Oppenheimer Analysts Decrease Earnings Estimates for Darden Restaurants, Inc. (NYSE:DRI)

Darden Restaurants, Inc. (NYSE:DRIGet Rating) – Stock analysts at Oppenheimer lowered their FY2022 earnings estimates for Darden Restaurants in a research report issued on Tuesday, June 21st. Oppenheimer analyst B. Bittner now forecasts that the restaurant operator will post earnings of $7.38 per share for the year, down from their prior forecast of $7.40. Oppenheimer has a “Outperform” rating and a $155.00 price objective on the stock. The consensus estimate for Darden Restaurants’ current full-year earnings is $7.38 per share. Oppenheimer also issued estimates for Darden Restaurants’ Q1 2023 earnings at $1.89 EPS, Q2 2023 earnings at $1.58 EPS, Q3 2023 earnings at $2.28 EPS, Q4 2023 earnings at $2.46 EPS and FY2024 earnings at $9.00 EPS.

Darden Restaurants (NYSE:DRIGet Rating) last issued its quarterly earnings data on Thursday, March 24th. The restaurant operator reported $1.93 EPS for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.16). The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.50 billion. Darden Restaurants had a return on equity of 36.26% and a net margin of 11.17%. Darden Restaurants’s quarterly revenue was up 41.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.98 earnings per share.

Other research analysts also recently issued reports about the company. KeyCorp lowered their price objective on Darden Restaurants from $160.00 to $136.00 in a research note on Wednesday, June 15th. Raymond James lowered their price objective on Darden Restaurants from $153.00 to $136.00 in a research note on Wednesday, June 15th. Royal Bank of Canada lowered their price objective on Darden Restaurants from $153.00 to $151.00 and set an “outperform” rating for the company in a research note on Friday, March 25th. Citigroup reduced their price target on Darden Restaurants from $162.00 to $134.00 in a research report on Tuesday, June 14th. Finally, Cowen reduced their price target on Darden Restaurants from $155.00 to $140.00 in a research report on Thursday, June 16th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $149.95.

Shares of DRI opened at $115.60 on Thursday. The company has a market cap of $14.42 billion, a P/E ratio of 14.56, a PEG ratio of 1.38 and a beta of 1.32. The stock has a fifty day moving average price of $124.77 and a 200 day moving average price of $134.15. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.70 and a quick ratio of 0.57. Darden Restaurants has a 12 month low of $110.96 and a 12 month high of $164.28.

A number of hedge funds have recently modified their holdings of the business. Capital International Investors increased its position in Darden Restaurants by 5.7% in the 1st quarter. Capital International Investors now owns 15,832,043 shares of the restaurant operator’s stock worth $2,104,832,000 after purchasing an additional 857,052 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Darden Restaurants by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 14,373,923 shares of the restaurant operator’s stock valued at $1,911,012,000 after acquiring an additional 362,658 shares during the last quarter. BlackRock Inc. increased its holdings in shares of Darden Restaurants by 1.5% during the 4th quarter. BlackRock Inc. now owns 8,652,000 shares of the restaurant operator’s stock valued at $1,303,338,000 after acquiring an additional 126,957 shares during the last quarter. State Street Corp increased its holdings in shares of Darden Restaurants by 3.2% during the 4th quarter. State Street Corp now owns 5,513,669 shares of the restaurant operator’s stock valued at $830,579,000 after acquiring an additional 171,741 shares during the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of Darden Restaurants by 0.8% during the 4th quarter. Geode Capital Management LLC now owns 2,339,848 shares of the restaurant operator’s stock valued at $351,518,000 after acquiring an additional 18,371 shares during the last quarter. 90.71% of the stock is currently owned by institutional investors.

In other Darden Restaurants news, Director Juliana L. Chugg purchased 1,925 shares of the company’s stock in a transaction that occurred on Monday, March 28th. The shares were purchased at an average cost of $129.01 per share, with a total value of $248,344.25. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is currently owned by insiders.

The firm also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 8th will be given a dividend of $1.21 per share. This represents a $4.84 annualized dividend and a yield of 4.19%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.10. Darden Restaurants’s payout ratio is presently 55.42%.

About Darden Restaurants (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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