Darden Restaurants (NYSE:DRI) PT Raised to $142.00

Darden Restaurants (NYSE:DRIGet Rating) had its target price hoisted by investment analysts at Truist Financial from $136.00 to $142.00 in a note issued to investors on Friday, The Fly reports. Truist Financial’s target price points to a potential upside of 15.51% from the stock’s current price.

DRI has been the topic of several other reports. Stephens assumed coverage on Darden Restaurants in a research note on Thursday. They issued an “overweight” rating on the stock. UBS Group lowered their target price on Darden Restaurants from $172.00 to $155.00 in a research note on Friday, June 17th. Citigroup lifted their price target on Darden Restaurants from $140.00 to $156.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Robert W. Baird reduced their price target on Darden Restaurants from $160.00 to $146.00 and set an “outperform” rating for the company in a research report on Tuesday, June 21st. Finally, Piper Sandler reduced their price target on Darden Restaurants from $153.00 to $150.00 and set an “overweight” rating for the company in a research report on Friday, June 24th. Four analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, Darden Restaurants has an average rating of “Moderate Buy” and an average price target of $144.33.

Darden Restaurants Stock Down 2.0 %

Shares of DRI stock traded down $2.52 during trading hours on Friday, reaching $122.93. The company had a trading volume of 5,025 shares, compared to its average volume of 1,000,064. Darden Restaurants has a 12 month low of $110.96 and a 12 month high of $164.28. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.64 and a quick ratio of 0.49. The business has a fifty day simple moving average of $126.54 and a 200-day simple moving average of $125.52. The company has a market cap of $15.24 billion, a price-to-earnings ratio of 16.54, a price-to-earnings-growth ratio of 1.73 and a beta of 1.30.

Darden Restaurants (NYSE:DRIGet Rating) last posted its earnings results on Thursday, September 22nd. The restaurant operator reported $1.56 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.56. Darden Restaurants had a return on equity of 39.05% and a net margin of 9.89%. The company had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter last year, the company earned $1.76 earnings per share. The company’s revenue for the quarter was up 6.1% on a year-over-year basis. On average, research analysts expect that Darden Restaurants will post 7.7 earnings per share for the current fiscal year.

Darden Restaurants declared that its Board of Directors has authorized a stock repurchase plan on Thursday, June 23rd that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the restaurant operator to repurchase up to 6.6% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other Darden Restaurants news, Director Timothy J. Wilmott acquired 10,000 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, June 28th. The stock was bought at an average cost of $120.00 per share, for a total transaction of $1,200,000.00. Following the acquisition, the director now owns 27,094 shares of the company’s stock, valued at $3,251,280. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Darden Restaurants news, Director Timothy J. Wilmott acquired 10,000 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, June 28th. The stock was bought at an average cost of $120.00 per share, for a total transaction of $1,200,000.00. Following the acquisition, the director now owns 27,094 shares of the company’s stock, valued at $3,251,280. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Nana Mensah sold 567 shares of Darden Restaurants stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $117.03, for a total value of $66,356.01. Following the completion of the sale, the director now owns 10 shares of the company’s stock, valued at $1,170.30. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Darden Restaurants

Large investors have recently bought and sold shares of the business. Kentucky Retirement Systems Insurance Trust Fund boosted its position in Darden Restaurants by 6.6% in the first quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,770 shares of the restaurant operator’s stock worth $501,000 after purchasing an additional 232 shares during the last quarter. Boston Partners boosted its position in Darden Restaurants by 2.4% in the first quarter. Boston Partners now owns 914,158 shares of the restaurant operator’s stock worth $121,521,000 after purchasing an additional 21,577 shares during the last quarter. Independent Advisor Alliance boosted its position in Darden Restaurants by 180.3% in the first quarter. Independent Advisor Alliance now owns 4,535 shares of the restaurant operator’s stock worth $603,000 after purchasing an additional 2,917 shares during the last quarter. Citigroup Inc. boosted its position in Darden Restaurants by 3.3% in the first quarter. Citigroup Inc. now owns 292,341 shares of the restaurant operator’s stock worth $38,867,000 after purchasing an additional 9,433 shares during the last quarter. Finally, Harrell Investment Partners LLC boosted its position in Darden Restaurants by 0.8% in the first quarter. Harrell Investment Partners LLC now owns 16,121 shares of the restaurant operator’s stock worth $2,143,000 after purchasing an additional 132 shares during the last quarter. 89.62% of the stock is currently owned by institutional investors.

About Darden Restaurants

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Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 546 under the LongHorn Steakhouse brand name, 172 under the Cheddar's Scratch Kitchen brand, 85 under the Yard House brand name, 62 under The Capital Grille brand, 45 under the Seasons 52 brand name, 42 under the Bahama Breeze brand, 28 under the Eddie V's Prime Seafood brand name, and 3 under the Capital Burger brand; and franchised 60 restaurants comprising 35 under the Olive Garden brand, 18 under the LongHorn Steakhouse brand name, 4 under the Cheddar's Scratch Kitchen brand, 2 under The Capital Grille brand name, and 1 under the Bahama Breeze brand.Darden Restaurants, Inc was founded in 1968 and is based in Orlando, Florida.

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