Darden Restaurants, Inc. (NYSE:DRI – Free Report) – Equities researchers at KeyCorp increased their Q1 2024 earnings per share (EPS) estimates for shares of Darden Restaurants in a note issued to investors on Wednesday, September 13th. KeyCorp analyst E. Gonzalez now anticipates that the restaurant operator will earn $1.74 per share for the quarter, up from their previous estimate of $1.72. KeyCorp currently has a “Overweight” rating and a $175.00 target price on the stock. The consensus estimate for Darden Restaurants’ current full-year earnings is $8.75 per share.
Darden Restaurants (NYSE:DRI – Get Free Report) last posted its quarterly earnings results on Thursday, June 22nd. The restaurant operator reported $2.58 earnings per share for the quarter, beating analysts’ consensus estimates of $2.54 by $0.04. The company had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.77 billion. Darden Restaurants had a return on equity of 47.22% and a net margin of 9.36%. The firm’s quarterly revenue was up 6.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $2.24 EPS.
Check Out Our Latest Research Report on DRI
Darden Restaurants Trading Down 1.2 %
Shares of DRI stock opened at $150.06 on Monday. The company has a quick ratio of 0.37, a current ratio of 0.51 and a debt-to-equity ratio of 0.40. Darden Restaurants has a 12-month low of $120.20 and a 12-month high of $173.06. The firm has a 50 day moving average price of $160.75 and a two-hundred day moving average price of $157.57. The company has a market capitalization of $18.14 billion, a PE ratio of 18.76, a price-to-earnings-growth ratio of 1.64 and a beta of 1.24.
Institutional Trading of Darden Restaurants
Institutional investors have recently bought and sold shares of the stock. Union Savings Bank purchased a new position in shares of Darden Restaurants during the 2nd quarter valued at approximately $25,000. Quarry LP grew its holdings in shares of Darden Restaurants by 980.0% during the second quarter. Quarry LP now owns 162 shares of the restaurant operator’s stock worth $27,000 after buying an additional 147 shares in the last quarter. Resurgent Financial Advisors LLC purchased a new stake in shares of Darden Restaurants during the fourth quarter worth $29,000. HHM Wealth Advisors LLC acquired a new position in shares of Darden Restaurants during the 1st quarter valued at about $33,000. Finally, Hanson & Doremus Investment Management boosted its position in shares of Darden Restaurants by 43.3% during the 1st quarter. Hanson & Doremus Investment Management now owns 235 shares of the restaurant operator’s stock valued at $36,000 after acquiring an additional 71 shares during the last quarter. 94.53% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling at Darden Restaurants
In other news, SVP Douglas J. Milanes sold 6,905 shares of the firm’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $160.39, for a total value of $1,107,492.95. Following the completion of the sale, the senior vice president now owns 5,374 shares in the company, valued at approximately $861,935.86. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Chairman Eugene I. Lee, Jr. sold 31,818 shares of Darden Restaurants stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $160.29, for a total value of $5,100,107.22. Following the transaction, the chairman now owns 199,856 shares of the company’s stock, valued at approximately $32,034,918.24. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Douglas J. Milanes sold 6,905 shares of Darden Restaurants stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $160.39, for a total transaction of $1,107,492.95. Following the completion of the sale, the senior vice president now owns 5,374 shares of the company’s stock, valued at $861,935.86. The disclosure for this sale can be found here. Insiders sold 260,775 shares of company stock worth $43,532,251 over the last 90 days. 0.85% of the stock is owned by insiders.
Darden Restaurants Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were given a dividend of $1.31 per share. The ex-dividend date of this dividend was Friday, July 7th. This represents a $5.24 annualized dividend and a yield of 3.49%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.21. Darden Restaurants’s dividend payout ratio (DPR) is 65.50%.
About Darden Restaurants
Darden Restaurants, Inc, through 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 brands.
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