Darden Restaurants (NYSE:DRI) Price Target Cut to $155.00

Darden Restaurants (NYSE:DRIGet Rating) had its price target dropped by equities research analysts at Oppenheimer from $175.00 to $155.00 in a note issued to investors on Wednesday, The Fly reports. The firm presently has an “outperform” rating on the restaurant operator’s stock. Oppenheimer’s target price suggests a potential upside of 34.08% from the stock’s current price. Oppenheimer also issued estimates for Darden Restaurants’ FY2022 earnings at $7.38 EPS, Q1 2023 earnings at $1.89 EPS, Q2 2023 earnings at $1.58 EPS, Q3 2023 earnings at $2.28 EPS, Q4 2023 earnings at $2.46 EPS and FY2024 earnings at $9.00 EPS.

A number of other brokerages also recently weighed in on DRI. Credit Suisse Group cut their target price on Darden Restaurants from $180.00 to $175.00 and set an “outperform” rating on the stock in a research note on Friday, March 25th. Citigroup cut their target price on Darden Restaurants from $162.00 to $134.00 in a research note on Tuesday, June 14th. Deutsche Bank Aktiengesellschaft cut their target price on Darden Restaurants from $154.00 to $152.00 in a research note on Friday, March 25th. Morgan Stanley dropped their price objective on Darden Restaurants from $171.00 to $161.00 and set an “overweight” rating on the stock in a research note on Friday, March 25th. Finally, Stephens dropped their price objective on Darden Restaurants from $176.00 to $160.00 and set an “overweight” rating on the stock in a research note on Friday, March 25th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, Darden Restaurants currently has an average rating of “Moderate Buy” and an average price target of $149.95.

DRI stock opened at $115.60 on Wednesday. The company has a market capitalization of $14.42 billion, a P/E ratio of 14.56, a price-to-earnings-growth ratio of 1.38 and a beta of 1.32. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.57 and a current ratio of 0.70. Darden Restaurants has a 52-week low of $110.96 and a 52-week high of $164.28. The business has a 50-day simple moving average of $124.77 and a two-hundred day simple moving average of $134.15.

Darden Restaurants (NYSE:DRIGet Rating) last announced its earnings results on Thursday, March 24th. The restaurant operator reported $1.93 earnings per share for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.16). Darden Restaurants had a return on equity of 36.26% and a net margin of 11.17%. The business had revenue of $2.45 billion during the quarter, compared to analysts’ expectations of $2.50 billion. During the same quarter in the previous year, the firm earned $0.98 EPS. Darden Restaurants’s quarterly revenue was up 41.3% on a year-over-year basis. As a group, sell-side analysts forecast that Darden Restaurants will post 7.38 earnings per share for the current fiscal year.

In other news, Director Juliana L. Chugg purchased 1,925 shares of the firm’s stock in a transaction dated Monday, March 28th. The shares were purchased at an average price of $129.01 per share, with a total value of $248,344.25. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.95% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Capital International Investors increased its holdings in shares of Darden Restaurants by 5.7% in the first quarter. Capital International Investors now owns 15,832,043 shares of the restaurant operator’s stock worth $2,104,832,000 after purchasing an additional 857,052 shares during the period. Vanguard Group Inc. increased its holdings in shares of Darden Restaurants by 2.6% in the first quarter. Vanguard Group Inc. now owns 14,373,923 shares of the restaurant operator’s stock worth $1,911,012,000 after purchasing an additional 362,658 shares during the period. BlackRock Inc. increased its holdings in shares of Darden Restaurants by 1.5% in the fourth quarter. BlackRock Inc. now owns 8,652,000 shares of the restaurant operator’s stock worth $1,303,338,000 after purchasing an additional 126,957 shares during the period. State Street Corp grew its position in Darden Restaurants by 3.2% in the fourth quarter. State Street Corp now owns 5,513,669 shares of the restaurant operator’s stock worth $830,579,000 after acquiring an additional 171,741 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Darden Restaurants by 0.8% in the fourth quarter. Geode Capital Management LLC now owns 2,339,848 shares of the restaurant operator’s stock worth $351,518,000 after acquiring an additional 18,371 shares in the last quarter. 90.71% of the stock is currently owned by hedge funds and other institutional investors.

Darden Restaurants Company Profile (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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