Darden Restaurants (NYSE:DRI – Get Free Report) had its price target raised by investment analysts at Citigroup from $245.00 to $253.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the restaurant operator’s stock. Citigroup’s price objective points to a potential upside of 14.42% from the company’s current price.
Several other brokerages also recently issued reports on DRI. TD Securities reiterated a “hold” rating and set a $215.00 price target on shares of Darden Restaurants in a research report on Friday, June 20th. Wall Street Zen raised shares of Darden Restaurants from a “hold” rating to a “buy” rating in a research note on Saturday, May 24th. Wedbush increased their price target on shares of Darden Restaurants from $220.00 to $235.00 and gave the company an “outperform” rating in a research note on Friday, March 21st. BMO Capital Markets raised their price target on shares of Darden Restaurants from $175.00 to $190.00 and gave the company a “market perform” rating in a report on Friday, March 21st. Finally, Jefferies Financial Group upgraded shares of Darden Restaurants from an “underperform” rating to a “hold” rating and boosted their price objective for the stock from $165.00 to $210.00 in a research report on Friday, June 13th. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $219.27.
Check Out Our Latest Stock Analysis on Darden Restaurants
Darden Restaurants Stock Down 0.1%
Darden Restaurants (NYSE:DRI – Get Free Report) last issued its quarterly earnings data on Friday, June 20th. The restaurant operator reported $2.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.97 by $0.01. The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. Darden Restaurants had a return on equity of 51.81% and a net margin of 8.69%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.65 EPS. As a group, sell-side analysts predict that Darden Restaurants will post 9.52 EPS for the current fiscal year.
Darden Restaurants announced that its Board of Directors has approved a share repurchase plan on Friday, June 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the restaurant operator to purchase up to 3.8% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.
Institutional Trading of Darden Restaurants
A number of hedge funds have recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in Darden Restaurants by 6.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 3,998,200 shares of the restaurant operator’s stock valued at $830,666,000 after purchasing an additional 247,542 shares during the period. Raymond James Financial Inc. boosted its position in shares of Darden Restaurants by 4.6% during the first quarter. Raymond James Financial Inc. now owns 3,601,340 shares of the restaurant operator’s stock worth $748,215,000 after purchasing an additional 157,305 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Darden Restaurants by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 2,845,302 shares of the restaurant operator’s stock valued at $530,121,000 after buying an additional 39,189 shares during the period. Earnest Partners LLC increased its position in shares of Darden Restaurants by 0.3% in the 4th quarter. Earnest Partners LLC now owns 1,609,329 shares of the restaurant operator’s stock valued at $300,446,000 after buying an additional 4,454 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Darden Restaurants by 12.3% during the 4th quarter. Northern Trust Corp now owns 1,441,518 shares of the restaurant operator’s stock worth $269,117,000 after buying an additional 158,168 shares during the period. 93.64% of the stock is currently owned by institutional investors and hedge funds.
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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