Free Trial

Darden Restaurants (NYSE:DRI) Price Target Cut to $170.00

Darden Restaurants logo with Retail/Wholesale background

Darden Restaurants (NYSE:DRI - Free Report) had its price target trimmed by TD Cowen from $190.00 to $170.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the restaurant operator's stock.

DRI has been the topic of several other research reports. Evercore ISI dropped their price target on Darden Restaurants from $170.00 to $165.00 and set an in-line rating on the stock in a report on Thursday. BMO Capital Markets upped their price target on Darden Restaurants from $160.00 to $165.00 and gave the company a market perform rating in a report on Thursday, March 7th. Truist Financial reissued a buy rating and set a $190.00 target price on shares of Darden Restaurants in a research note on Friday, March 22nd. Wedbush decreased their target price on Darden Restaurants from $181.00 to $170.00 and set an outperform rating for the company in a research report on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on Darden Restaurants from $176.00 to $165.00 and set an overweight rating for the company in a research report on Tuesday, May 28th. Five analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and an average price target of $174.76.

View Our Latest Stock Report on Darden Restaurants


Darden Restaurants Stock Performance

Shares of NYSE:DRI traded up $0.29 during trading on Thursday, hitting $147.48. 1,202,554 shares of the company traded hands, compared to its average volume of 1,153,252. The stock has a market capitalization of $17.60 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 1.51 and a beta of 1.29. The business's fifty day moving average is $151.14 and its 200-day moving average is $159.85. Darden Restaurants has a one year low of $133.36 and a one year high of $176.84. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63.

Darden Restaurants (NYSE:DRI - Get Free Report) last issued its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.01). The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The business's quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.34 earnings per share. As a group, equities analysts predict that Darden Restaurants will post 8.85 earnings per share for the current fiscal year.

Darden Restaurants Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were issued a dividend of $1.31 per share. This represents a $5.24 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date of this dividend was Tuesday, April 9th. Darden Restaurants's payout ratio is 61.43%.

Darden Restaurants announced that its board has authorized a share repurchase plan on Thursday, March 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the restaurant operator to purchase up to 5% of its shares through open market purchases. Shares buyback plans are typically a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Darden Restaurants

In other news, insider Melvin John Martin sold 7,673 shares of the business's stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total value of $1,270,034.96. Following the transaction, the insider now directly owns 17,208 shares of the company's stock, valued at approximately $2,848,268.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Darden Restaurants news, SVP Matthew R. Broad sold 4,707 shares of the company's stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $156.15, for a total transaction of $734,998.05. Following the transaction, the senior vice president now owns 19,179 shares of the company's stock, valued at approximately $2,994,800.85. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Melvin John Martin sold 7,673 shares of the company's stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total value of $1,270,034.96. Following the transaction, the insider now directly owns 17,208 shares in the company, valued at approximately $2,848,268.16. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 13,599 shares of company stock valued at $2,197,891. 0.85% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Rise Advisors LLC increased its position in shares of Darden Restaurants by 131.3% in the 1st quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator's stock valued at $26,000 after buying an additional 88 shares in the last quarter. ESL Trust Services LLC bought a new stake in shares of Darden Restaurants in the 1st quarter valued at $27,000. Fortitude Family Office LLC bought a new stake in shares of Darden Restaurants in the 4th quarter valued at $29,000. Hartford Financial Management Inc. increased its position in shares of Darden Restaurants by 65.1% in the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator's stock valued at $30,000 after buying an additional 71 shares in the last quarter. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Darden Restaurants in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 93.64% of the company's stock.

About Darden Restaurants

(Get Free Report)

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.

Further Reading

Analyst Recommendations for Darden Restaurants (NYSE:DRI)

→ Don’t say I didn’t warn you… (From Porter & Company) (Ad)

Should you invest $1,000 in Darden Restaurants right now?

Before you consider Darden Restaurants, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Darden Restaurants wasn't on the list.

While Darden Restaurants currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

These 7 Stocks Will Be Magnificent in 2024 Cover

With average gains of 150% since the start of 2023, now is the time to give these stocks a look and pump up your 2024 portfolio.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

3 Strong Buy Stocks for a Summer Surge

3 Strong Buy Stocks for a Summer Surge

In this video, we break down the factors driving the market's impressive performance and why the S&P could rise another 15% by year's end.

Related Videos

7 Cheap Dividend Stocks Offering Value and Price Upside

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines