Darden Restaurants (NYSE:DRI) PT Raised to $125.00 at Canaccord Genuity

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Darden Restaurants (NYSE:DRI) had its price target hoisted by equities research analysts at Canaccord Genuity from $120.00 to $125.00 in a report released on Friday, September 21st, MarketBeat reports. The firm currently has a “buy” rating on the restaurant operator’s stock. Canaccord Genuity’s price target indicates a potential upside of 17.09% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. Morgan Stanley lifted their price target on shares of Darden Restaurants from $110.00 to $112.00 and gave the company an “equal weight” rating in a research note on Friday, September 21st. Mizuho lifted their price target on shares of Darden Restaurants from $115.00 to $125.00 and gave the company a “buy” rating in a research note on Friday, September 21st. Stifel Nicolaus lifted their price target on shares of Darden Restaurants from $125.00 to $135.00 and gave the company a “buy” rating in a research note on Friday, September 21st. Maxim Group restated a “hold” rating and issued a $112.00 price objective on shares of Darden Restaurants in a report on Thursday, September 20th. Finally, Argus raised their price objective on Darden Restaurants to $240.00 and gave the company a “buy” rating in a report on Thursday, September 13th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $119.65.

Darden Restaurants stock opened at $106.76 on Friday. Darden Restaurants has a 1 year low of $78.83 and a 1 year high of $124.00. The firm has a market capitalization of $13.74 billion, a P/E ratio of 22.20, a P/E/G ratio of 2.11 and a beta of 0.17. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.26 and a current ratio of 0.41.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. Darden Restaurants had a net margin of 7.84% and a return on equity of 30.32%. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter last year, the company earned $0.99 EPS. The firm’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, analysts forecast that Darden Restaurants will post 5.63 EPS for the current year.

In other news, SVP Douglas J. Milanes sold 2,186 shares of Darden Restaurants stock in a transaction on Monday, July 23rd. The stock was sold at an average price of $111.06, for a total transaction of $242,777.16. Following the transaction, the senior vice president now owns 792 shares in the company, valued at approximately $87,959.52. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, COO David C. George sold 55,671 shares of Darden Restaurants stock in a transaction on Thursday, October 4th. The stock was sold at an average price of $108.24, for a total value of $6,025,829.04. Following the transaction, the chief operating officer now owns 95,236 shares in the company, valued at approximately $10,308,344.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 118,545 shares of company stock worth $13,103,896. Insiders own 0.65% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of DRI. Neuberger Berman Group LLC raised its holdings in shares of Darden Restaurants by 3.7% during the 1st quarter. Neuberger Berman Group LLC now owns 33,457 shares of the restaurant operator’s stock worth $2,852,000 after acquiring an additional 1,207 shares during the period. Teacher Retirement System of Texas increased its position in shares of Darden Restaurants by 96.1% during the 1st quarter. Teacher Retirement System of Texas now owns 67,665 shares of the restaurant operator’s stock worth $5,768,000 after purchasing an additional 33,154 shares during the last quarter. Federated Investors Inc. PA increased its position in shares of Darden Restaurants by 55.2% during the 1st quarter. Federated Investors Inc. PA now owns 4,520 shares of the restaurant operator’s stock worth $385,000 after purchasing an additional 1,607 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Darden Restaurants by 24.8% during the 1st quarter. Toronto Dominion Bank now owns 66,601 shares of the restaurant operator’s stock worth $5,677,000 after purchasing an additional 13,229 shares during the last quarter. Finally, IBM Retirement Fund acquired a new stake in shares of Darden Restaurants during the 1st quarter worth about $234,000. Institutional investors and hedge funds own 89.50% of the company’s stock.

About Darden Restaurants

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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Analyst Recommendations for Darden Restaurants (NYSE:DRI)

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