Darden Restaurants Inc. (NYSE:DRI) – Research analysts at Oppenheimer Holdings cut their Q2 2017 EPS estimates for shares of Darden Restaurants in a note issued to investors on Tuesday. Oppenheimer Holdings analyst B. Bittner now forecasts that the firm will post earnings of $0.62 per share for the quarter, down from their previous forecast of $0.63. Oppenheimer Holdings currently has a “Outperform” rating and a $70.00 target price on the stock. Oppenheimer Holdings also issued estimates for Darden Restaurants’ Q3 2017 earnings at $1.29 EPS.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 EPS for the quarter, topping the consensus estimate of $0.82 by $0.06. The company 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 quarterly revenue was up 1.6% compared to the same quarter last year. During the same period last year, the business earned $0.68 EPS.
Other analysts also recently issued research reports about the company. BTIG Research restated a “buy” rating and issued a $75.00 target price on shares of Darden Restaurants in a research report on Friday, July 1st. Zacks Investment Research downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. Piper Jaffray Cos. restated an “overweight” rating and issued a $76.00 target price (down previously from $78.00) on shares of Darden Restaurants in a research report on Saturday, July 2nd. Wells Fargo & Co. downgraded Darden Restaurants from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $72.00 to $68.00 in a research report on Wednesday, July 13th. Finally, Stifel Nicolaus downgraded Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 target price for the company. in a research report on Tuesday, July 26th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company. Darden Restaurants has an average rating of “Hold” and a consensus target price of $69.89.
Shares of Darden Restaurants (NYSE:DRI) traded up 1.12% during mid-day trading on Friday, hitting $61.63. 1,607,093 shares of the stock traded hands. Darden Restaurants has a 52 week low of $53.38 and a 52 week high of $68.68. The stock has a market cap of $7.70 billion, a price-to-earnings ratio of 19.90 and a beta of 0.41. The firm’s 50-day moving average is $61.89 and its 200-day moving average is $63.77.
The firm also recently disclosed 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 dividend yield of 3.63%. Darden Restaurants’s dividend payout ratio (DPR) is presently 72.03%.
Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Darden Restaurants by 5.3% in the second quarter. Vanguard Group Inc. now owns 12,676,075 shares of the restaurant operator’s stock valued at $802,903,000 after buying an additional 640,845 shares during the period. State Street Corp increased its position in Darden Restaurants by 0.6% in the first quarter. State Street Corp now owns 5,228,348 shares of the restaurant operator’s stock worth $346,649,000 after buying an additional 32,258 shares in the last quarter. BlackRock Fund Advisors increased its position in Darden Restaurants by 12.2% in the second quarter. BlackRock Fund Advisors now owns 4,646,824 shares of the restaurant operator’s stock worth $294,330,000 after buying an additional 505,377 shares in the last quarter. Bank of New York Mellon Corp increased its position in Darden Restaurants by 8.6% in the second quarter. Bank of New York Mellon Corp now owns 3,902,816 shares of the restaurant operator’s stock worth $247,202,000 after buying an additional 308,834 shares in the last quarter. Finally, Ameriprise Financial Inc. increased its position in Darden Restaurants by 16.3% in the second quarter. Ameriprise Financial Inc. now owns 3,893,719 shares of the restaurant operator’s stock worth $246,621,000 after buying an additional 544,413 shares in the last quarter. 94.57% of the stock is currently owned by institutional investors.
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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