Darden Restaurants’ (DRI) “Sector Perform” Rating Reaffirmed at RBC Capital Markets
Darden Restaurants Inc. (NYSE:DRI)‘s stock had its “sector perform” rating reissued by research analysts at RBC Capital Markets in a note issued to investors on Wednesday. They currently have a $70.00 target price on the restaurant operator’s stock. RBC Capital Markets’ target price would indicate a potential upside of 12.18% from the stock’s previous close.
Several other research firms also recently issued reports on DRI. Deutsche Bank AG restated a “buy” rating and issued a $76.00 price objective on shares of Darden Restaurants in a research note on Tuesday, July 5th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $64.00 target price (down from $66.00) on shares of Darden Restaurants in a report on Tuesday, July 5th. SunTrust Banks Inc. reduced their target price on shares of Darden Restaurants from $70.00 to $67.00 and set a “neutral” rating for the company in a report on Wednesday, October 5th. Stifel Nicolaus cut shares of 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. Finally, Zacks Investment Research raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a report on Wednesday, June 15th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $69.89.
Darden Restaurants (NYSE:DRI) traded up 1.01% on Wednesday, hitting $63.03. The stock had a trading volume of 646,785 shares. Darden Restaurants has a 12 month low of $53.38 and a 12 month high of $68.68. The firm’s 50 day moving average price is $61.93 and its 200-day moving average price is $63.69. The stock has a market cap of $7.76 billion, a PE ratio of 20.35 and a beta of 0.41.
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Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. Darden Restaurants had a net margin of 5.73% and a return on equity of 24.97%. The company earned $1.71 billion during the quarter. During the same quarter in the prior year, the company earned $0.68 EPS. The business’s revenue was up 1.6% on a year-over-year basis. On average, analysts forecast that Darden Restaurants will post $3.92 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 10th will be given a dividend of $0.56 per share. The ex-dividend date is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.59%. Darden Restaurants’s dividend payout ratio (DPR) is currently 72.03%.
Hedge funds have recently made changes to their positions in the company. Trust Co. of Toledo NA OH raised its stake in shares of Darden Restaurants by 2.0% in the second quarter. Trust Co. of Toledo NA OH now owns 23,271 shares of the restaurant operator’s stock worth $1,474,000 after buying an additional 451 shares during the period. GW&K Investment Management LLC raised its stake in shares of Darden Restaurants by 6.6% in the second quarter. GW&K Investment Management LLC now owns 381,922 shares of the restaurant operator’s stock worth $24,191,000 after buying an additional 23,780 shares during the period. Capital Fund Management S.A. raised its stake in shares of Darden Restaurants by 11,032.3% in the second quarter. Capital Fund Management S.A. now owns 172,551 shares of the restaurant operator’s stock worth $10,929,000 after buying an additional 171,001 shares during the period. First Manhattan Co. raised its stake in shares of Darden Restaurants by 62.4% in the second quarter. First Manhattan Co. now owns 2,679 shares of the restaurant operator’s stock worth $169,000 after buying an additional 1,029 shares during the period. Finally, First Citizens Bank & Trust Co. raised its stake in shares of Darden Restaurants by 3.9% in the second quarter. First Citizens Bank & Trust Co. now owns 155,031 shares of the restaurant operator’s stock worth $9,820,000 after buying an additional 5,847 shares during the period. Hedge funds and other institutional investors own 94.57% of the company’s stock.
About Darden Restaurants
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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