Share (DRI)
Darden Restaurants Inc. (NYSE:DRI) – Equities researchers at Oppenheimer Holdings upped their FY2017 earnings per share (EPS) estimates for Darden Restaurants in a note issued to investors on Tuesday. Oppenheimer Holdings analyst B. Bittner now forecasts that the firm will post earnings of $3.92 per share for the year, up from their previous estimate of $3.85. Oppenheimer Holdings has a “Outperform” rating and a $70.00 price target on the stock.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.06. The firm earned $1.71 billion during the quarter. Darden Restaurants had a return on equity of 24.97% and a net margin of 5.73%. The company’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.68 EPS.
Several other equities research analysts have also recently weighed in on the company. Wells Fargo & Co. cut Darden Restaurants from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $72.00 to $68.00 in a report on Wednesday, July 13th. Stifel Nicolaus cut Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 target price for the company. in a report on Tuesday, July 26th. Piper Jaffray Cos. restated an “overweight” rating and set a $76.00 target price (down from $78.00) on shares of Darden Restaurants in a report on Saturday, July 2nd. Canaccord Genuity started coverage on Darden Restaurants in a report on Monday, August 22nd. They set a “buy” rating and a $74.00 target price for the company. Finally, Zacks Investment Research upgraded Darden Restaurants from a “sell” rating to a “hold” rating in a report on Monday, September 12th. Three research analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the company’s stock. Darden Restaurants has a consensus rating of “Hold” and an average price target of $69.89.
Darden Restaurants (NYSE:DRI) traded up 0.85% during midday trading on Thursday, hitting $61.47. The stock had a trading volume of 275,999 shares. The company has a market cap of $7.68 billion, a P/E ratio of 19.85 and a beta of 0.41. The firm’s 50-day moving average price is $61.92 and its 200 day moving average price is $63.81. Darden Restaurants has a 12 month low of $53.38 and a 12 month high of $68.68.
Several hedge funds and other institutional investors have recently modified their holdings of DRI. CENTRAL TRUST Co raised its position in shares of Darden Restaurants by 16.5% in the second quarter. CENTRAL TRUST Co now owns 1,799 shares of the restaurant operator’s stock worth $114,000 after buying an additional 255 shares during the period. Krilogy Financial LLC raised its position in shares of Darden Restaurants by 1.6% in the second quarter. Krilogy Financial LLC now owns 2,133 shares of the restaurant operator’s stock worth $135,000 after buying an additional 33 shares during the period. Pacer Advisors Inc. raised its position in shares of Darden Restaurants by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,369 shares of the restaurant operator’s stock worth $150,000 after buying an additional 195 shares during the period. M&R Capital Management Inc. purchased a new position in shares of Darden Restaurants during the second quarter worth about $158,000. Finally, Citizens Financial Group Inc RI raised its position in shares of Darden Restaurants by 320.0% in the first quarter. Citizens Financial Group Inc RI now owns 2,520 shares of the restaurant operator’s stock worth $167,000 after buying an additional 1,920 shares during the period. Institutional investors and hedge funds own 94.57% of the company’s stock.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders 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 dividend yield of 3.68%. Darden Restaurants’s dividend payout ratio (DPR) is 72.03%.
Darden Restaurants Company Profile
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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