Stephens Raises Darden Restaurants (NYSE:DRI) Price Target to $164.00

Darden Restaurants (NYSE:DRI) had its target price lifted by Stephens from $159.00 to $164.00 in a report released on Friday morning, Benzinga reports. Stephens currently has an equal weight rating on the restaurant operator’s stock.

Several other research analysts have also weighed in on DRI. JPMorgan Chase & Co. dropped their target price on Darden Restaurants from $176.00 to $165.00 and set an overweight rating on the stock in a research report on Tuesday, May 28th. Barclays lowered their price target on Darden Restaurants from $187.00 to $180.00 and set an overweight rating for the company in a research note on Friday, June 14th. Morgan Stanley reissued an overweight rating and issued a $175.00 price target on shares of Darden Restaurants in a research note on Friday, June 21st. Raymond James reissued an outperform rating and issued a $160.00 price target on shares of Darden Restaurants in a research note on Tuesday, August 20th. Finally, Piper Sandler lowered their price target on Darden Restaurants from $163.00 to $159.00 and set a neutral rating for the company in a research note on Monday, July 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average target price of $179.28.

Darden Restaurants Price Performance

NYSE DRI opened at $170.17 on Friday. 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 has a market capitalization of $20.31 billion, a price-to-earnings ratio of 19.97, a price-to-earnings-growth ratio of 1.76 and a beta of 1.30. The company has a 50 day simple moving average of $150.90 and a 200-day simple moving average of $153.19. Darden Restaurants has a 52-week low of $133.36 and a 52-week high of $176.84.

Darden Restaurants (NYSE:DRI) last issued 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). Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same period last year, the business earned $1.78 EPS. The company’s quarterly revenue was up 1.0% on a year-over-year basis. Equities research analysts predict that Darden Restaurants will post 9.47 earnings per share for the current fiscal 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 issued a dividend of $1.40 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.29. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.29%. Darden Restaurants’s payout ratio is 65.73%.

Insider Transactions at Darden Restaurants

In related news, insider Melvin John Martin sold 2,500 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was 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 directly owns 11,691 shares in the company, valued at $1,649,483.19. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Sarah H. King sold 15,941 shares of the company’s stock in a transaction on 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 completion of the transaction, the senior vice president now directly owns 447 shares in the company, valued at $65,735.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Melvin John Martin sold 2,500 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $1,649,483.19. The disclosure for this sale can be found here. Corporate insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Rise Advisors LLC raised its stake in shares of Darden Restaurants by 131.3% in the first quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator’s stock valued at $26,000 after purchasing an additional 88 shares in the last quarter. ESL Trust Services LLC acquired a new position in Darden Restaurants during the first quarter worth $27,000. Meeder Asset Management Inc. acquired a new position in Darden Restaurants during the second quarter worth $27,000. Kimelman & Baird LLC acquired a new position in Darden Restaurants during the second quarter worth $30,000. Finally, Innealta Capital LLC acquired a new position in Darden Restaurants during the second quarter worth $31,000. 93.64% of the stock is currently owned by institutional investors and hedge funds.

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.