Darden Restaurants, Inc. (DRI) to Issue $0.63 Quarterly Dividend
Darden Restaurants, Inc. (NYSE:DRI) declared a quarterly dividend on Thursday, December 14th, RTT News reports. Shareholders of record on Wednesday, January 10th will be paid a dividend of 0.63 per share by the restaurant operator on Thursday, February 1st. This represents a $2.52 annualized dividend and a yield of 2.90%.
Darden Restaurants has increased its dividend payment by an average of 0.3% annually over the last three years. Darden Restaurants has a payout ratio of 56.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Darden Restaurants to earn $4.86 per share next year, which means the company should continue to be able to cover its $2.52 annual dividend with an expected future payout ratio of 51.9%.
Shares of Darden Restaurants (NYSE:DRI) traded down $0.64 on Thursday, reaching $86.96. The company’s stock had a trading volume of 1,480,897 shares, compared to its average volume of 1,601,557. The company has a debt-to-equity ratio of 0.45, a current ratio of 0.38 and a quick ratio of 0.24. The firm has a market cap of $10,890.00, a P/E ratio of 21.10, a PEG ratio of 1.91 and a beta of 0.22. Darden Restaurants has a 52 week low of $71.01 and a 52 week high of $95.22.
Several brokerages have weighed in on DRI. Canaccord Genuity reiterated a “buy” rating and issued a $97.00 price target on shares of Darden Restaurants in a report on Wednesday, September 27th. Morgan Stanley restated an “equal weight” rating and set a $88.00 price objective (down from $93.00) on shares of Darden Restaurants in a report on Wednesday, September 27th. BMO Capital Markets restated a “market perform” rating and set a $85.00 price objective (down from $87.00) on shares of Darden Restaurants in a report on Wednesday, September 27th. Wells Fargo & Company dropped their price objective on Darden Restaurants from $90.00 to $84.00 and set a “market perform” rating for the company in a report on Wednesday, September 27th. Finally, Royal Bank of Canada dropped their price objective on Darden Restaurants from $96.00 to $90.00 and set a “sector perform” rating for the company in a report on Wednesday, September 27th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and nine have given a buy rating to the company. Darden Restaurants has a consensus rating of “Hold” and a consensus target price of $88.91.
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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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