Darden Restaurants (NYSE:DRI – Get Rating) updated its FY 2023 earnings guidance on Thursday. The company provided earnings per share guidance of $7.40-$8.00 for the period, compared to the consensus earnings per share estimate of $8.15. The company issued revenue guidance of $10.20 billion-$10.40 billion, compared to the consensus revenue estimate of $10.22 billion.
Several equities research analysts recently weighed in on the stock. Piper Sandler cut their target price on shares of Darden Restaurants from $153.00 to $150.00 and set an overweight rating on the stock in a research note on Friday, June 24th. Oppenheimer cut their target price on shares of Darden Restaurants from $175.00 to $155.00 and set an outperform rating on the stock in a research note on Wednesday, June 22nd. Credit Suisse Group cut their target price on shares of Darden Restaurants from $175.00 to $152.00 and set an outperform rating on the stock in a research note on Friday, June 24th. Bank of America assumed coverage on shares of Darden Restaurants in a research report on Monday, June 27th. They issued a buy rating and a $145.00 price objective on the stock. Finally, UBS Group dropped their target price on shares of Darden Restaurants from $172.00 to $155.00 in a research report on Friday, June 17th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to MarketBeat.com, Darden Restaurants presently has a consensus rating of Moderate Buy and an average price target of $141.65.
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Shares of DRI stock opened at $116.30 on Thursday. The stock has a market cap of $14.51 billion, a P/E ratio of 15.72, a price-to-earnings-growth ratio of 1.54 and a beta of 1.31. Darden Restaurants has a one year low of $110.96 and a one year high of $164.28. The stock has a fifty day moving average price of $119.97 and a 200 day moving average price of $131.18. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.64 and a quick ratio of 0.49.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be paid a dividend of $1.21 per share. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.10. This represents a $4.84 annualized dividend and a yield of 4.16%. The ex-dividend date of this dividend is Thursday, July 7th. Darden Restaurants’s dividend payout ratio is currently 65.41%.
Darden Restaurants declared that its board has initiated a stock repurchase plan on Thursday, June 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the restaurant operator to reacquire up to 6.6% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, Director Timothy J. Wilmott bought 10,000 shares of Darden Restaurants stock in a transaction on Tuesday, June 28th. The shares were purchased at an average price of $120.00 per share, for a total transaction of $1,200,000.00. Following the completion of the acquisition, the director now owns 27,094 shares in the company, valued at $3,251,280. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.95% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of DRI. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in shares of Darden Restaurants during the 1st quarter worth approximately $60,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Darden Restaurants during the 1st quarter worth $150,000. Covestor Ltd raised its holdings in shares of Darden Restaurants by 151.9% during the 1st quarter. Covestor Ltd now owns 1,136 shares of the restaurant operator’s stock worth $151,000 after buying an additional 685 shares in the last quarter. Zions Bancorporation N.A. raised its holdings in shares of Darden Restaurants by 33.1% during the 1st quarter. Zions Bancorporation N.A. now owns 1,548 shares of the restaurant operator’s stock worth $206,000 after buying an additional 385 shares in the last quarter. Finally, Quantamental Technologies LLC acquired a new position in shares of Darden Restaurants during the 1st quarter worth $241,000. 90.71% of the stock is currently owned by hedge funds and other institutional investors.
About Darden Restaurants (Get Rating)
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 30, 2021, it owned and operated 1,834 restaurants, which included 875 under the Olive Garden, 533 under the LongHorn Steakhouse, 170 under the Cheddar’s Scratch Kitchen, 81 under the Yard House, 63 under The Capital Grille, 44 under the Seasons 52, 42 under the Bahama Breeze, and 26 under the Eddie V’s Prime Seafood brands.
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