Darden Restaurants (NYSE:DRI) Issues FY 2022 Earnings Guidance

Darden Restaurants (NYSE:DRIGet Rating) issued an update on its FY 2022 earnings guidance on Thursday morning. The company provided EPS guidance of $7.300-$7.450 for the period, compared to the Thomson Reuters consensus EPS estimate of $7.500. The company issued revenue guidance of $9.55 billion-$9.62 billion, compared to the consensus revenue estimate of $9.61 billion.

Darden Restaurants stock opened at $136.58 on Thursday. The business has a 50 day moving average of $133.90 and a 200-day moving average of $141.75. Darden Restaurants has a 1 year low of $116.04 and a 1 year high of $164.28. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.57. The company has a market capitalization of $17.04 billion, a P/E ratio of 17.20, a P/E/G ratio of 1.78 and a beta of 1.41.

Darden Restaurants (NYSE:DRIGet Rating) last released its quarterly earnings data on Thursday, March 24th. The restaurant operator reported $1.93 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.10 by ($0.17). Darden Restaurants had a net margin of 11.17% and a return on equity of 36.26%. The firm had revenue of $2.45 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period in the prior year, the company earned $0.98 EPS. The business’s quarterly revenue was up 41.3% compared to the same quarter last year. Equities analysts anticipate that Darden Restaurants will post 7.38 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, May 2nd. Shareholders of record on Friday, April 8th will be given a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date is Thursday, April 7th. Darden Restaurants’s dividend payout ratio is presently 55.42%.

DRI has been the subject of a number of recent analyst reports. Cowen decreased their target price on shares of Darden Restaurants from $175.00 to $155.00 and set an outperform rating for the company in a research report on Friday, March 25th. Royal Bank of Canada decreased their target price on shares of Darden Restaurants from $153.00 to $151.00 and set an outperform rating for the company in a research report on Friday, March 25th. Oppenheimer decreased their target price on shares of Darden Restaurants from $185.00 to $175.00 and set an outperform rating for the company in a research report on Friday, March 18th. BMO Capital Markets decreased their target price on shares of Darden Restaurants from $155.00 to $140.00 in a research report on Friday, March 25th. Finally, Stephens decreased their target price on shares of Darden Restaurants from $176.00 to $160.00 and set an overweight rating for the company in a research report on Friday, March 25th. Five equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of Buy and an average price target of $162.05.

In related news, Director Juliana L. Chugg bought 1,925 shares of the company’s stock in a transaction on Monday, March 28th. The shares were purchased at an average cost of $129.01 per share, for a total transaction of $248,344.25. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.95% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the stock. First Community Trust NA purchased a new stake in shares of Darden Restaurants during the 4th quarter valued at approximately $56,000. Center for Financial Planning Inc. purchased a new stake in shares of Darden Restaurants during the 3rd quarter valued at approximately $184,000. Forum Financial Management LP purchased a new stake in Darden Restaurants in the 4th quarter worth approximately $238,000. Squarepoint Ops LLC lifted its stake in Darden Restaurants by 45.0% in the 4th quarter. Squarepoint Ops LLC now owns 3,686 shares of the restaurant operator’s stock worth $555,000 after purchasing an additional 1,144 shares in the last quarter. Finally, Integrated Wealth Concepts LLC lifted its stake in Darden Restaurants by 70.9% in the 4th quarter. Integrated Wealth Concepts LLC now owns 4,021 shares of the restaurant operator’s stock worth $606,000 after purchasing an additional 1,668 shares in the last quarter. Institutional investors own 90.18% 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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Earnings History and Estimates for Darden Restaurants (NYSE:DRI)

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