Darden Restaurants (NYSE:DRI) Price Target Raised to $134.00

Darden Restaurants (NYSE:DRIGet Rating) had its target price raised by Wedbush from $122.00 to $134.00 in a research report report published on Thursday morning, The Fly reports.

Several other analysts also recently commented on DRI. Cowen dropped their target price on shares of Darden Restaurants from $155.00 to $140.00 in a report on Thursday, June 16th. Oppenheimer lowered their price objective on shares of Darden Restaurants from $175.00 to $155.00 and set an outperform rating on the stock in a report on Wednesday, June 22nd. Stephens initiated coverage on shares of Darden Restaurants in a report on Thursday. They issued an overweight rating on the stock. Stifel Nicolaus reiterated a buy rating on shares of Darden Restaurants in a report on Friday, June 24th. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Darden Restaurants from $124.00 to $131.00 in a report on Wednesday, September 7th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $144.19.

Darden Restaurants Stock Performance

Shares of DRI stock opened at $125.45 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.49 and a current ratio of 0.64. The company has a market capitalization of $15.55 billion, a P/E ratio of 16.95, a price-to-earnings-growth ratio of 1.75 and a beta of 1.30. The company’s 50 day moving average price is $126.54 and its two-hundred day moving average price is $125.52. Darden Restaurants has a 52 week low of $110.96 and a 52 week high of $164.28.

Darden Restaurants (NYSE:DRIGet Rating) last announced its earnings results on Thursday, September 22nd. The restaurant operator reported $1.56 EPS for the quarter, hitting the consensus estimate of $1.56. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.47 billion. Darden Restaurants had a net margin of 9.89% and a return on equity of 39.05%. The business’s quarterly revenue was up 6.1% on a year-over-year basis. During the same period last year, the company posted $1.76 EPS. On average, analysts expect that Darden Restaurants will post 7.7 earnings per share for the current fiscal year.

Darden Restaurants declared that its board has approved a share buyback program on Thursday, June 23rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the restaurant operator to purchase up to 6.6% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Darden Restaurants Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be given a dividend of $1.21 per share. This represents a $4.84 dividend on an annualized basis and a yield of 3.86%. Darden Restaurants’s dividend payout ratio (DPR) is 65.41%.

Insiders Place Their Bets

In other news, Director Nana Mensah sold 567 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $117.03, for a total value of $66,356.01. Following the completion of the sale, the director now owns 10 shares of the company’s stock, valued at $1,170.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, Director Nana Mensah sold 567 shares of the business’s stock in a transaction dated Friday, July 15th. The shares were sold at an average price of $117.03, for a total value of $66,356.01. Following the completion of the sale, the director now owns 10 shares of the company’s stock, valued at $1,170.30. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Chairman Eugene I. Lee, Jr. sold 41,442 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $124.71, for a total transaction of $5,168,231.82. Following the completion of the sale, the chairman now directly owns 222,480 shares of the company’s stock, valued at approximately $27,745,480.80. The disclosure for this sale can be found here. Company insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Darden Restaurants

Institutional investors have recently modified their holdings of the business. James Reed Financial Services Inc. acquired a new position in Darden Restaurants in the fourth quarter valued at about $26,000. Princeton Global Asset Management LLC acquired a new position in Darden Restaurants in the first quarter valued at about $27,000. Dravo Bay LLC acquired a new position in Darden Restaurants in the first quarter valued at about $27,000. PSI Advisors LLC raised its stake in Darden Restaurants by 571.4% in the second quarter. PSI Advisors LLC now owns 235 shares of the restaurant operator’s stock valued at $27,000 after purchasing an additional 200 shares in the last quarter. Finally, Prospera Financial Services Inc acquired a new position in Darden Restaurants in the first quarter valued at about $33,000. Institutional investors own 89.62% of the company’s stock.

Darden Restaurants Company Profile

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Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 546 under the LongHorn Steakhouse brand name, 172 under the Cheddar's Scratch Kitchen brand, 85 under the Yard House brand name, 62 under The Capital Grille brand, 45 under the Seasons 52 brand name, 42 under the Bahama Breeze brand, 28 under the Eddie V's Prime Seafood brand name, and 3 under the Capital Burger brand; and franchised 60 restaurants comprising 35 under the Olive Garden brand, 18 under the LongHorn Steakhouse brand name, 4 under the Cheddar's Scratch Kitchen brand, 2 under The Capital Grille brand name, and 1 under the Bahama Breeze brand.Darden Restaurants, Inc was founded in 1968 and is based in Orlando, Florida.

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Analyst Recommendations for Darden Restaurants (NYSE:DRI)

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