Darden Restaurants (NYSE:DRI) Posts Earnings Results

Darden Restaurants (NYSE:DRI) announced its earnings results on Thursday. The restaurant operator reported $1.38 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.36 by $0.02, Briefing.com reports. Darden Restaurants had a net margin of 8.36% and a return on equity of 31.37%. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. During the same quarter in the prior year, the business posted $1.34 EPS. The business’s revenue was up 3.5% compared to the same quarter last year. Darden Restaurants updated its FY 2020 guidance to $6.30-6.45 EPS and its FY20 guidance to $6.30-6.45 EPS.

NYSE DRI opened at $119.80 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.46 and a debt-to-equity ratio of 2.18. The firm has a market capitalization of $14.85 billion, a price-to-earnings ratio of 20.59, a P/E/G ratio of 1.87 and a beta of 0.34. The firm’s 50 day simple moving average is $121.72 and its 200 day simple moving average is $119.69. Darden Restaurants has a 1 year low of $95.83 and a 1 year high of $128.41.

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $0.88 per share. The ex-dividend date is Wednesday, October 9th. This represents a $3.52 annualized dividend and a dividend yield of 2.94%. Darden Restaurants’s dividend payout ratio is 60.48%.



A number of brokerages have issued reports on DRI. Piper Jaffray Companies restated an “overweight” rating and set a $128.00 target price (up previously from $125.00) on shares of Darden Restaurants in a research report on Friday. Wells Fargo & Co increased their target price on shares of Darden Restaurants from $116.00 to $117.00 and gave the stock a “market perform” rating in a research report on Thursday, September 12th. Citigroup decreased their target price 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. MKM Partners began coverage on shares of Darden Restaurants in a research report on Tuesday, August 13th. They set a “neutral” rating and a $120.00 target price on the stock. Finally, 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 target price on the stock. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $125.72.

In related news, CFO Ricardo Cardenas sold 14,128 shares of the stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $124.87, for a total transaction of $1,764,163.36. Following the sale, the chief financial officer now owns 23,848 shares in the company, valued at approximately $2,977,899.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Daniel J. Kiernan sold 12,000 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $123.92, for a total transaction of $1,487,040.00. Following the sale, the insider now owns 14,577 shares in the company, valued at approximately $1,806,381.84. The disclosure for this sale can be found here. Insiders have sold a total of 96,907 shares of company stock worth $11,975,585 in the last quarter. 0.47% of the stock is currently 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 for Darden Restaurants (NYSE:DRI)

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