Darden Restaurants Inc. (DRI) Set to Announce Earnings on Tuesday
Darden Restaurants Inc. (NYSE:DRI) will be issuing its Q117 quarterly earnings data on Tuesday, October 4th. Analysts expect the company to announce earnings of $0.82 per share and revenue of $1.72 billion for the quarter.
Shares of Darden Restaurants Inc. (NYSE:DRI) opened at 61.32 on Monday. The company has a market cap of $7.74 billion, a price-to-earnings ratio of 21.16 and a beta of 0.52. Darden Restaurants Inc. has a 1-year low of $53.38 and a 1-year high of $68.97. The firm’s 50-day moving average is $62.04 and its 200 day moving average is $63.97.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 10th will be issued a $0.56 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.65%. Darden Restaurants’s dividend payout ratio is currently 76.98%.
A number of equities analysts recently commented on DRI shares. Wells Fargo & Co. downgraded Darden Restaurants from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $72.00 to $68.00 in a report on Wednesday, July 13th. Stifel Nicolaus downgraded Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 price target on the stock. in a report on Tuesday, July 26th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $76.00 price target (down previously from $78.00) on shares of Darden Restaurants in a report on Saturday, July 2nd. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $70.00 price target on shares of Darden Restaurants in a report on Wednesday, September 7th. Finally, Canaccord Genuity began coverage on Darden Restaurants in a report on Monday, August 22nd. They set a “buy” rating and a $74.00 price target on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $70.79.
In other news, Director James P. Fogarty acquired 3,000 shares of the stock in a transaction that occurred on Thursday, July 7th. The stock was purchased at an average cost of $61.70 per share, for a total transaction of $185,100.00. Following the completion of the transaction, the director now directly owns 7,890 shares in the company, valued at $486,813. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.68% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in the company. Krilogy Financial LLC raised its stake in shares of Darden Restaurants by 1.6% in the second quarter. Krilogy Financial LLC now owns 2,133 shares of the restaurant operator’s stock worth $135,000 after buying an additional 33 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Darden Restaurants by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,369 shares of the restaurant operator’s stock worth $150,000 after buying an additional 195 shares during the last quarter. Meiji Yasuda Life Insurance Co purchased a new stake in shares of Darden Restaurants during the second quarter worth approximately $220,000. Thrivent Financial for Lutherans raised its stake in shares of Darden Restaurants by 4.8% in the second quarter. Thrivent Financial for Lutherans now owns 3,737 shares of the restaurant operator’s stock worth $237,000 after buying an additional 170 shares during the last quarter. Finally, Nomura Holdings Inc. raised its stake in shares of Darden Restaurants by 19.4% in the second quarter. Nomura Holdings Inc. now owns 4,200 shares of the restaurant operator’s stock worth $267,000 after buying an additional 683 shares during the last quarter. Hedge funds and other institutional investors own 94.57% of the company’s stock.
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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