Wells Fargo & Company Cuts Darden Restaurants, Inc. (DRI) Price Target to $84.00
Darden Restaurants, Inc. (NYSE:DRI) had its price target lowered by Wells Fargo & Company from $90.00 to $84.00 in a research note released on Wednesday. The brokerage currently has a market perform rating on the restaurant operator’s stock.
Other equities research analysts have also recently issued reports about the stock. Oppenheimer Holdings, Inc. boosted their price objective on shares of Darden Restaurants in a research report on Monday, June 26th. Bank of America Corporation set a $80.00 price target on shares of Darden Restaurants and gave the company a buy rating in a report on Monday, June 26th. Canaccord Genuity restated a buy rating and issued a $102.00 price target on shares of Darden Restaurants in a report on Friday, June 9th. Zacks Investment Research upgraded shares of Darden Restaurants from a hold rating to a buy rating and set a $100.00 price target for the company in a report on Tuesday, July 11th. Finally, BidaskClub lowered shares of Darden Restaurants from a strong-buy rating to a buy rating in a report on Sunday, July 16th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the company’s stock. Darden Restaurants currently has an average rating of Hold and a consensus target price of $84.86.
Darden Restaurants (DRI) opened at 78.78 on Wednesday. The company has a 50-day moving average of $82.69 and a 200-day moving average of $84.83. Darden Restaurants has a 1-year low of $60.16 and a 1-year high of $95.22. The company has a market capitalization of $9.86 billion, a P/E ratio of 20.40 and a beta of 0.27.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Tuesday, September 26th. The restaurant operator reported $0.99 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.99. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Darden Restaurants had a net margin of 6.60% and a return on equity of 26.06%. The firm’s quarterly revenue was up 12.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.88 EPS. Equities analysts expect that Darden Restaurants will post $4.45 EPS for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be paid a dividend of $0.63 per share. The ex-dividend date is Friday, October 6th. This represents a $2.52 dividend on an annualized basis and a yield of 3.20%. Darden Restaurants’s payout ratio is 65.12%.
Institutional investors have recently modified their holdings of the business. D.A. Davidson & CO. increased its stake in Darden Restaurants by 1.7% during the 2nd quarter. D.A. Davidson & CO. now owns 1,271 shares of the restaurant operator’s stock valued at $114,000 after purchasing an additional 21 shares in the last quarter. M&R Capital Management Inc. acquired a new position in Darden Restaurants during the 2nd quarter valued at approximately $108,000. Farmers & Merchants Investments Inc. increased its stake in Darden Restaurants by 255.5% during the 2nd quarter. Farmers & Merchants Investments Inc. now owns 1,422 shares of the restaurant operator’s stock valued at $129,000 after purchasing an additional 1,022 shares in the last quarter. Huntington National Bank increased its stake in Darden Restaurants by 4.6% during the 2nd quarter. Huntington National Bank now owns 1,578 shares of the restaurant operator’s stock valued at $143,000 after purchasing an additional 70 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in Darden Restaurants by 4.6% during the 1st quarter. Van ECK Associates Corp now owns 1,625 shares of the restaurant operator’s stock valued at $136,000 after purchasing an additional 71 shares in the last quarter. Institutional investors and hedge funds own 88.65% 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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