Darden Restaurants Inc. Forecasted to Post FY2017 Earnings of $3.92 Per Share (DRI)
Darden Restaurants Inc. (NYSE:DRI) – Stock analysts at Oppenheimer Holdings increased their FY2017 earnings per share (EPS) estimates for shares of Darden Restaurants in a report issued on Tuesday. Oppenheimer Holdings analyst B. Bittner now forecasts that the firm will post earnings per share of $3.92 for the year, up from their prior forecast of $3.85. Oppenheimer Holdings has a “Outperform” rating and a $70.00 price target on the stock.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. The firm had revenue of $1.71 billion for the quarter. Darden Restaurants had a net margin of 5.73% and a return on equity of 24.97%. Darden Restaurants’s revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 EPS.
A number of other brokerages have also recently commented on DRI. Zacks Investment Research raised Darden Restaurants from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research note on Wednesday, June 15th. Tigress Financial raised Darden Restaurants from a “neutral” rating to a “buy” rating in a research note on Thursday, June 23rd. Robert W. Baird reaffirmed a “neutral” rating and issued a $70.00 price target on shares of Darden Restaurants in a research note on Tuesday, June 28th. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $70.00 price objective on shares of Darden Restaurants in a research report on Tuesday, June 28th. Finally, Wells Fargo & Co. reiterated an “outperform” rating and issued a $79.00 price objective (up from $74.00) on shares of Darden Restaurants in a research report on Monday, June 27th. Three investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $69.89.
Shares of Darden Restaurants (NYSE:DRI) traded up 0.89% during trading on Thursday, reaching $61.49. 274,988 shares of the company traded hands. The stock has a market cap of $7.68 billion, a P/E ratio of 19.85 and a beta of 0.41. The stock’s 50 day moving average price is $61.92 and its 200-day moving average price is $63.81. Darden Restaurants has a 12 month low of $53.38 and a 12 month high of $68.68.
A number of institutional investors have recently added to or reduced their stakes in DRI. CENTRAL TRUST Co increased its position in Darden Restaurants by 16.5% in the second quarter. CENTRAL TRUST Co now owns 1,799 shares of the restaurant operator’s stock valued at $114,000 after buying an additional 255 shares during the period. Krilogy Financial LLC increased its position in Darden Restaurants by 1.6% in the second quarter. Krilogy Financial LLC now owns 2,133 shares of the restaurant operator’s stock valued at $135,000 after buying an additional 33 shares during the period. Pacer Advisors Inc. increased its position in Darden Restaurants by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,369 shares of the restaurant operator’s stock valued at $150,000 after buying an additional 195 shares during the period. M&R Capital Management Inc. bought a new position in Darden Restaurants during the second quarter valued at $158,000. Finally, Citizens Financial Group Inc RI increased its position in Darden Restaurants by 320.0% in the first quarter. Citizens Financial Group Inc RI now owns 2,520 shares of the restaurant operator’s stock valued at $167,000 after buying an additional 1,920 shares during the period. Institutional investors own 94.57% of the company’s stock.
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 given a dividend of $0.56 per share. The ex-dividend date is Wednesday, October 5th. This represents a $2.24 annualized dividend and a yield of 3.68%. Darden Restaurants’s dividend payout ratio (DPR) is presently 72.03%.
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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