Darden Restaurants (NYSE:DRI) Updates FY 2020 Earnings Guidance

Darden Restaurants (NYSE:DRI) updated its FY 2020 earnings guidance on Thursday. The company provided earnings per share guidance of $6.30-6.45 for the period, compared to the Thomson Reuters consensus earnings per share estimate of $6.40. The company issued revenue guidance of $8.961-9.047 billion, compared to the consensus revenue estimate of $9.05 billion.Darden Restaurants also updated its FY20 guidance to $6.30-6.45 EPS.

Several brokerages have recently commented on DRI. Stephens cut shares of Darden Restaurants from an overweight rating to an equal weight rating and set a $121.75 price target on the stock. in a research report on Friday, June 28th. Deutsche Bank began coverage on shares of Darden Restaurants in a research report on Friday, June 28th. They set a hold rating and a $123.00 price target on the stock. ValuEngine cut shares of Darden Restaurants from a buy rating to a hold rating in a research report on Thursday, August 1st. Citigroup reduced their price target on shares of Darden Restaurants from $146.00 to $144.00 and set a buy rating on the stock in a research report on Friday, June 28th. Finally, SunTrust Banks reduced their price target on shares of Darden Restaurants to $139.00 and set a buy rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and fourteen have given a buy rating to the company. The company has a consensus rating of Buy and an average target price of $126.07.

DRI opened at $120.68 on Friday. The firm has a market cap of $15.51 billion, a price-to-earnings ratio of 20.74, a price-to-earnings-growth ratio of 1.95 and a beta of 0.34. Darden Restaurants has a fifty-two week low of $95.83 and a fifty-two week high of $128.41. The company’s 50-day moving average price is $121.76 and its 200 day moving average price is $119.65. The company has a quick ratio of 0.46, a current ratio of 0.61 and a debt-to-equity ratio of 0.39.



Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, September 19th. The restaurant operator reported $1.38 earnings per share for the quarter, topping the consensus estimate of $1.36 by $0.02. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. Darden Restaurants had a net margin of 8.38% and a return on equity of 31.61%. Darden Restaurants’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.34 earnings per share. Research analysts anticipate that Darden Restaurants will post 6.39 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a $0.88 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $3.52 annualized dividend and a dividend yield of 2.92%. Darden Restaurants’s payout ratio is currently 60.48%.

In other Darden Restaurants news, insider Daniel J. Kiernan sold 12,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $123.92, for a total value of $1,487,040.00. Following the sale, the insider now owns 14,577 shares in the company, valued at $1,806,381.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David C. George sold 69,779 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $123.25, for a total transaction of $8,600,261.75. Following the completion of the sale, the chief operating officer now owns 109,344 shares in the company, valued at approximately $13,476,648. The disclosure for this sale can be found here. Insiders sold 96,907 shares of company stock worth $11,975,585 in the last 90 days. 0.47% of the stock is owned by company insiders.

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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Earnings History and Estimates for Darden Restaurants (NYSE:DRI)

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