BTIG Research Raises Darden Restaurants (NYSE:DRI) Price Target to $195.00

Darden Restaurants (NYSE:DRI) had its price target hoisted by BTIG Research from $175.00 to $195.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the restaurant operator’s stock.

Several other equities analysts also recently issued reports on DRI. Argus decreased their price objective on shares of Darden Restaurants from $186.00 to $175.00 and set a buy rating for the company in a research note on Tuesday, June 25th. Morgan Stanley upped their price objective on shares of Darden Restaurants from $175.00 to $188.00 and gave the company an overweight rating in a research note on Friday. Wedbush increased their target price on shares of Darden Restaurants from $170.00 to $200.00 and gave the stock an outperform rating in a research note on Friday. Stephens increased their price target on shares of Darden Restaurants from $159.00 to $164.00 and gave the stock an equal weight rating in a report on Friday. Finally, KeyCorp increased their target price on shares of Darden Restaurants from $170.00 to $194.00 and gave the company an overweight rating in a report on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $179.28.

Darden Restaurants Trading Down 1.2 %

DRI opened at $170.17 on Friday. Darden Restaurants has a one year low of $133.36 and a one year high of $176.84. The stock has a market capitalization of $20.31 billion, a PE ratio of 19.97, a P/E/G ratio of 1.76 and a beta of 1.30. The business’s 50 day moving average price is $150.90 and its 200 day moving average price is $153.19. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.24 and a current ratio of 0.38.

Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.80 billion. Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.78 EPS. As a group, equities research analysts expect that Darden Restaurants will post 9.47 EPS for the current year.

Darden Restaurants Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $1.40 per share. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.29. This represents a $5.60 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Thursday, October 10th. Darden Restaurants’s dividend payout ratio (DPR) is currently 65.73%.

Insider Transactions at Darden Restaurants

In other Darden Restaurants news, insider Melvin John Martin sold 2,500 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $141.09, for a total transaction of $352,725.00. Following the completion of the sale, the insider now owns 11,691 shares of the company’s stock, valued at approximately $1,649,483.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Darden Restaurants news, SVP Sarah H. King sold 15,941 shares of Darden Restaurants stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $147.06, for a total value of $2,344,283.46. Following the transaction, the senior vice president now owns 447 shares in the company, valued at $65,735.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Melvin John Martin sold 2,500 shares of Darden Restaurants stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $141.09, for a total value of $352,725.00. Following the completion of the transaction, the insider now owns 11,691 shares in the company, valued at approximately $1,649,483.19. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Darden Restaurants

Institutional investors have recently added to or reduced their stakes in the business. Westwood Holdings Group Inc. bought a new stake in Darden Restaurants during the first quarter worth $72,901,000. Norges Bank bought a new position in Darden Restaurants in the 4th quarter worth about $58,601,000. Massachusetts Financial Services Co. MA increased its stake in Darden Restaurants by 71.3% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 696,176 shares of the restaurant operator’s stock worth $105,345,000 after acquiring an additional 289,876 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Darden Restaurants by 139.9% during the 2nd quarter. Toronto Dominion Bank now owns 352,344 shares of the restaurant operator’s stock valued at $53,317,000 after purchasing an additional 205,450 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in shares of Darden Restaurants by 81.2% during the 2nd quarter. Hsbc Holdings PLC now owns 457,114 shares of the restaurant operator’s stock valued at $69,125,000 after purchasing an additional 204,832 shares during the last quarter. 93.64% of the stock is owned by institutional investors and hedge funds.

About Darden Restaurants

Darden Restaurants, Inc, together with its subsidiaries, owns and operates full-service restaurants in the United States and Canada. It operates under Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V’s Prime Seafood, and Capital Burger brand names.