Darden Restaurants (NYSE:DRI) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $7.250-$7.600 for the period, compared to the Thomson Reuters consensus estimate of $7.430. The company issued revenue guidance of $9.40 billion-$9.60 billion, compared to the consensus revenue estimate of $9.41 billion.
Several equities research analysts recently issued reports on DRI shares. Truist Securities upped their price target on Darden Restaurants from $167.00 to $180.00 and gave the stock a buy rating in a report on Friday, September 24th. BMO Capital Markets upped their target price on Darden Restaurants from $150.00 to $155.00 and gave the stock a market perform rating in a research note on Friday, September 24th. UBS Group increased their price objective on Darden Restaurants from $165.00 to $178.00 and gave the company a buy rating in a research report on Friday, September 24th. Deutsche Bank Aktiengesellschaft increased their target price on Darden Restaurants from $152.00 to $156.00 and gave the company a hold rating in a report on Friday, September 24th. Finally, Raymond James raised their target price on Darden Restaurants from $160.00 to $172.50 and gave the company an outperform rating in a research note on Friday, September 24th. Five investment analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Based on data from MarketBeat.com, Darden Restaurants presently has a consensus rating of Buy and an average target price of $167.13.
NYSE DRI opened at $149.57 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.01 and a quick ratio of 0.91. The stock’s fifty day moving average price is $148.70 and its 200 day moving average price is $144.64. Darden Restaurants has a 1 year low of $89.34 and a 1 year high of $164.28. The company has a market cap of $19.41 billion, a price-to-earnings ratio of 31.36, a PEG ratio of 2.01 and a beta of 1.54.
The firm also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 8th will be paid a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 2.94%. The ex-dividend date of this dividend is Thursday, October 7th. Darden Restaurants’s dividend payout ratio (DPR) is 102.09%.
Darden Restaurants announced that its Board of Directors has initiated a share buyback program on Thursday, September 23rd that permits the company to buyback $750.00 million in shares. This buyback authorization permits the restaurant operator to reacquire up to 3.6% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.
In other Darden Restaurants news, CEO Eugene I. Lee, Jr. sold 30,748 shares of the business’s stock in a transaction on Thursday, July 29th. The shares were sold at an average price of $150.18, for a total value of $4,617,734.64. Following the completion of the transaction, the chief executive officer now owns 285,138 shares in the company, valued at $42,822,024.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director William S. Simon sold 6,250 shares of Darden Restaurants stock in a transaction on Monday, September 27th. The stock was sold at an average price of $159.94, for a total transaction of $999,625.00. The disclosure for this sale can be found here. Insiders have sold a total of 92,293 shares of company stock valued at $14,026,861 in the last 90 days. Insiders own 0.95% of the company’s stock.
Darden Restaurants Company Profile
Darden Restaurants, Inc is a full-service restaurant company, which engages in the provision of restaurant services. It operates through the following segments: Olive Garden, LongHorn Steakhouse, Fine Dining, and Other Business. The Olive Garden segment is the largest full-service dining Italian restaurant operator.
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