Darden Restaurants Inc. (DRI) Rating Reiterated by RBC Capital Markets
Darden Restaurants Inc. (NYSE:DRI)‘s stock had its “sector perform” rating reaffirmed by research analysts at RBC Capital Markets in a research note issued on Wednesday. They presently have a $70.00 price target on the restaurant operator’s stock. RBC Capital Markets’ price objective indicates a potential upside of 12.58% from the company’s current price.
A number of other equities 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 lowered their price target for the stock 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. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $70.00 target price on shares of Darden Restaurants in a report on Wednesday, September 7th. Finally, Canaccord Genuity initiated 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. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the stock. Darden Restaurants currently has a consensus rating of “Hold” and a consensus price target of $69.89.
Darden Restaurants (NYSE:DRI) opened at 62.18 on Wednesday. Darden Restaurants has a one year low of $53.38 and a one year high of $68.68. The firm has a 50-day moving average of $61.92 and a 200-day moving average of $63.67. The company has a market capitalization of $7.65 billion, a P/E ratio of 20.08 and a beta of 0.41.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The business 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 business’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.68 earnings per share. On average, analysts anticipate that Darden Restaurants will post $3.92 earnings per share for the current year.
The business also recently announced 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 3.60%. Darden Restaurants’s dividend payout ratio (DPR) is currently 72.03%.
In related news, SVP Danielle L. Kirgan sold 8,780 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, October 11th. The stock was sold at an average price of $62.47, for a total value of $548,486.60. Following the sale, the senior vice president now directly owns 15,989 shares in the company, valued at $998,832.83. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Danielle L. Kirgan sold 28,127 shares of Darden Restaurants stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $62.47, for a total value of $1,757,093.69. Following the completion of the sale, the senior vice president now owns 15,989 shares in the company, valued at $998,832.83. The disclosure for this sale can be found here. 0.68% of the stock is owned by company insiders.
Hedge funds have recently bought and sold shares of the stock. UBS Asset Management Americas Inc. increased its stake in Darden Restaurants by 105.5% in the first quarter. UBS Asset Management Americas Inc. now owns 627,126 shares of the restaurant operator’s stock worth $41,579,000 after buying an additional 321,896 shares during the period. Lazard Asset Management LLC increased its stake in Darden Restaurants by 19,243.1% in the first quarter. Lazard Asset Management LLC now owns 145,073 shares of the restaurant operator’s stock worth $9,616,000 after buying an additional 144,323 shares during the period. Meeder Asset Management Inc. increased its stake in Darden Restaurants by 47.1% in the first quarter. Meeder Asset Management Inc. now owns 16,516 shares of the restaurant operator’s stock worth $1,095,000 after buying an additional 5,288 shares during the period. State Street Corp increased its stake in Darden Restaurants by 0.6% in the first quarter. State Street Corp now owns 5,228,348 shares of the restaurant operator’s stock worth $346,649,000 after buying an additional 32,258 shares during the period. Finally, BB&T Securities LLC acquired a new stake in Darden Restaurants during the first quarter worth $2,002,000. Hedge funds and other institutional investors 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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