Darden Restaurants Inc. (DRI) Announces Quarterly Earnings Results
Darden Restaurants Inc. (NYSE:DRI) released its quarterly earnings results on Tuesday. The restaurant operator reported $0.88 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.06. Darden Restaurants had a net margin of 5.41% and a return on equity of 21.95%. The business had revenue of $1.71 billion for the quarter, compared to analyst estimates of $1.72 billion. During the same period in the previous year, the company earned $0.68 earnings per share.
Darden Restaurants (NYSE:DRI) opened at 61.36 on Tuesday. The firm has a 50-day moving average of $62.00 and a 200 day moving average of $63.88. The firm has a market capitalization of $7.74 billion, a price-to-earnings ratio of 21.17 and a beta of 0.41. Darden Restaurants has a 12-month low of $53.38 and a 12-month high of $68.83.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $2.24 annualized dividend and a yield of 3.65%. Darden Restaurants’s payout ratio is 76.98%.
Several research firms have recently commented on DRI. Robert W. Baird reiterated a “neutral” rating and set a $70.00 price objective on shares of Darden Restaurants in a research note on Tuesday, June 28th. Maxim Group reiterated a “buy” rating and set a $74.00 price objective (down from $77.00) on shares of Darden Restaurants in a research note on Friday, July 1st. Zacks Investment Research downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Wells Fargo & Co. reiterated a “market perform” rating and set a $68.00 price objective on shares of Darden Restaurants in a research note on Wednesday, September 28th. Finally, Morgan Stanley reiterated a “hold” rating and set a $67.00 price objective on shares of Darden Restaurants in a research note on Tuesday, September 27th. Two research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $70.63.
In other news, Director James P. Fogarty purchased 3,000 shares of the stock in a transaction dated Thursday, July 7th. The stock was acquired at an average cost of $61.70 per share, for a total transaction of $185,100.00. Following the completion of the acquisition, the director now directly owns 7,890 shares in the company, valued at approximately $486,813. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.69% of the company’s stock.
Several large investors have recently modified their holdings of the company. Krilogy Financial LLC increased 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 period. Pacer Advisors Inc. increased 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 period. 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 increased 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 period. Finally, Nomura Holdings Inc. increased 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 period. Institutional investors and hedge funds 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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