KeyCorp Equities Analysts Reduce Earnings Estimates for Darden Restaurants, Inc. (NYSE:DRI)

Darden Restaurants, Inc. (NYSE:DRI) – Equities research analysts at KeyCorp dropped their Q2 2021 earnings per share (EPS) estimates for Darden Restaurants in a research note issued on Thursday, June 25th. KeyCorp analyst E. Gonzalez now anticipates that the restaurant operator will post earnings of $0.41 per share for the quarter, down from their prior estimate of $0.44. KeyCorp currently has a “Overweight” rating and a $87.00 target price on the stock.

A number of other equities analysts also recently commented on the company. Royal Bank of Canada decreased their target price on Darden Restaurants from $87.00 to $81.00 and set an “outperform” rating for the company in a report on Monday, June 22nd. Wedbush upgraded Darden Restaurants from a “neutral” rating to an “outperform” rating in a report on Sunday, April 19th. Wells Fargo & Co increased their price objective on Darden Restaurants from $71.00 to $91.00 and gave the stock an “equal weight” rating in a report on Thursday, June 11th. MKM Partners upgraded Darden Restaurants from a “neutral” rating to a “buy” rating and set a $90.00 price objective for the company in a report on Tuesday, May 19th. Finally, JPMorgan Chase & Co. increased their price objective on Darden Restaurants from $66.00 to $74.00 and gave the stock a “neutral” rating in a report on Wednesday, June 24th. Fifteen analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $90.48.

Shares of Darden Restaurants stock opened at $75.77 on Monday. The company has a quick ratio of 0.27, a current ratio of 0.41 and a debt-to-equity ratio of 2.24. The company has a market cap of $8.81 billion, a PE ratio of -189.43, a P/E/G ratio of 2.96 and a beta of 1.32. The business has a 50 day moving average of $75.89 and a 200 day moving average of $87.61. Darden Restaurants has a 52 week low of $26.15 and a 52 week high of $128.41.

Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, June 25th. The restaurant operator reported ($1.24) EPS for the quarter, beating analysts’ consensus estimates of ($1.64) by $0.40. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.27 billion. Darden Restaurants had a positive return on equity of 16.68% and a negative net margin of 0.67%. The firm’s revenue for the quarter was down 43.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.76 earnings per share.

A number of large investors have recently made changes to their positions in the business. Capital World Investors boosted its position in Darden Restaurants by 29.1% in the first quarter. Capital World Investors now owns 6,550,761 shares of the restaurant operator’s stock worth $356,754,000 after purchasing an additional 1,474,817 shares during the last quarter. State Street Corp boosted its position in Darden Restaurants by 6.7% in the first quarter. State Street Corp now owns 6,156,113 shares of the restaurant operator’s stock worth $335,262,000 after purchasing an additional 385,441 shares during the last quarter. Victory Capital Management Inc. boosted its position in Darden Restaurants by 39.2% in the first quarter. Victory Capital Management Inc. now owns 3,346,998 shares of the restaurant operator’s stock worth $182,278,000 after purchasing an additional 942,118 shares during the last quarter. Capital International Investors boosted its position in Darden Restaurants by 23.2% in the first quarter. Capital International Investors now owns 3,332,094 shares of the restaurant operator’s stock worth $181,466,000 after purchasing an additional 628,147 shares during the last quarter. Finally, Melvin Capital Management LP purchased a new position in Darden Restaurants in the first quarter worth about $175,634,000. 88.12% of the stock is currently owned by institutional investors and hedge funds.

In other Darden Restaurants news, Director M Shan Atkins acquired 1,282 shares of the company’s stock in a transaction that occurred on Thursday, April 23rd. The shares were bought at an average cost of $58.50 per share, with a total value of $74,997.00. Following the completion of the transaction, the director now directly owns 3,114 shares of the company’s stock, valued at approximately $182,169. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Eugene I. Lee, Jr. bought 25,641 shares of the company’s stock in a transaction on Thursday, April 23rd. The stock was purchased at an average cost of $58.50 per share, for a total transaction of $1,499,998.50. Following the completion of the transaction, the chief executive officer now directly owns 177,264 shares of the company’s stock, valued at approximately $10,369,944. The disclosure for this purchase can be found here. Insiders have purchased 37,178 shares of company stock worth $2,174,913 over the last ninety days. 0.47% of the stock is currently owned by insiders.

Darden Restaurants Company Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

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Earnings History and Estimates for Darden Restaurants (NYSE:DRI)

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