Darden Restaurants, Inc. (NYSE:DRI) – Analysts at Piper Sandler lifted their Q3 2022 earnings per share estimates for Darden Restaurants in a report released on Thursday, June 25th. Piper Sandler analyst N. Regan now anticipates that the restaurant operator will post earnings per share of $1.86 for the quarter, up from their prior estimate of $1.83. Piper Sandler also issued estimates for Darden Restaurants’ FY2022 earnings at $5.44 EPS.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings results on Thursday, June 25th. The restaurant operator reported ($1.24) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.64) by $0.40. Darden Restaurants had a negative net margin of 0.67% and a positive return on equity of 16.68%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the firm posted $1.76 earnings per share. The business’s quarterly revenue was down 43.5% compared to the same quarter last year.
Several other equities analysts also recently commented on the stock. MKM Partners upgraded shares of Darden Restaurants from a “neutral” rating to a “buy” rating and set a $90.00 price objective on the stock in a report on Tuesday, May 19th. Oppenheimer lifted their price target on shares of Darden Restaurants from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Wednesday, May 20th. SunTrust Banks upped their price target on shares of Darden Restaurants from $85.00 to $100.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Deutsche Bank decreased their price objective on shares of Darden Restaurants from $82.00 to $77.00 and set a “hold” rating for the company in a research report on Monday, March 16th. Finally, Cfra decreased their price target on shares of Darden Restaurants from $120.00 to $58.00 and set a “hold” rating for the company in a research note on Wednesday, April 1st. Fifteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $90.48.
Shares of DRI opened at $75.77 on Monday. The stock has a market capitalization of $8.81 billion, a P/E ratio of -189.43, a P/E/G ratio of 2.96 and a beta of 1.32. The company has a 50 day moving average of $75.89 and a 200-day moving average of $87.61. The company has a quick ratio of 0.27, a current ratio of 0.41 and a debt-to-equity ratio of 2.24. Darden Restaurants has a twelve month low of $26.15 and a twelve month high of $128.41.
In other Darden Restaurants news, CFO Ricardo Cardenas purchased 2,991 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The stock was bought at an average price of $58.50 per share, with a total value of $174,973.50. Following the completion of the purchase, the chief financial officer now directly owns 22,432 shares of the company’s stock, valued at approximately $1,312,272. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Todd Burrowes acquired 2,564 shares of Darden Restaurants stock in a transaction on Thursday, April 23rd. The shares were bought at an average cost of $58.50 per share, for a total transaction of $149,994.00. Following the completion of the transaction, the insider now owns 25,216 shares in the company, valued at approximately $1,475,136. The disclosure for this purchase can be found here. Insiders have acquired a total of 37,178 shares of company stock valued at $2,174,913 in the last ninety days. 0.47% of the stock is currently owned by corporate insiders.
Large investors have recently bought and sold shares of the company. Greenleaf Trust boosted its stake in shares of Darden Restaurants by 5.1% during the 4th quarter. Greenleaf Trust now owns 1,987 shares of the restaurant operator’s stock valued at $217,000 after purchasing an additional 97 shares in the last quarter. Utah Retirement Systems raised its stake in Darden Restaurants by 0.4% in the fourth quarter. Utah Retirement Systems now owns 23,497 shares of the restaurant operator’s stock worth $2,562,000 after buying an additional 100 shares in the last quarter. Vident Investment Advisory LLC lifted its holdings in Darden Restaurants by 2.9% in the fourth quarter. Vident Investment Advisory LLC now owns 4,258 shares of the restaurant operator’s stock worth $464,000 after buying an additional 120 shares during the period. Wesbanco Bank Inc. boosted its position in Darden Restaurants by 4.1% during the 4th quarter. Wesbanco Bank Inc. now owns 3,691 shares of the restaurant operator’s stock valued at $402,000 after acquiring an additional 145 shares in the last quarter. Finally, Sowell Financial Services LLC grew its holdings in shares of Darden Restaurants by 2.7% during the 1st quarter. Sowell Financial Services LLC now owns 6,068 shares of the restaurant operator’s stock worth $330,000 after acquiring an additional 157 shares during the period. 88.12% of the stock is owned by hedge funds and other institutional investors.
Darden Restaurants Company Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.
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