Darden Restaurants (NYSE:DRI – Get Free Report) had its target price upped by equities researchers at Bank of America from $252.00 to $253.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the restaurant operator’s stock. Bank of America‘s target price suggests a potential upside of 14.42% from the company’s current price.
A number of other research firms also recently commented on DRI. Oppenheimer lifted their target price on Darden Restaurants from $230.00 to $250.00 and gave the stock an “outperform” rating in a report on Wednesday, June 18th. KeyCorp lifted their target price on Darden Restaurants from $230.00 to $245.00 and gave the stock an “overweight” rating in a report on Monday. Stifel Nicolaus lifted their target price on Darden Restaurants from $205.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, March 21st. Jefferies Financial Group raised Darden Restaurants from an “underperform” rating to a “hold” rating and lifted their target price for the stock from $165.00 to $210.00 in a report on Friday, June 13th. Finally, Citigroup lifted their price target on Darden Restaurants from $223.00 to $229.00 and gave the company a “buy” rating in a research report on Friday, March 21st. Nine investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $219.27.
Darden Restaurants Price Performance
Darden Restaurants (NYSE:DRI – Get Free Report) last released its earnings results on Friday, June 20th. The restaurant operator reported $2.98 EPS for the quarter, topping analysts’ consensus estimates of $2.97 by $0.01. Darden Restaurants had a return on equity of 51.81% and a net margin of 8.69%. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the previous year, the company posted $2.65 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that Darden Restaurants will post 9.52 EPS for the current fiscal year.
Darden Restaurants announced that its board has approved a share buyback plan on Friday, June 20th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to repurchase up to 3.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Institutional Trading of Darden Restaurants
A number of institutional investors and hedge funds have recently made changes to their positions in DRI. First Hawaiian Bank increased its position in shares of Darden Restaurants by 1.6% during the first quarter. First Hawaiian Bank now owns 9,006 shares of the restaurant operator’s stock worth $1,871,000 after purchasing an additional 138 shares in the last quarter. Strs Ohio purchased a new stake in shares of Darden Restaurants during the first quarter worth approximately $18,906,000. Jacobi Capital Management LLC increased its position in shares of Darden Restaurants by 5.3% during the first quarter. Jacobi Capital Management LLC now owns 10,138 shares of the restaurant operator’s stock worth $2,106,000 after purchasing an additional 514 shares in the last quarter. Geneos Wealth Management Inc. increased its position in shares of Darden Restaurants by 13.4% during the first quarter. Geneos Wealth Management Inc. now owns 27,196 shares of the restaurant operator’s stock worth $5,650,000 after purchasing an additional 3,218 shares in the last quarter. Finally, IFM Investors Pty Ltd increased its position in shares of Darden Restaurants by 2.7% during the first quarter. IFM Investors Pty Ltd now owns 22,444 shares of the restaurant operator’s stock worth $4,663,000 after purchasing an additional 592 shares in the last quarter. 93.64% of the stock is currently owned by hedge funds and other institutional investors.
About Darden Restaurants
Darden Restaurants, Inc, together with its subsidiaries, owns and operates full-service restaurants in the United States and Canada. It operates under Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V’s Prime Seafood, and Capital Burger brand names.
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