Darden Restaurants (NYSE:DRI - Get Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided EPS guidance of $7.40-$8.00 for the period, compared to the consensus EPS estimate of $8.15. The company issued revenue guidance of $10.20 billion-$10.40 billion, compared to the consensus revenue estimate of $10.22 billion.
Shares of Darden Restaurants stock opened at $115.12 on Thursday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.57 and a current ratio of 0.70. The firm's 50-day simple moving average is $125.09 and its 200-day simple moving average is $134.37. Darden Restaurants has a twelve month low of $110.96 and a twelve month high of $164.28. The firm has a market cap of $14.36 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 1.38 and a beta of 1.32.
Darden Restaurants (NYSE:DRI - Get Rating) last issued its earnings results on Thursday, March 24th. The restaurant operator reported $1.93 earnings per share for the quarter, missing the consensus estimate of $2.09 by ($0.16). Darden Restaurants had a net margin of 11.17% and a return on equity of 36.26%. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter last year, the firm posted $0.98 earnings per share. Darden Restaurants's revenue was up 41.3% on a year-over-year basis. On average, equities analysts forecast that Darden Restaurants will post 7.38 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Friday, July 8th will be given a dividend of $1.21 per share. This is a positive change from Darden Restaurants's previous quarterly dividend of $1.10. This represents a $4.84 annualized dividend and a dividend yield of 4.20%. Darden Restaurants's payout ratio is 55.42%.
Several analysts have recently weighed in on DRI shares. Barclays decreased their target price on shares of Darden Restaurants from $143.00 to $135.00 in a research report on Friday, June 17th. Stephens reduced their price target on shares of Darden Restaurants from $176.00 to $160.00 and set an overweight rating on the stock in a research report on Friday, March 25th. Cowen dropped their price objective on shares of Darden Restaurants from $155.00 to $140.00 in a report on Thursday, June 16th. Deutsche Bank Aktiengesellschaft reduced their target price on Darden Restaurants from $154.00 to $152.00 in a report on Friday, March 25th. Finally, KeyCorp dropped their price target on Darden Restaurants from $160.00 to $136.00 in a report on Wednesday, June 15th. Five equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, Darden Restaurants currently has a consensus rating of Moderate Buy and a consensus price target of $151.53.
In related news, Director Juliana L. Chugg purchased 1,925 shares of Darden Restaurants stock in a transaction dated Monday, March 28th. The shares were acquired at an average cost of $129.01 per share, for a total transaction of $248,344.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.95% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of DRI. Wellington Management Group LLP boosted its position in shares of Darden Restaurants by 33.5% in the 1st quarter. Wellington Management Group LLP now owns 1,572,849 shares of the restaurant operator's stock worth $209,110,000 after purchasing an additional 394,786 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Darden Restaurants by 2.6% during the first quarter. Vanguard Group Inc. now owns 14,373,923 shares of the restaurant operator's stock worth $1,911,012,000 after acquiring an additional 362,658 shares in the last quarter. Invesco Ltd. lifted its holdings in Darden Restaurants by 18.9% during the first quarter. Invesco Ltd. now owns 1,512,345 shares of the restaurant operator's stock worth $201,066,000 after acquiring an additional 240,195 shares in the last quarter. Arrowstreet Capital Limited Partnership bought a new position in Darden Restaurants during the first quarter worth about $20,579,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Darden Restaurants by 17.1% during the first quarter. Dimensional Fund Advisors LP now owns 776,082 shares of the restaurant operator's stock worth $103,176,000 after acquiring an additional 113,548 shares in the last quarter. Institutional investors and hedge funds own 90.71% of the company's stock.
Darden Restaurants Company Profile (Get Rating)
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 30, 2021, it owned and operated 1,834 restaurants, which included 875 under the Olive Garden, 533 under the LongHorn Steakhouse, 170 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 63 under The Capital Grille, 44 under the Seasons 52, 42 under the Bahama Breeze, and 26 under the Eddie V's Prime Seafood brands.
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