BMO Capital Markets restated their market perform rating on shares of Darden Restaurants, Inc. (NYSE:DRI) in a report released on Wednesday. They currently have a $85.00 price objective on the restaurant operator’s stock, down from their prior price objective of $87.00.
Several other equities analysts have also recently weighed in on DRI. Canaccord Genuity reissued a buy rating and issued a $102.00 target price on shares of Darden Restaurants in a research note on Friday, June 9th. Robert W. Baird reissued a neutral rating and issued a $90.00 target price (up from $85.00) on shares of Darden Restaurants in a research note on Monday, June 19th. Maxim Group reissued a hold rating and issued a $90.00 target price on shares of Darden Restaurants in a research note on Wednesday, June 21st. Morgan Stanley reissued an equal weight rating and issued a $86.00 target price (up from $83.00) on shares of Darden Restaurants in a research note on Thursday, June 22nd. Finally, Zacks Investment Research cut shares of Darden Restaurants from a buy rating to a hold rating in a research note on Friday, June 23rd. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $84.86.
Shares of Darden Restaurants (NYSE DRI) opened at 78.78 on Wednesday. The stock has a 50 day moving average of $82.69 and a 200-day moving average of $84.83. Darden Restaurants has a 52 week low of $60.16 and a 52 week high of $95.22. The firm has a market capitalization of $9.86 billion, a PE ratio of 20.40 and a beta of 0.27.
Darden Restaurants (NYSE:DRI) last released its earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 earnings per share for the quarter, meeting the consensus estimate of $0.99. Darden Restaurants had a net margin of 6.60% and a return on equity of 26.06%. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.93 billion. During the same period last year, the business earned $0.88 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. Equities analysts anticipate that Darden Restaurants will post $4.45 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.20%. The ex-dividend date is Friday, October 6th. Darden Restaurants’s payout ratio is currently 65.12%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. M&R Capital Management Inc. bought a new position in shares of Darden Restaurants in the second quarter worth $108,000. D.A. Davidson & CO. increased its position in shares of Darden Restaurants by 1.7% in the second quarter. D.A. Davidson & CO. now owns 1,271 shares of the restaurant operator’s stock worth $114,000 after purchasing an additional 21 shares during the period. Farmers & Merchants Investments Inc. increased its position in shares of Darden Restaurants by 255.5% in the second quarter. Farmers & Merchants Investments Inc. now owns 1,422 shares of the restaurant operator’s stock worth $129,000 after purchasing an additional 1,022 shares during the period. Van ECK Associates Corp increased its position in shares of Darden Restaurants by 4.6% in the first quarter. Van ECK Associates Corp now owns 1,625 shares of the restaurant operator’s stock worth $136,000 after purchasing an additional 71 shares during the period. Finally, Huntington National Bank increased its position in shares of Darden Restaurants by 4.6% in the second quarter. Huntington National Bank now owns 1,578 shares of the restaurant operator’s stock worth $143,000 after purchasing an additional 70 shares during the period. Institutional investors own 88.65% of the company’s stock.
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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