Oppenheimer Brokers Boost Earnings Estimates for Darden Restaurants, Inc. (NYSE:DRI)

Darden Restaurants, Inc. (NYSE:DRI) – Equities research analysts at Oppenheimer upped their FY2022 earnings per share (EPS) estimates for Darden Restaurants in a research report issued to clients and investors on Friday, June 26th. Oppenheimer analyst B. Bittner now forecasts that the restaurant operator will post earnings per share of $5.68 for the year, up from their previous estimate of $5.22. Oppenheimer has a “Outperform” rating and a $90.00 price objective on the stock.

A number of other brokerages have also recently weighed in on DRI. Jefferies Financial Group restated a “hold” rating and issued a $75.00 price objective on shares of Darden Restaurants in a report on Friday, June 26th. KeyCorp raised their price objective on Darden Restaurants from $86.00 to $87.00 and gave the company an “overweight” rating in a research report on Friday, June 26th. MKM Partners raised Darden Restaurants from a “neutral” rating to a “buy” rating and set a $90.00 target price on the stock in a report on Tuesday, May 19th. BTIG Research reduced their price target on Darden Restaurants from $126.00 to $82.00 in a report on Friday, March 20th. Finally, Guggenheim lifted their price target on Darden Restaurants from $75.00 to $88.00 and gave the stock an “average” rating in a research report on Wednesday, May 20th. Fifteen analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $90.48.

Shares of Darden Restaurants stock opened at $75.77 on Monday. Darden Restaurants has a 1 year low of $26.15 and a 1 year high of $128.41. The firm has a market cap of $8.81 billion, a price-to-earnings ratio of -189.43, a PEG ratio of 2.96 and a beta of 1.32. The company has a 50-day moving average of $75.89 and a 200 day moving average of $87.61. The company has a debt-to-equity ratio of 2.24, a current ratio of 0.41 and a quick ratio of 0.27.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Thursday, June 25th. The restaurant operator reported ($1.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.64) by $0.40. Darden Restaurants had a positive return on equity of 16.68% and a negative net margin of 0.67%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. During the same quarter in the prior year, the company earned $1.76 earnings per share. The firm’s quarterly revenue was down 43.5% compared to the same quarter last year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DRI. Victory Capital Management Inc. grew its position in shares of Darden Restaurants by 18.0% during the 4th quarter. Victory Capital Management Inc. now owns 2,404,880 shares of the restaurant operator’s stock valued at $262,156,000 after acquiring an additional 366,909 shares during the period. Natixis Advisors L.P. increased its position in Darden Restaurants by 36.7% in the fourth quarter. Natixis Advisors L.P. now owns 18,170 shares of the restaurant operator’s stock worth $1,981,000 after buying an additional 4,875 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in Darden Restaurants by 25.5% in the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 18,691 shares of the restaurant operator’s stock worth $2,038,000 after buying an additional 3,800 shares in the last quarter. National Asset Management Inc. bought a new position in shares of Darden Restaurants in the fourth quarter worth about $337,000. Finally, Landscape Capital Management L.L.C. purchased a new position in shares of Darden Restaurants during the 4th quarter valued at about $4,772,000. Institutional investors and hedge funds own 88.12% of the company’s stock.

In other Darden Restaurants news, insider Todd Burrowes purchased 2,564 shares of Darden Restaurants stock in a transaction dated Thursday, April 23rd. The stock was purchased at an average price of $58.50 per share, with a total value of $149,994.00. Following the transaction, the insider now directly owns 25,216 shares of the company’s stock, valued at $1,475,136. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Ricardo Cardenas acquired 2,991 shares of the stock in a transaction dated Thursday, April 23rd. The stock was acquired at an average price of $58.50 per share, for a total transaction of $174,973.50. Following the purchase, the chief financial officer now directly owns 22,432 shares in the company, valued at $1,312,272. The disclosure for this purchase can be found here. Over the last 90 days, insiders bought 37,178 shares of company stock worth $2,174,913. Company insiders own 0.47% of the company’s stock.

Darden Restaurants Company Profile

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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