Darden Restaurants Inc. (DRI) Announces Earnings Results, Beats Estimates By $0.06 EPS
Darden Restaurants Inc. (NYSE:DRI) released its earnings results on Tuesday. The restaurant operator reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The firm had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.72 billion. Darden Restaurants had a return on equity of 21.95% and a net margin of 5.41%. During the same period in the previous year, the company earned $0.68 earnings per share.
Shares of Darden Restaurants (NYSE:DRI) opened at 61.36 on Tuesday. Darden Restaurants has a 52 week low of $53.38 and a 52 week high of $68.83. The firm has a market cap of $7.74 billion, a price-to-earnings ratio of 21.17 and a beta of 0.41. The company has a 50-day moving average price of $62.00 and a 200 day moving average price of $63.88.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 10th will be paid a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Wednesday, October 5th. Darden Restaurants’s dividend payout ratio is 76.98%.
In related news, Director James P. Fogarty purchased 3,000 shares of Darden Restaurants stock in a transaction that occurred on Thursday, July 7th. The stock was purchased at an average cost of $61.70 per share, with a total value of $185,100.00. Following the completion of the transaction, the director now owns 7,890 shares of the company’s stock, valued at approximately $486,813. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.69% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the stock. HighTower Advisors LLC boosted its stake in Darden Restaurants by 38.4% in the second quarter. HighTower Advisors LLC now owns 25,824 shares of the restaurant operator’s stock worth $1,634,000 after buying an additional 7,163 shares during the last quarter. Commonwealth Bank of Australia boosted its stake in Darden Restaurants by 0.3% in the second quarter. Commonwealth Bank of Australia now owns 14,931 shares of the restaurant operator’s stock worth $947,000 after buying an additional 45 shares during the last quarter. Tredje AP fonden boosted its stake in Darden Restaurants by 505.0% in the second quarter. Tredje AP fonden now owns 19,540 shares of the restaurant operator’s stock worth $1,238,000 after buying an additional 16,310 shares during the last quarter. Advantus Capital Management Inc boosted its stake in Darden Restaurants by 1.0% in the second quarter. Advantus Capital Management Inc now owns 11,157 shares of the restaurant operator’s stock worth $707,000 after buying an additional 105 shares during the last quarter. Finally, BlackRock Japan Co. Ltd boosted its stake in Darden Restaurants by 8.6% in the second quarter. BlackRock Japan Co. Ltd now owns 150,484 shares of the restaurant operator’s stock worth $9,532,000 after buying an additional 11,956 shares during the last quarter. 94.57% of the stock is owned by institutional investors.
A number of research analysts recently issued reports on the company. Jefferies Group reaffirmed a “hold” rating and set a $64.00 target price (down from $66.00) on shares of Darden Restaurants in a report on Saturday, July 2nd. Zacks Investment Research lowered Darden Restaurants from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. BMO Capital Markets restated a “hold” rating and set a $64.00 price objective on shares of Darden Restaurants in a research report on Thursday, September 1st. Piper Jaffray Cos. restated an “overweight” rating and set a $76.00 price objective on shares of Darden Restaurants in a research report on Thursday, August 25th. Finally, BTIG Research restated a “buy” rating and set a $75.00 price objective on shares of Darden Restaurants in a research report on Friday, July 1st. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $70.63.
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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