Darden Restaurants’ (DRI) Outperform Rating Reaffirmed at Oppenheimer Holdings Inc.
Oppenheimer Holdings Inc. reaffirmed their outperform rating on shares of Darden Restaurants Inc. (NYSE:DRI) in a research report sent to investors on Friday morning. Oppenheimer Holdings Inc. currently has a $70.00 price target on the restaurant operator’s stock.
A number of other research firms have also commented on DRI. Zacks Investment Research upgraded Darden Restaurants from a hold rating to a buy rating and set a $76.00 price target on the stock in a research report on Wednesday, June 15th. Tigress Financial raised Darden Restaurants from a neutral rating to a buy rating in a report on Thursday, June 23rd. Robert W. Baird reaffirmed a neutral rating and set a $70.00 price objective on shares of Darden Restaurants in a report on Tuesday, June 28th. Royal Bank Of Canada reaffirmed a sector perform rating and set a $70.00 price objective on shares of Darden Restaurants in a report on Tuesday, June 28th. Finally, Wells Fargo & Co. reaffirmed an outperform rating and set a $79.00 price objective (up previously from $74.00) on shares of Darden Restaurants in a report on Monday, June 27th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $69.89.
Darden Restaurants (NYSE:DRI) opened at 62.80 on Friday. Darden Restaurants has a one year low of $53.38 and a one year high of $68.68. The company has a market capitalization of $7.73 billion, a PE ratio of 20.28 and a beta of 0.41. The stock’s 50 day moving average is $61.94 and its 200 day moving average is $63.68.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.06. The business had revenue of $1.71 billion for the quarter. Darden Restaurants had a return on equity of 24.97% and a net margin of 5.73%. The firm’s revenue was up 1.6% on a year-over-year basis. During the same quarter last year, the company earned $0.68 earnings per share. On average, analysts anticipate that Darden Restaurants will post $3.92 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.57%. The ex-dividend date of this dividend is Wednesday, October 5th. Darden Restaurants’s payout ratio is 72.03%.
In related news, SVP Danielle L. Kirgan sold 8,780 shares of the firm’s stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $62.47, for a total value of $548,486.60. Following the completion of the sale, the senior vice president now directly owns 15,989 shares in the company, valued at approximately $998,832.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Danielle L. Kirgan sold 28,127 shares of the firm’s stock in a transaction dated Monday, October 10th. The shares were sold at an average price of $62.47, for a total transaction of $1,757,093.69. Following the completion of the sale, the senior vice president now owns 15,989 shares of the company’s stock, valued at $998,832.83. The disclosure for this sale can be found here. 0.68% of the stock is owned by insiders.
A number of large investors have recently modified their holdings of DRI. Nisa Investment Advisors LLC increased its stake in shares of Darden Restaurants by 24.6% in the third quarter. Nisa Investment Advisors LLC now owns 57,236 shares of the restaurant operator’s stock valued at $3,510,000 after buying an additional 11,297 shares during the period. Capstone Asset Management Co. increased its stake in shares of Darden Restaurants by 8.9% in the third quarter. Capstone Asset Management Co. now owns 8,978 shares of the restaurant operator’s stock valued at $551,000 after buying an additional 730 shares during the period. Searle & CO. purchased a new stake in shares of Darden Restaurants during the third quarter valued at about $216,000. Exxonmobil Investment Management Inc. TX increased its stake in shares of Darden Restaurants by 9.2% in the third quarter. Exxonmobil Investment Management Inc. TX now owns 32,227 shares of the restaurant operator’s stock valued at $1,976,000 after buying an additional 2,704 shares during the period. Finally, Hefty Wealth Partners purchased a new stake in shares of Darden Restaurants during the third quarter valued at about $998,000. 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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