Jefferies Group Weighs in on Darden Restaurants Inc.’s Q2 2017 Earnings (DRI)
Darden Restaurants Inc. (NYSE:DRI) – Investment analysts at Jefferies Group boosted their Q2 2017 earnings estimates for shares of Darden Restaurants in a report issued on Tuesday. Jefferies Group analyst A. Barish now forecasts that the firm will earn $0.63 per share for the quarter, up from their prior estimate of $0.61. Jefferies Group has a “Hold” rating and a $64.00 price objective on the stock. Jefferies Group also issued estimates for Darden Restaurants’ Q4 2018 earnings at $1.22 EPS.
DRI has been the subject of a number of other reports. Zacks Investment Research cut shares of Darden Restaurants from a “hold” rating to a “sell” rating in a research note on Tuesday, July 26th. BMO Capital Markets reiterated a “hold” rating and set a $64.00 target price on shares of Darden Restaurants in a research note on Thursday, September 1st. Piper Jaffray Cos. reiterated an “overweight” rating and set a $76.00 target price on shares of Darden Restaurants in a research note on Thursday, August 25th. BTIG Research reiterated a “buy” rating and set a $75.00 target price on shares of Darden Restaurants in a research note on Friday, July 1st. Finally, Robert W. Baird reiterated a “neutral” rating and set a $70.00 target price on shares of Darden Restaurants in a research note on Tuesday, June 28th. Three research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eleven have assigned a buy rating to the stock. Darden Restaurants has a consensus rating of “Hold” and an average price target of $70.26.
Darden Restaurants (NYSE:DRI) opened at 61.56 on Wednesday. The company’s 50 day moving average is $61.96 and its 200-day moving average is $63.83. The firm has a market cap of $7.77 billion, a P/E ratio of 21.24 and a beta of 0.41. Darden Restaurants has a 52 week low of $53.38 and a 52 week high of $68.68.
Darden Restaurants (NYSE:DRI) last issued its earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. The firm earned $1.71 billion during the quarter. Darden Restaurants had a net margin of 5.73% and a return on equity of 24.97%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.68 EPS.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 10th will be given a $0.56 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.64%. Darden Restaurants’s dividend payout ratio is 72.03%.
Several hedge funds have recently made changes to their positions in the stock. Schroder Investment Management Group increased its stake in shares of Darden Restaurants by 291.5% in the second quarter. Schroder Investment Management Group now owns 1,725,904 shares of the restaurant operator’s stock worth $109,319,000 after buying an additional 1,285,004 shares in the last quarter. WBI Investments Inc. purchased a new stake in shares of Darden Restaurants during the second quarter worth $57,165,000. Numeric Investors LLC increased its stake in shares of Darden Restaurants by 228.9% in the second quarter. Numeric Investors LLC now owns 1,272,100 shares of the restaurant operator’s stock worth $80,575,000 after buying an additional 885,300 shares in the last quarter. Bank of Montreal Can purchased a new stake in shares of Darden Restaurants during the second quarter worth $53,974,000. Finally, Vanguard Group Inc. increased its stake in shares of Darden Restaurants by 5.3% in the second quarter. Vanguard Group Inc. now owns 12,676,075 shares of the restaurant operator’s stock worth $802,903,000 after buying an additional 640,845 shares in the last quarter. Institutional investors and hedge funds 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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