Darden Restaurants Inc. (DRI) Receives “Buy” Rating from Credit Suisse Group AG
Credit Suisse Group AG restated their buy rating on shares of Darden Restaurants Inc. (NYSE:DRI) in a research note issued to investors on Wednesday morning. The firm currently has a $69.00 price target on the restaurant operator’s stock.
Other research analysts also recently issued reports about the company. BTIG Research reiterated a buy rating and issued a $75.00 price target on shares of Darden Restaurants in a report on Friday, July 1st. Oppenheimer Holdings Inc. restated an outperform rating and set a $70.00 price objective on shares of Darden Restaurants in a report on Tuesday, June 28th. Zacks Investment Research downgraded Darden Restaurants from a buy rating to a hold rating in a report on Friday, July 1st. Piper Jaffray Cos. restated an overweight rating and set a $76.00 price objective (down from $78.00) on shares of Darden Restaurants in a report on Saturday, July 2nd. Finally, Wells Fargo & Co. downgraded Darden Restaurants from an outperform rating to a market perform rating and dropped their price objective for the stock from $72.00 to $68.00 in a report on Wednesday, July 13th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $69.89.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.06. The company 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% on a year-over-year basis. During the same quarter last year, the firm posted $0.68 earnings per share.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $2.24 annualized dividend and a dividend yield of 3.59%. Darden Restaurants’s payout ratio is currently 72.03%.
Several hedge funds and other institutional investors have recently bought and sold shares of DRI. CENTRAL TRUST Co raised its position in 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 in the last quarter. Krilogy Financial LLC raised its position in 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 in the last quarter. Pacer Advisors Inc. raised its position in 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 in the last quarter. M&R Capital Management Inc. bought a new position in Darden Restaurants during the second quarter worth approximately $158,000. Finally, Citizens Financial Group Inc RI raised its position in 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 in the last quarter. Institutional investors and hedge funds own 94.57% of the company’s stock.
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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