Darden Restaurants, Inc. (NYSE:DRI) – Equities research analysts at Piper Sandler upped their Q3 2022 earnings estimates for Darden Restaurants in a report released on Thursday, June 25th. Piper Sandler analyst N. Regan now expects that the restaurant operator will post earnings per share of $1.86 for the quarter, up from their previous estimate of $1.83. Piper Sandler also issued estimates for Darden Restaurants’ FY2022 earnings at $5.44 EPS.

Darden Restaurants (NYSE:DRI) last issued its earnings results on Thursday, June 25th. The restaurant operator reported ($1.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.64) by $0.40. Darden Restaurants had a positive return on equity of 16.68% and a negative net margin of 0.67%. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter in the prior year, the firm earned $1.76 EPS. The business’s revenue for the quarter was down 43.5% compared to the same quarter last year.

DRI has been the subject of several other research reports. Wedbush raised Darden Restaurants from a “neutral” rating to an “outperform” rating in a research note on Sunday, April 19th. JPMorgan Chase & Co. increased their price target on Darden Restaurants from $66.00 to $74.00 and gave the company a “neutral” rating in a research note on Wednesday, June 24th. Cfra decreased their price target on Darden Restaurants from $120.00 to $58.00 and set a “hold” rating for the company in a research note on Wednesday, April 1st. Morgan Stanley increased their price target on Darden Restaurants from $56.00 to $71.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, MKM Partners upgraded Darden Restaurants from a “neutral” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Tuesday, May 19th. Fifteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $90.48.

Shares of DRI opened at $76.63 on Monday. The stock has a market cap of $8.81 billion, a PE ratio of -191.58, a PEG ratio of 2.96 and a beta of 1.32. The business has a 50-day simple moving average of $75.85 and a two-hundred day simple moving average of $87.82. The company has a quick ratio of 0.27, a current ratio of 0.41 and a debt-to-equity ratio of 2.24. Darden Restaurants has a 12-month low of $26.15 and a 12-month high of $128.41.

Several hedge funds have recently bought and sold shares of the company. Capital World Investors lifted its holdings in shares of Darden Restaurants by 29.1% in the first quarter. Capital World Investors now owns 6,550,761 shares of the restaurant operator’s stock valued at $356,754,000 after purchasing an additional 1,474,817 shares in the last quarter. State Street Corp increased its position in shares of Darden Restaurants by 6.7% during the first quarter. State Street Corp now owns 6,156,113 shares of the restaurant operator’s stock valued at $335,262,000 after acquiring an additional 385,441 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Darden Restaurants by 39.2% during the first quarter. Victory Capital Management Inc. now owns 3,346,998 shares of the restaurant operator’s stock valued at $182,278,000 after acquiring an additional 942,118 shares during the last quarter. Capital International Investors increased its position in shares of Darden Restaurants by 23.2% during the first quarter. Capital International Investors now owns 3,332,094 shares of the restaurant operator’s stock valued at $181,466,000 after acquiring an additional 628,147 shares during the last quarter. Finally, Melvin Capital Management LP purchased a new stake in shares of Darden Restaurants during the first quarter valued at approximately $175,634,000. Institutional investors own 88.12% of the company’s stock.

In related news, insider Todd Burrowes bought 2,564 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were bought at an average price of $58.50 per share, for a total transaction of $149,994.00. Following the completion of the acquisition, the insider now directly owns 25,216 shares of the company’s stock, valued at $1,475,136. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Eugene I. Lee, Jr. bought 25,641 shares of the company’s stock in a transaction dated Thursday, April 23rd. The stock was bought at an average price of $58.50 per share, for a total transaction of $1,499,998.50. Following the acquisition, the chief executive officer now directly owns 177,264 shares of the company’s stock, valued at $10,369,944. The disclosure for this purchase can be found here. Insiders bought 37,178 shares of company stock worth $2,174,913 in the last 90 days. Corporate insiders own 0.47% of the company’s stock.

About Darden Restaurants

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

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Earnings History and Estimates for Darden Restaurants (NYSE:DRI)

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