Darden Restaurants (NYSE:DRI) Price Target Raised to $245.00 at KeyCorp

Darden Restaurants (NYSE:DRI - Get Free Report) had its price objective boosted by analysts at KeyCorp from $230.00 to $245.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an "overweight" rating on the restaurant operator's stock. KeyCorp's price objective suggests a potential upside of 10.72% from the company's previous close.

Several other brokerages have also recently issued reports on DRI. Wall Street Zen raised Darden Restaurants from a "hold" rating to a "buy" rating in a report on Saturday, May 24th. TD Securities reissued a "hold" rating and issued a $215.00 price target on shares of Darden Restaurants in a report on Friday. Morgan Stanley upped their price objective on Darden Restaurants from $215.00 to $235.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 18th. Oppenheimer lifted their target price on shares of Darden Restaurants from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. Finally, Stephens reiterated an "equal weight" rating and issued a $200.00 target price on shares of Darden Restaurants in a research note on Friday. Nine research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $219.27.

Darden Restaurants Stock Performance

NYSE DRI traded down $4.51 during trading hours on Monday, reaching $221.27. The stock had a trading volume of 2,725,450 shares, compared to its average volume of 1,332,010. Darden Restaurants has a 52-week low of $135.87 and a 52-week high of $228.27. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.28 and a current ratio of 0.42. The stock has a market cap of $25.90 billion, a P/E ratio of 24.92, a price-to-earnings-growth ratio of 2.27 and a beta of 0.75. The stock has a fifty day moving average of $208.33 and a 200 day moving average of $196.31.

Darden Restaurants (NYSE:DRI - Get Free Report) last released its quarterly earnings data on Friday, June 20th. The restaurant operator reported $2.98 earnings per share for the quarter, topping analysts' consensus estimates of $2.97 by $0.01. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. Darden Restaurants had a net margin of 8.69% and a return on equity of 51.81%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.65 earnings per share. Sell-side analysts predict that Darden Restaurants will post 9.52 earnings per share for the current year.

Darden Restaurants announced that its Board of Directors has approved a stock buyback program on Friday, June 20th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the restaurant operator to purchase up to 3.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's board believes its shares are undervalued.

Insider Activity at Darden Restaurants

In other Darden Restaurants news, insider Laura B. Williamson sold 2,289 shares of the stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $207.26, for a total value of $474,418.14. Following the completion of the sale, the insider now owns 10,056 shares in the company, valued at approximately $2,084,206.56. This represents a 18.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.58% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Darden Restaurants

A number of large investors have recently made changes to their positions in the stock. TCTC Holdings LLC acquired a new position in Darden Restaurants during the fourth quarter worth $28,000. Grove Bank & Trust raised its holdings in shares of Darden Restaurants by 171.4% during the 1st quarter. Grove Bank & Trust now owns 133 shares of the restaurant operator's stock worth $28,000 after acquiring an additional 84 shares during the period. ORG Partners LLC boosted its position in shares of Darden Restaurants by 108.8% during the 1st quarter. ORG Partners LLC now owns 142 shares of the restaurant operator's stock valued at $30,000 after acquiring an additional 74 shares during the last quarter. Centennial Bank AR acquired a new position in shares of Darden Restaurants during the 1st quarter valued at about $31,000. Finally, Alpine Bank Wealth Management purchased a new stake in shares of Darden Restaurants in the first quarter valued at about $34,000. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

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.