Darden Restaurants Inc. (DRI) Receives Sector Perform Rating from RBC Capital Markets
Darden Restaurants Inc. (NYSE:DRI)‘s stock had its “sector perform” rating reaffirmed by equities research analysts at RBC Capital Markets in a report released on Wednesday. They currently have a $70.00 target price on the restaurant operator’s stock. RBC Capital Markets’ target price indicates a potential upside of 12.18% from the stock’s current price.
Several other equities research 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 reduced their price target for the stock from $72.00 to $68.00 in a research note on Wednesday, July 13th. Stifel Nicolaus cut Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 target price on the stock. in a research note on Tuesday, July 26th. Piper Jaffray Cos. reissued an “overweight” rating and issued a $76.00 target price (down from $78.00) on shares of Darden Restaurants in a research note on Saturday, July 2nd. Oppenheimer Holdings Inc. reissued an “outperform” rating and issued a $70.00 target price on shares of Darden Restaurants in a research note on Wednesday, September 7th. Finally, Canaccord Genuity assumed coverage on Darden Restaurants in a research note on Monday, August 22nd. They issued a “buy” rating and a $74.00 target price on the stock. Three 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 stock. The stock has a consensus rating of “Hold” and an average target price of $69.89.
Shares of Darden Restaurants (NYSE:DRI) traded up 1.11% during midday trading on Wednesday, reaching $63.09. The company had a trading volume of 655,281 shares. The stock has a market capitalization of $7.77 billion, a PE ratio of 20.37 and a beta of 0.41. Darden Restaurants has a 1-year low of $53.38 and a 1-year high of $68.68. The company’s 50-day moving average is $61.93 and its 200-day moving average is $63.69.
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Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.06. The company had revenue of $1.71 billion for the quarter. Darden Restaurants had a return on equity of 24.97% and a net margin of 5.73%. Darden Restaurants’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.68 earnings per share. On average, equities research analysts forecast that Darden Restaurants will post $3.92 EPS for the current year.
The firm 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. This represents a $2.24 annualized dividend and a dividend yield of 3.59%. The ex-dividend date of this dividend is Wednesday, October 5th. Darden Restaurants’s dividend payout ratio is currently 72.03%.
Several hedge funds have recently added to or reduced their stakes in the company. Bruderman Asset Management LLC boosted its position in Darden Restaurants by 0.4% in the second quarter. Bruderman Asset Management LLC now owns 3,387 shares of the restaurant operator’s stock valued at $215,000 after buying an additional 13 shares in the last quarter. Krilogy Financial LLC boosted its position in Darden Restaurants by 1.6% in the second quarter. Krilogy Financial LLC now owns 2,133 shares of the restaurant operator’s stock valued at $135,000 after buying an additional 33 shares in the last quarter. Commonwealth Bank of Australia boosted its position in Darden Restaurants by 0.3% in the second quarter. Commonwealth Bank of Australia now owns 14,931 shares of the restaurant operator’s stock valued at $947,000 after buying an additional 45 shares in the last quarter. HM Payson & Co. boosted its position in Darden Restaurants by 0.3% in the second quarter. HM Payson & Co. now owns 18,984 shares of the restaurant operator’s stock valued at $1,202,000 after buying an additional 55 shares in the last quarter. Finally, Associated Banc Corp boosted its position in Darden Restaurants by 1.2% in the second quarter. Associated Banc Corp now owns 6,072 shares of the restaurant operator’s stock valued at $385,000 after buying an additional 72 shares in the last quarter. 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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