Darden Restaurants Sees Unusually-High Trading Volume Following Dividend Announcement (DRI)
Darden Restaurants (NYSE:DRI) saw strong trading volume on Friday following a dividend announcement from the company, Analyst Ratings Network.com reports. 3,213,582 shares changed hands during trading, an increase of 214% from the previous session’s volume of 1,022,196 shares.The stock last traded at $48.27 and had previously closed at $49.52.
The newly announced dividend is scheduled for Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a dividend of $0.55 per share. This represents a $2.20 dividend on an annualized basis and a yield of 4.44%.
DRI has been the subject of a number of recent research reports. Analysts at Susquehanna raised their price target on shares of Darden Restaurants from $46.00 to $49.00 in a research note on Thursday. Separately, analysts at UBS AG cut their price target on shares of Darden Restaurants from $51.00 to $49.00 in a research note on Thursday, May 22nd. Finally, analysts at Credit Suisse cut their price target on shares of Darden Restaurants from $48.00 to $46.00 in a research note on Tuesday, May 20th. They now have an “underperform” rating on the stock. One analyst has rated the stock with a sell rating, twelve have given a hold rating and five have assigned a buy rating to the company’s stock. Darden Restaurants presently has an average rating of “Hold” and a consensus target price of $51.47.
The stock has a 50-day moving average of $49.82 and a 200-day moving average of $50.36. The company has a market cap of $6.342 billion and a price-to-earnings ratio of 19.76.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Friday, June 20th. The company reported $0.65 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.94 by $0.29. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same quarter in the previous year, the company posted $1.01 earnings per share. The company’s revenue for the quarter was up .9% on a year-over-year basis. On average, analysts predict that Darden Restaurants will post $2.46 earnings per share for the current fiscal year.
Darden Restaurants, Inc is a full service restaurant company. As of May 26, 2013, the Company operated through subsidiaries 2,138 restaurants in the United States and Canada.
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