Wells Fargo & Company Trims Darden Restaurants, Inc. (DRI) Target Price to $84.00
Darden Restaurants, Inc. (NYSE:DRI) had its price target trimmed by Wells Fargo & Company from $90.00 to $84.00 in a report released on Wednesday. The firm currently has a market perform rating on the restaurant operator’s stock.
Several other brokerages also recently commented on DRI. J P Morgan Chase & Co reaffirmed a neutral rating and issued a $93.00 price objective (up previously from $82.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Canaccord Genuity reiterated a buy rating and issued a $102.00 target price on shares of Darden Restaurants in a report on Friday, June 9th. BMO Capital Markets upped their target price on Darden Restaurants from $85.00 to $87.00 and gave the stock a market perform rating in a report on Friday, June 30th. Morgan Stanley reiterated an equal weight rating and issued a $86.00 target price (up from $83.00) on shares of Darden Restaurants in a report on Thursday, June 22nd. Finally, Oppenheimer Holdings, Inc. reiterated an outperform rating and issued a $100.00 target price (up from $85.00) on shares of Darden Restaurants in a report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have given a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $84.86.
Darden Restaurants (NYSE DRI) traded down 0.23% on Wednesday, hitting $78.78. 2,144,813 shares of the company traded hands. The firm has a market capitalization of $9.86 billion, a PE ratio of 20.40 and a beta of 0.27. The firm’s 50 day moving average price is $82.69 and its 200 day moving average price is $84.83. Darden Restaurants has a 1-year low of $60.16 and a 1-year high of $95.22.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Tuesday, September 26th. The restaurant operator reported $0.99 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.99. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.93 billion. Darden Restaurants had a return on equity of 26.06% and a net margin of 6.60%. Darden Restaurants’s quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 EPS. Equities research analysts predict that Darden Restaurants will post $4.45 EPS for the current fiscal year.
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The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 3.20%. The ex-dividend date is Friday, October 6th. Darden Restaurants’s dividend payout ratio (DPR) is 65.12%.
Institutional investors have recently bought and sold shares of the stock. American International Group Inc. grew its holdings in Darden Restaurants by 1.3% during the first quarter. American International Group Inc. now owns 6,198,698 shares of the restaurant operator’s stock worth $518,645,000 after acquiring an additional 77,248 shares during the period. State of Tennessee Treasury Department grew its holdings in Darden Restaurants by 162.3% during the second quarter. State of Tennessee Treasury Department now owns 121,896 shares of the restaurant operator’s stock worth $11,025,000 after acquiring an additional 75,421 shares during the period. BlackRock Inc. grew its holdings in Darden Restaurants by 4,601.4% during the first quarter. BlackRock Inc. now owns 11,464,253 shares of the restaurant operator’s stock worth $959,215,000 after acquiring an additional 11,220,403 shares during the period. Wedbush Securities Inc. grew its holdings in Darden Restaurants by 0.5% during the second quarter. Wedbush Securities Inc. now owns 3,195 shares of the restaurant operator’s stock worth $289,000 after acquiring an additional 15 shares during the period. Finally, Chicago Equity Partners LLC grew its holdings in Darden Restaurants by 589.5% in the second quarter. Chicago Equity Partners LLC now owns 41,230 shares of the restaurant operator’s stock valued at $3,729,000 after purchasing an additional 35,250 shares during the period. 88.65% of the stock is currently owned by hedge funds and other institutional investors.
Darden Restaurants Company Profile
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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