Darden Restaurants (NYSE:DRI) Given New $175.00 Price Target at BMO Capital Markets

Darden Restaurants (NYSE:DRI) had its price target boosted by BMO Capital Markets from $165.00 to $175.00 in a research report sent to investors on Friday, Benzinga reports. The brokerage currently has a market perform rating on the restaurant operator’s stock.

DRI has been the topic of several other research reports. Morgan Stanley increased their price target on shares of Darden Restaurants from $175.00 to $188.00 and gave the stock an overweight rating in a research report on Friday. Citigroup cut their target price on shares of Darden Restaurants from $192.00 to $191.00 and set a buy rating on the stock in a research note on Tuesday, September 10th. Wedbush upped 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. Truist Financial upped their target price on shares of Darden Restaurants from $185.00 to $195.00 and gave the stock a buy rating in a research note on Friday. Finally, Bank of America upped their target price on shares of Darden Restaurants from $184.00 to $195.00 and gave the stock a buy rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $179.28.

Darden Restaurants Trading Down 1.2 %

NYSE DRI opened at $170.17 on Friday. The stock has a market capitalization of $20.31 billion, a P/E ratio of 19.97, a PEG ratio of 1.76 and a beta of 1.30. Darden Restaurants has a 12 month low of $133.36 and a 12 month high of $176.84. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.38 and a quick ratio of 0.24. The firm’s 50-day moving average is $150.90 and its two-hundred day moving average is $153.19.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.83 by ($0.08). The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.80 billion. Darden Restaurants had a return on equity of 49.82% and a net margin of 9.02%. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the company posted $1.78 EPS. On average, sell-side analysts anticipate that Darden Restaurants will post 9.47 earnings per share for the current year.

Darden Restaurants Increases Dividend

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

Insider Activity

In related news, insider Melvin John Martin sold 2,500 shares of Darden Restaurants stock in a transaction dated 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 in the company, valued at approximately $1,649,483.19. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related 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 transaction of $2,344,283.46. Following the completion of the sale, the senior vice president now owns 447 shares in the company, valued at approximately $65,735.82. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Melvin John Martin sold 2,500 shares of Darden Restaurants stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $141.09, for a total value of $352,725.00. Following the sale, the insider now owns 11,691 shares of the company’s stock, 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.

Institutional Trading of Darden Restaurants

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cornerstone Wealth Group LLC grew its holdings in Darden Restaurants by 0.4% in the 1st quarter. Cornerstone Wealth Group LLC now owns 16,550 shares of the restaurant operator’s stock valued at $2,766,000 after buying an additional 66 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Darden Restaurants by 34.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 279 shares of the restaurant operator’s stock valued at $43,000 after buying an additional 72 shares during the period. EP Wealth Advisors LLC grew its holdings in Darden Restaurants by 5.6% in the 2nd quarter. EP Wealth Advisors LLC now owns 1,418 shares of the restaurant operator’s stock valued at $215,000 after buying an additional 75 shares during the period. GW Henssler & Associates Ltd. grew its holdings in Darden Restaurants by 4.9% in the 1st quarter. GW Henssler & Associates Ltd. now owns 1,640 shares of the restaurant operator’s stock valued at $274,000 after buying an additional 77 shares during the period. Finally, United Community Bank grew its holdings in Darden Restaurants by 1.3% in the 1st quarter. United Community Bank now owns 5,918 shares of the restaurant operator’s stock valued at $989,000 after buying an additional 78 shares during the period. Hedge funds and other institutional investors own 93.64% of the company’s stock.

Darden Restaurants Company Profile

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.