Darden Restaurants Inc. (DRI) Shares Down 2.7%
Darden Restaurants Inc. (NYSE:DRI) shares were down 2.7% during trading on Friday . The stock traded as low as $61.08 and last traded at $61.32, with a volume of 820,720 shares. The stock had previously closed at $63.00.
Several research analysts have commented on DRI shares. Jefferies Group reissued a “hold” rating and set a $64.00 target price (down previously from $66.00) on shares of Darden Restaurants in a research note on Saturday, July 2nd. Piper Jaffray Cos. reissued an “overweight” rating and set a $76.00 target price on shares of Darden Restaurants in a research note on Thursday. Tigress Financial raised Darden Restaurants from a “neutral” rating to a “buy” rating in a research note on Thursday, June 23rd. Royal Bank Of Canada reissued a “sector perform” rating and set a $70.00 target price on shares of Darden Restaurants in a research note on Tuesday, June 28th. Finally, Sanford C. Bernstein started coverage on Darden Restaurants in a research note on Thursday, May 26th. They set a “market perform” rating for the company. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the company’s stock. Darden Restaurants presently has a consensus rating of “Hold” and an average price target of $71.06.
The firm has a 50-day moving average price of $62.08 and a 200 day moving average price of $64.16. The stock has a market cap of $7.72 billion and a P/E ratio of 21.11.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Thursday, June 30th. The restaurant operator reported $1.10 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.08 by $0.02. The firm had revenue of $1.79 billion for the quarter. During the same quarter last year, the company posted $1.01 earnings per share. The company’s quarterly revenue was down 4.7% compared to the same quarter last year. On average, equities research analysts predict that Darden Restaurants Inc. will post $3.87 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 1st. Investors of record on Monday, July 11th were given a dividend of $0.56 per share. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.50. The ex-dividend date was Thursday, July 7th. This represents a $2.24 annualized dividend and a yield of 3.66%.
In related news, Director James P. Fogarty purchased 3,000 shares of Darden Restaurants stock in a transaction that occurred on Thursday, July 7th. The shares were acquired at an average cost of $61.70 per share, for a total transaction of $185,100.00. Following the transaction, the director now directly owns 7,890 shares in the company, valued at $486,813. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.
Other institutional investors recently bought and sold shares of the company. KBC Group NV raised its stake in shares of Darden Restaurants by 247.0% in the fourth quarter. KBC Group NV now owns 92,235 shares of the restaurant operator’s stock worth $5,870,000 after buying an additional 65,653 shares in the last quarter. State of Tennessee Treasury Department raised its stake in shares of Darden Restaurants by 639.8% in the fourth quarter. State of Tennessee Treasury Department now owns 133,165 shares of the restaurant operator’s stock worth $8,475,000 after buying an additional 115,165 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its stake in shares of Darden Restaurants by 36.9% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,581,932 shares of the restaurant operator’s stock worth $100,675,000 after buying an additional 426,402 shares in the last quarter.
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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