Darden Restaurants Inc. (NYSE:DRI) issued an update on its FY17 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $3.87-3.97 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $3.87.
Darden Restaurants Inc. (NYSE:DRI) opened at 61.72 on Wednesday. The firm has a 50-day moving average price of $61.98 and a 200 day moving average price of $63.84. The company has a market cap of $7.79 billion, a price-to-earnings ratio of 21.30 and a beta of 0.41. Darden Restaurants Inc. has a one year low of $53.38 and a one year high of $68.68.
Darden Restaurants (NYSE:DRI) last posted its earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.06. Darden Restaurants had a return on equity of 21.95% and a net margin of 5.41%. The firm had revenue of $1.71 billion for the quarter, compared to the consensus estimate of $1.72 billion. During the same quarter in the prior year, the business earned $0.68 EPS. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities analysts expect that Darden Restaurants Inc. will post $3.87 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th will be given a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.63%. Darden Restaurants’s dividend payout ratio is currently 76.98%.
A number of analysts have recently commented on the company. Robert W. Baird reissued a neutral rating and issued a $70.00 price target on shares of Darden Restaurants in a research report on Tuesday, June 28th. Maxim Group reissued a buy rating and issued a $74.00 price target (down from $77.00) on shares of Darden Restaurants in a research report on Friday, July 1st. Zacks Investment Research cut Darden Restaurants from a buy rating to a hold rating in a research report on Friday, July 1st. Wells Fargo & Co. reissued a market perform rating and issued a $68.00 price target on shares of Darden Restaurants in a research report on Wednesday, September 28th. Finally, Morgan Stanley reissued a hold rating and issued a $67.00 price target on shares of Darden Restaurants in a research report on Tuesday, September 27th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $70.63.
In other Darden Restaurants news, Director James P. Fogarty purchased 3,000 shares of the business’s stock in a transaction on Thursday, July 7th. The stock was acquired at an average price of $61.70 per share, for a total transaction of $185,100.00. Following the purchase, the director now owns 7,890 shares of the company’s stock, valued at approximately $486,813. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 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. Meiji Yasuda Life Insurance Co bought a new position in Darden Restaurants during the second quarter valued at approximately $220,000. Thrivent Financial for Lutherans increased its position in Darden Restaurants by 4.8% in the second quarter. Thrivent Financial for Lutherans now owns 3,737 shares of the restaurant operator’s stock valued at $237,000 after buying an additional 170 shares during the period. Finally, Nomura Holdings Inc. increased its position in Darden Restaurants by 19.4% in the second quarter. Nomura Holdings Inc. now owns 4,200 shares of the restaurant operator’s stock valued at $267,000 after buying an additional 683 shares during the period. 94.57% of the stock is owned by institutional investors and hedge funds.
Darden Restaurants Company Profile
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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