Darden Restaurants (NYSE:DRI – Get Rating) will be announcing its earnings results before the market opens on Thursday, June 22nd. Analysts expect the company to announce earnings of $2.52 per share for the quarter. Darden Restaurants has set its FY 2023 guidance at $7.85-$8.00 EPS and its FY23 guidance at $7.85-8.00 EPS.Individual that wish to register for the company’s earnings conference call can do so using this link.
Darden Restaurants (NYSE:DRI – Get Rating) last announced its quarterly earnings results on Thursday, March 23rd. The restaurant operator reported $2.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.24 by $0.10. Darden Restaurants had a return on equity of 45.62% and a net margin of 9.19%. The business had revenue of $2.79 billion for the quarter, compared to the consensus estimate of $2.73 billion. During the same period last year, the business posted $1.93 EPS. The business’s revenue was up 13.8% compared to the same quarter last year. On average, analysts expect Darden Restaurants to post $8 EPS for the current fiscal year and $9 EPS for the next fiscal year.
Darden Restaurants Trading Up 1.0 %
Shares of NYSE:DRI opened at $167.64 on Thursday. Darden Restaurants has a 12-month low of $110.96 and a 12-month high of $168.72. The business’s fifty day simple moving average is $155.65 and its 200-day simple moving average is $149.63. The company has a market capitalization of $20.27 billion, a PE ratio of 21.89, a P/E/G ratio of 1.84 and a beta of 1.24. The company has a current ratio of 0.46, a quick ratio of 0.30 and a debt-to-equity ratio of 0.43.
Darden Restaurants Announces Dividend
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the company. Oppenheimer reiterated an “outperform” rating and issued a $175.00 price target on shares of Darden Restaurants in a report on Wednesday, March 15th. StockNews.com upgraded Darden Restaurants from a “hold” rating to a “buy” rating in a research note on Monday, June 5th. KeyCorp boosted their target price on Darden Restaurants from $160.00 to $170.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 28th. Credit Suisse Group boosted their target price on Darden Restaurants from $157.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, March 24th. Finally, Royal Bank of Canada boosted their target price on Darden Restaurants from $160.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, March 24th. Five equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $161.76.
Insider Activity
In other news, CEO Ricardo Cardenas sold 12,735 shares of the business’s stock in a transaction dated Tuesday, March 28th. The stock was sold at an average price of $155.02, for a total value of $1,974,179.70. Following the completion of the transaction, the chief executive officer now owns 48,304 shares of the company’s stock, valued at approximately $7,488,086.08. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Darden Restaurants news, SVP Douglas J. Milanes sold 2,229 shares of the company’s stock in a transaction on Monday, March 27th. The shares were sold at an average price of $155.00, for a total transaction of $345,495.00. Following the completion of the transaction, the senior vice president now directly owns 5,330 shares in the company, valued at $826,150. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ricardo Cardenas sold 12,735 shares of Darden Restaurants stock in a transaction dated Tuesday, March 28th. The shares were sold at an average price of $155.02, for a total transaction of $1,974,179.70. Following the completion of the sale, the chief executive officer now owns 48,304 shares in the company, valued at approximately $7,488,086.08. The disclosure for this sale can be found here. Insiders sold a total of 96,611 shares of company stock valued at $14,887,160 in the last quarter. 0.93% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Darden Restaurants
Institutional investors have recently bought and sold shares of the company. Apollon Wealth Management LLC acquired a new stake in shares of Darden Restaurants in the fourth quarter valued at about $205,000. Integrated Wealth Concepts LLC acquired a new stake in Darden Restaurants in the 4th quarter valued at about $203,000. Systematic Financial Management LP purchased a new position in Darden Restaurants in the 1st quarter worth approximately $192,000. Covestor Ltd boosted its holdings in shares of Darden Restaurants by 151.9% during the 1st quarter. Covestor Ltd now owns 1,136 shares of the restaurant operator’s stock worth $151,000 after purchasing an additional 685 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Darden Restaurants during the 1st quarter worth approximately $150,000. 89.23% of the stock is currently owned by institutional investors and hedge funds.
Darden Restaurants Company Profile
Darden Restaurants, Inc is a full-service restaurant company, which engages in the provision of restaurant services. It operates through the following segments: Olive Garden, LongHorn Steakhouse, Fine Dining, and Other Business. The Olive Garden segment is the largest full-service dining Italian restaurant operator.
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