Darden Restaurants (NYSE:DRI) PT Raised to $170.00

Darden Restaurants (NYSE:DRI) had its price target raised by analysts at Truist from $158.00 to $170.00 in a report issued on Wednesday, The Fly reports. The firm presently has a “buy” rating on the restaurant operator’s stock. Truist’s price objective indicates a potential upside of 24.18% from the company’s current price.

A number of other equities research analysts have also issued reports on DRI. Wells Fargo & Company upped their price objective on shares of Darden Restaurants from $140.00 to $160.00 and gave the company an “overweight” rating in a report on Thursday, March 18th. Credit Suisse Group increased their target price on shares of Darden Restaurants from $141.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, March 26th. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Darden Restaurants in a research note on Friday, March 19th. Zacks Investment Research cut shares of Darden Restaurants from a “buy” rating to a “hold” rating and set a $148.00 price target on the stock. in a research report on Tuesday, May 25th. Finally, Royal Bank of Canada increased their price target on shares of Darden Restaurants from $151.00 to $158.00 and gave the stock an “outperform” rating in a research report on Monday, March 29th. Nine equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company. Darden Restaurants currently has a consensus rating of “Buy” and a consensus price target of $145.84.

Shares of DRI opened at $136.90 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.79 and a quick ratio of 0.68. Darden Restaurants has a 12-month low of $68.68 and a 12-month high of $149.73. The firm has a 50-day moving average price of $141.65. The stock has a market capitalization of $17.84 billion, a price-to-earnings ratio of -73.21, a P/E/G ratio of 1.96 and a beta of 1.54.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Wednesday, March 24th. The restaurant operator reported $0.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.29. Darden Restaurants had a negative net margin of 3.54% and a positive return on equity of 5.94%. The firm had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.60 billion. During the same quarter in the prior year, the firm posted $1.90 earnings per share. Darden Restaurants’s quarterly revenue was down 26.1% on a year-over-year basis. As a group, equities analysts anticipate that Darden Restaurants will post 3.97 EPS for the current year.

Darden Restaurants declared that its board has authorized a share repurchase plan on Thursday, March 25th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

In other Darden Restaurants news, SVP Matthew R. Broad sold 10,700 shares of the firm’s stock in a transaction on Tuesday, March 30th. The stock was sold at an average price of $145.00, for a total value of $1,551,500.00. Following the completion of the sale, the senior vice president now owns 10,025 shares of the company’s stock, valued at $1,453,625. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Susan M. Connelly sold 7,783 shares of the firm’s stock in a transaction on Monday, April 5th. The shares were sold at an average price of $144.83, for a total value of $1,127,211.89. Following the completion of the sale, the senior vice president now directly owns 10,143 shares of the company’s stock, valued at approximately $1,469,010.69. The disclosure for this sale can be found here. Over the last quarter, insiders sold 79,269 shares of company stock worth $11,390,912. 1.00% of the stock is currently owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Schroder Investment Management Group lifted its holdings in Darden Restaurants by 106.6% in the first quarter. Schroder Investment Management Group now owns 6,645 shares of the restaurant operator’s stock valued at $944,000 after acquiring an additional 3,429 shares during the period. Pendal Group Limited acquired a new stake in Darden Restaurants in the first quarter valued at $4,036,000. Tectonic Advisors LLC acquired a new stake in Darden Restaurants in the first quarter valued at $207,000. Beacon Investment Advisory Services Inc. raised its stake in shares of Darden Restaurants by 1.5% during the 1st quarter. Beacon Investment Advisory Services Inc. now owns 38,259 shares of the restaurant operator’s stock worth $5,433,000 after buying an additional 568 shares during the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG raised its stake in shares of Darden Restaurants by 10.1% during the 1st quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 3,948 shares of the restaurant operator’s stock worth $561,000 after buying an additional 361 shares during the last quarter. 87.08% of the stock is owned by institutional investors.

About Darden Restaurants

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 31, 2020, it owned and operated approximately 1,804 restaurants, which included 868 under the Olive Garden, 522 under the LongHorn Steakhouse, 165 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 60 under The Capital Grille, 44 under the Seasons 52, 41 under the Bahama Breeze, and 23 under the Eddie V's Prime Seafood brands.

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