Darden Restaurants, Inc. (NYSE:DRI) – Analysts at Oppenheimer increased their Q2 2022 EPS estimates for Darden Restaurants in a research note issued to investors on Tuesday, September 14th. Oppenheimer analyst B. Bittner now expects that the restaurant operator will post earnings of $1.41 per share for the quarter, up from their previous forecast of $1.37. Oppenheimer has a “Outperform” rating and a $175.00 price objective on the stock. Oppenheimer also issued estimates for Darden Restaurants’ FY2022 earnings at $7.42 EPS and FY2023 earnings at $8.30 EPS.
A number of other analysts also recently commented on the company. Zacks Investment Research raised Darden Restaurants from a “hold” rating to a “buy” rating and set a $157.00 price target for the company in a research report on Tuesday, August 31st. Truist Securities increased their price target on Darden Restaurants from $158.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday, June 9th. BTIG Research restated a “hold” rating on shares of Darden Restaurants in a research report on Sunday, June 27th. MKM Partners upgraded shares of Darden Restaurants from a “neutral” rating to a “buy” rating and increased their price target for the company from $155.00 to $168.00 in a research report on Friday, June 25th. Finally, Stifel Nicolaus increased their price target on shares of Darden Restaurants from $140.00 to $155.00 and gave the company a “hold” rating in a research report on Thursday, June 24th. Five research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $155.29.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Wednesday, June 23rd. The restaurant operator reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.23. Darden Restaurants had a net margin of 8.74% and a return on equity of 22.25%. The company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same period last year, the firm earned ($1.24) earnings per share. The firm’s revenue was up 79.5% on a year-over-year basis.
Institutional investors have recently made changes to their positions in the company. Parametric Portfolio Associates LLC lifted its stake in shares of Darden Restaurants by 3.0% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 504,520 shares of the restaurant operator’s stock valued at $73,655,000 after acquiring an additional 14,491 shares during the last quarter. BDO Wealth Advisors LLC lifted its stake in shares of Darden Restaurants by 4.9% in the 2nd quarter. BDO Wealth Advisors LLC now owns 18,344 shares of the restaurant operator’s stock valued at $2,678,000 after acquiring an additional 857 shares during the last quarter. Sawtooth Solutions LLC bought a new stake in shares of Darden Restaurants in the 2nd quarter valued at about $217,000. B. Metzler seel. Sohn & Co. Holding AG lifted its stake in shares of Darden Restaurants by 147.8% in the 2nd quarter. B. Metzler seel. Sohn & Co. Holding AG now owns 9,785 shares of the restaurant operator’s stock valued at $1,429,000 after acquiring an additional 5,837 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Darden Restaurants in the second quarter worth $1,336,000. 87.38% of the stock is owned by institutional investors.
In other news, COO Ricardo Cardenas sold 10,652 shares of the stock in a transaction dated Thursday, July 1st. The stock was sold at an average price of $147.08, for a total transaction of $1,566,696.16. Following the transaction, the chief operating officer now directly owns 47,021 shares in the company, valued at approximately $6,915,848.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Eugene I. Lee, Jr. sold 30,748 shares of the stock in a transaction dated Thursday, July 29th. The shares were sold at an average price of $150.18, for a total value of $4,617,734.64. Following the transaction, the chief executive officer now owns 285,138 shares in the company, valued at $42,822,024.84. The disclosure for this sale can be found here. Insiders have sold 141,327 shares of company stock valued at $21,170,373 in the last three months. 0.95% of the stock is owned by corporate insiders.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, August 2nd. Investors of record on Friday, July 9th were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date was Thursday, July 8th. This is an increase from Darden Restaurants’s previous quarterly dividend of $0.88. Darden Restaurants’s dividend payout ratio (DPR) is 102.09%.
About Darden Restaurants
Darden Restaurants, Inc is a full-service restaurant company, which engages in the provision of restaurant services. It operates through the following segments: Olive Garden, LongHorn Steakhouse, Fine Dining, and Other Business. The Olive Garden segment is the largest full-service dining Italian restaurant operator.
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