Darden Restaurants (NYSE:DRI)’s share price dropped 1.8% during mid-day trading on Friday after Barclays lowered their price target on the stock from $116.00 to $105.00. Barclays currently has an overweight rating on the stock. Darden Restaurants traded as low as $85.88 and last traded at $84.41. Approximately 1,660,584 shares changed hands during trading, an increase of 5% from the average daily volume of 1,583,441 shares. The stock had previously closed at $85.94.
DRI has been the topic of a number of other research reports. Zacks Investment Research upgraded Darden Restaurants from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research note on Thursday, December 14th. Credit Suisse Group restated a “hold” rating and issued a $95.00 target price on shares of Darden Restaurants in a research note on Friday, January 12th. SunTrust Banks set a $94.00 target price on Darden Restaurants and gave the stock a “hold” rating in a research note on Monday, December 11th. BMO Capital Markets set a $101.00 target price on Darden Restaurants and gave the stock a “hold” rating in a research note on Tuesday, December 19th. Finally, Sanford C. Bernstein boosted their target price on Darden Restaurants from $91.00 to $99.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 20th. One investment analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $97.04.
In other Darden Restaurants news, SVP Douglas J. Milanes sold 4,300 shares of the business’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $97.05, for a total transaction of $417,315.00. Following the sale, the senior vice president now owns 7,513 shares of the company’s stock, valued at approximately $729,136.65. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Eugene I. Lee, Jr. sold 59,783 shares of the business’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $96.80, for a total transaction of $5,786,994.40. Following the sale, the insider now directly owns 164,396 shares in the company, valued at approximately $15,913,532.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,866 shares of company stock worth $7,252,094. 0.63% of the stock is owned by company insiders.
A number of hedge funds have recently modified their holdings of DRI. HS Management Partners LLC bought a new stake in Darden Restaurants during the 3rd quarter valued at $157,044,000. Victory Capital Management Inc. increased its holdings in shares of Darden Restaurants by 1,963.6% in the fourth quarter. Victory Capital Management Inc. now owns 2,067,552 shares of the restaurant operator’s stock worth $198,526,000 after purchasing an additional 1,967,362 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Darden Restaurants by 113.6% in the third quarter. Janus Henderson Group PLC now owns 1,576,026 shares of the restaurant operator’s stock worth $124,158,000 after purchasing an additional 838,341 shares during the period. American Century Companies Inc. increased its holdings in shares of Darden Restaurants by 29.2% in the fourth quarter. American Century Companies Inc. now owns 1,689,176 shares of the restaurant operator’s stock worth $162,195,000 after purchasing an additional 381,677 shares during the period. Finally, Allianz Asset Management GmbH increased its holdings in shares of Darden Restaurants by 79.8% in the third quarter. Allianz Asset Management GmbH now owns 722,952 shares of the restaurant operator’s stock worth $56,954,000 after purchasing an additional 320,902 shares during the period. 90.44% of the stock is currently owned by institutional investors and hedge funds.
The stock has a market cap of $11,526.94, a price-to-earnings ratio of 21.79, a price-to-earnings-growth ratio of 1.77 and a beta of 0.22. The company has a quick ratio of 0.20, a current ratio of 0.34 and a debt-to-equity ratio of 0.47.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, December 19th. The restaurant operator reported $0.73 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.03. The firm had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Darden Restaurants had a net margin of 6.46% and a return on equity of 26.24%. research analysts expect that Darden Restaurants will post 4.76 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th will be issued a $0.63 dividend. This represents a $2.52 annualized dividend and a dividend yield of 2.98%. Darden Restaurants’s payout ratio is currently 64.62%.
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Darden Restaurants Company Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of June 27, 2017, it owned and operated approximately 1,700 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V's brands.
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