Darden Restaurants’ (DRI) “Sell” Rating Reaffirmed at Bank of America Corp.
Several other research firms have also issued reports on DRI. Deutsche Bank AG restated a buy rating and set a $76.00 price target on shares of Darden Restaurants in a research report on Tuesday, July 5th. BMO Capital Markets restated a market perform rating and set a $64.00 price target (down from $66.00) on shares of Darden Restaurants in a research report on Tuesday, July 5th. Stifel Nicolaus lowered shares of Darden Restaurants from a hold rating to a sell rating and set a $53.00 price target for the company. in a research report on Tuesday, July 26th. Zacks Investment Research raised shares of Darden Restaurants from a hold rating to a buy rating and set a $76.00 price objective for the company in a research note on Wednesday, June 15th. Finally, Oppenheimer Holdings Inc. reaffirmed an outperform rating and set a $70.00 price objective on shares of Darden Restaurants in a research note on Tuesday, June 28th. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $69.89.
Shares of Darden Restaurants (NYSE:DRI) traded down 0.463% during mid-day trading on Wednesday, hitting $61.275. The stock had a trading volume of 600,155 shares. Darden Restaurants has a 1-year low of $53.38 and a 1-year high of $68.68. The stock’s 50-day moving average is $61.96 and its 200 day moving average is $63.83. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of 21.144 and a beta of 0.41.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. Darden Restaurants had a net margin of 5.73% and a return on equity of 24.97%. The business earned $1.71 billion during the quarter. During the same quarter in the previous year, the company earned $0.68 earnings per share. The business’s quarterly revenue was up 1.6% on a year-over-year basis. Equities research analysts predict that Darden Restaurants will post $3.87 EPS for the current fiscal year.
The business also recently announced 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. This represents a $2.24 annualized dividend and a yield of 3.64%. The ex-dividend date is Wednesday, October 5th. Darden Restaurants’s dividend payout ratio is currently 72.03%.
A number of large investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Darden Restaurants by 5.3% in the second quarter. Vanguard Group Inc. now owns 12,676,075 shares of the restaurant operator’s stock valued at $802,903,000 after buying an additional 640,845 shares during the last quarter. State Street Corp increased its position in Darden Restaurants by 0.6% in the first quarter. State Street Corp now owns 5,228,348 shares of the restaurant operator’s stock valued at $346,649,000 after buying an additional 32,258 shares during the last quarter. BlackRock Fund Advisors increased its position in Darden Restaurants by 12.2% in the second quarter. BlackRock Fund Advisors now owns 4,646,824 shares of the restaurant operator’s stock valued at $294,330,000 after buying an additional 505,377 shares during the last quarter. Bank of New York Mellon Corp increased its position in Darden Restaurants by 8.6% in the second quarter. Bank of New York Mellon Corp now owns 3,902,816 shares of the restaurant operator’s stock valued at $247,202,000 after buying an additional 308,834 shares during the last quarter. Finally, Ameriprise Financial Inc. increased its position in Darden Restaurants by 16.3% in the second quarter. Ameriprise Financial Inc. now owns 3,893,719 shares of the restaurant operator’s stock valued at $246,621,000 after buying an additional 544,413 shares during the last quarter. Institutional investors own 94.57% of the company’s stock.
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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