Darden Restaurants Inc. (DRI) Shares Down 2.7%
Darden Restaurants Inc. (NYSE:DRI) was down 2.7% during mid-day trading on Friday . The stock traded as low as $61.08 and last traded at $61.32, with a volume of 820,720 shares traded. The stock had previously closed at $63.00.
Several equities research analysts have issued reports on DRI shares. BTIG Research reiterated a “buy” rating and set a $75.00 price objective on shares of Darden Restaurants in a research note on Friday, July 1st. Maxim Group reiterated a “buy” rating and set a $74.00 price objective (down from $77.00) on shares of Darden Restaurants in a research note on Friday, July 1st. Tigress Financial upgraded shares of Darden Restaurants from a “neutral” rating to a “buy” rating in a research note on Thursday, June 23rd. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a research note on Wednesday, June 15th. Finally, Sterne Agee CRT restated a “buy” rating on shares of Darden Restaurants in a research note on Monday, May 16th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the company. Darden Restaurants has a consensus rating of “Hold” and an average price target of $71.06.
The company has a market cap of $7.72 billion and a PE ratio of 21.11. The company’s 50-day moving average is $62.05 and its 200-day moving average is $64.17.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Thursday, June 30th. The restaurant operator reported $1.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.02. The company earned $1.79 billion during the quarter. The company’s revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 EPS. Equities analysts forecast that Darden Restaurants Inc. will post $3.87 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Monday, July 11th were paid a $0.56 dividend. The ex-dividend date of this dividend was Thursday, July 7th. This represents a $2.24 annualized dividend and a dividend yield of 3.66%. This is an increase from Darden Restaurants’s previous quarterly dividend of $0.50.
In related news, Director James P. Fogarty acquired 3,000 shares of the stock in a transaction dated Thursday, July 7th. The shares were acquired at an average price of $61.70 per share, for a total transaction of $185,100.00. Following the completion of the purchase, the director now owns 7,890 shares in the company, valued at approximately $486,813. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
An institutional investor recently raised its position in Darden Restaurants stock. State of Tennessee Treasury Department increased its stake in Darden Restaurants Inc. (NYSE:DRI) by 639.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 133,165 shares of the restaurant operator’s stock after buying an additional 115,165 shares during the period. State of Tennessee Treasury Department owned 0.10% of Darden Restaurants worth $8,475,000 at the end of the most recent reporting period.
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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