Zacks: Analysts Expect Darden Restaurants, Inc. (NYSE:DRI) Will Announce Earnings of $0.98 Per Share
Brokerages expect Darden Restaurants, Inc. (NYSE:DRI) to announce earnings of $0.98 per share for the current quarter, according to Zacks. Seven analysts have provided estimates for Darden Restaurants’ earnings, with the lowest EPS estimate coming in at $0.95 and the highest estimate coming in at $1.04. Darden Restaurants reported earnings of $0.88 per share in the same quarter last year, which suggests a positive year-over-year growth rate of 11.4%. The business is expected to report its next quarterly earnings results before the market opens on Tuesday, September 26th.
According to Zacks, analysts expect that Darden Restaurants will report full year earnings of $4.45 per share for the current year, with EPS estimates ranging from $4.40 to $4.50. For the next fiscal year, analysts expect that the business will post earnings of $4.88 per share, with EPS estimates ranging from $4.70 to $5.05. Zacks’ EPS calculations are a mean average based on a survey of sell-side research firms that follow Darden Restaurants.
Darden Restaurants (NYSE:DRI) last announced its earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the firm earned $1.10 earnings per share. The business’s revenue for the quarter was up 8.1% on a year-over-year basis.
A number of analysts recently commented on the stock. Robert W. Baird restated a “neutral” rating and set a $94.00 price target (up from $90.00) on shares of Darden Restaurants in a research note on Wednesday, June 28th. Raymond James Financial, Inc. restated a “market perform” rating on shares of Darden Restaurants in a research note on Monday, July 24th. Royal Bank Of Canada restated a “sector perform” rating and set a $96.00 price target (up from $86.00) on shares of Darden Restaurants in a research note on Tuesday, June 27th. Deutsche Bank AG upped their price target on shares of Darden Restaurants from $84.00 to $94.00 and gave the company a “hold” rating in a research note on Wednesday, June 28th. Finally, BidaskClub cut shares of Darden Restaurants from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 16th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $84.78.
In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of the stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $91.58, for a total transaction of $8,528,387.50. Following the transaction, the insider now owns 165,062 shares of the company’s stock, valued at approximately $15,116,377.96. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.68% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in DRI. Thrivent Financial for Lutherans raised its position in Darden Restaurants by 3.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 4,457 shares of the restaurant operator’s stock valued at $324,000 after buying an additional 130 shares in the last quarter. Kentucky Retirement Systems acquired a new position in Darden Restaurants during the fourth quarter valued at approximately $649,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Darden Restaurants during the fourth quarter valued at approximately $290,000. Chevy Chase Trust Holdings Inc. raised its position in Darden Restaurants by 3.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 111,187 shares of the restaurant operator’s stock valued at $9,303,000 after buying an additional 3,768 shares in the last quarter. Finally, Raymond James Trust N.A. raised its position in Darden Restaurants by 3.2% in the first quarter. Raymond James Trust N.A. now owns 7,374 shares of the restaurant operator’s stock valued at $617,000 after buying an additional 229 shares in the last quarter. 95.62% of the stock is currently owned by institutional investors.
Darden Restaurants (NYSE DRI) opened at 83.15 on Monday. Darden Restaurants has a one year low of $59.93 and a one year high of $95.22. The company has a market capitalization of $10.43 billion, a PE ratio of 21.86 and a beta of 0.27. The stock’s 50 day moving average is $88.91 and its 200 day moving average is $82.82.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were issued a dividend of $0.63 per share. The ex-dividend date was Thursday, July 6th. This represents a $2.52 annualized dividend and a dividend yield of 3.03%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. Darden Restaurants’s dividend payout ratio (DPR) is currently 66.14%.
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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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