Analysts Expect Darden Restaurants, Inc. (NYSE: DRI) to Report Earnings Per Share of $ 2.15
Stock analysts expect Darden Restaurants, Inc. (NYSE: DRI) to report earnings of $ 2.15 per share for the current fiscal quarter, according to Zacks Investment Research. Nine analysts made estimates for Darden Restaurants revenue, with estimates ranging from $ 2.05 to $ 2.29. Darden Restaurants reported earnings per share of $ 0.98 in the same quarter last year, suggesting a positive year-over-year growth rate of 119.4%. The company is expected to release its next earnings report on Thursday, March 24.
According to Zacks, analysts expect Darden Restaurants to report annual profit of $ 7.57 per share for the current fiscal year, with EPS estimates ranging from $ 7.46 to $ 7.89. For the next fiscal year, analysts predict the company will post earnings of $ 8.44 per share, with EPS estimates ranging from $ 8.00 to $ 8.71. Zacks’ BPA calculations are an average based on a survey of seller-side analysts who track Darden restaurants.
Darden Restaurants (NYSE: DRI) last released its quarterly results on Friday, December 17. The restaurateur reported EPS of $ 1.48 for the quarter, beating analyst consensus estimates of $ 1.43 by $ 0.05. Darden Restaurants had a return on equity of 30.83% and a net margin of 10.73%. The company posted revenue of $ 2.27 billion for the quarter, compared to $ 2.23 billion expected by analysts. In the same quarter of the previous year, the company achieved EPS of $ 0.74. The company’s revenue for the quarter increased 37.2% from the same quarter last year.
A number of equity analysts have weighed on the company. BMO Capital Markets increased its target price on Darden restaurants from $ 150.00 to $ 155.00 and assigned the stock a “market performance” rating in a research note on Friday, September 24. The MKM Partners lowered their target price on Darden restaurants from $ 185.00 to $ 180.00 and set a “buy” rating on the stock in a research note on Monday, December 20. Truist Securities raised its price target for Darden restaurants from $ 167.00 to $ 180.00 and gave the stock a “buy” rating in a research note on Friday, September 24. Morgan Stanley raised its price target on Darden restaurants from $ 167.00 to $ 171.00 and rated the stock “overweight” in a Friday September 24th research note. Finally, the UBS Group raised its price target for Darden restaurants from $ 165.00 to $ 178.00 and gave the stock a “buy” rating in a research note on Friday, September 24. Four analysts rated the stock with a conservation rating and twenty-two gave the stock a buy rating. Based on data from MarketBeat, Darden Restaurants has a consensus rating of “Buy” and a consensus price target of $ 167.00.
In other Darden Restaurants news, SVP John W. Madonna sold 2,674 Darden Restaurants shares in a trade on Monday, October 4. The stock was sold for an average price of $ 155.45, for a total value of $ 415,673.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In addition, Director Mr. Shan Atkins sold 3,123 shares of Darden Restaurants in a transaction on Tuesday, December 28. The stock was sold for an average price of $ 151.11, for a total value of $ 471,916.53. Disclosure of this sale can be found here. 0.95% of the shares are held by company insiders.
Hedge funds and other institutional investors have recently increased or reduced their stakes in the stock. Monumental Financial Group Inc. acquired a new position in Darden Restaurants during the second quarter valued at $ 25,000. Tompkins Financial Corp purchased a new position in Darden Restaurants shares in the third quarter valued at approximately $ 31,000. Hillsdale Investment Management Inc. purchased a new position in Darden Restaurants shares in the third quarter valued at approximately $ 32,000. Glassman Wealth Services increased its position in Darden Restaurants shares by 220.5% in the third quarter. Glassman Wealth Services now owns 234 shares of the restaurateur valued at $ 35,000 after acquiring 161 more shares in the last quarter. Finally, Arlington Partners LLC purchased a new position in Darden Restaurants shares in the third quarter valued at approximately $ 38,000. Institutional investors hold 89.49% of the shares of the company.
DRI traded up $ 1.31 in Friday’s session, reaching $ 150.64. 571,263 shares of the company were traded, for an average volume of 1,445,378. The company’s 50-day moving average is $ 146.76 and its two-hundred-day moving average is $ 146.71. The company has a market cap of $ 19.55 billion, a price / earnings ratio of 21.55, a P / E / G ratio of 1.97, and a beta of 1.45. The company has a quick ratio of 0.72, a current ratio of 0.85, and a debt ratio of 0.37. Darden restaurants have a 12-month low of $ 110.89 and a 12-month high of $ 164.28.
Darden Restaurants said its board of directors authorized a share buyback plan on Thursday, September 23 that allows the company to repurchase $ 750.00 million of shares. This buyback authorization authorizes the restaurant owner to buy back up to 3.6% of his shares by way of purchase on the market. Share buyback plans usually indicate that company management believes its shares are undervalued.
The company also recently unveiled a quarterly dividend, which will be paid on Tuesday, February 1. Investors of record on Monday, January 10 will receive a dividend of $ 1.10 per share. This represents a dividend of $ 4.40 on an annualized basis and a return of 2.92%. The ex-dividend date is Friday January 7. Darden Restaurants’s dividend payout ratio (DPR) is currently 62.95%.
About Darden restaurants
Darden Restaurants, Inc is a full service catering company, which provides catering services. It operates in the following segments: Olive Garden, LongHorn Steakhouse, Fine Dining and Other Business. The Olive Garden segment is the largest operator of full-service Italian restaurants.
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