Robert W. Baird Issues Positive Forecast for Darden Restaurants (NYSE:DRI) Stock Price

Darden Restaurants (NYSE:DRI) had its target price boosted by Robert W. Baird from $218.00 to $230.00 in a report published on Monday morning,Benzinga reports. They currently have a neutral rating on the restaurant operator’s stock.

Several other research analysts have also weighed in on DRI. Guggenheim boosted their price target on Darden Restaurants from $205.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday, March 24th. Wall Street Zen raised Darden Restaurants from a “hold” rating to a “buy” rating in a report on Saturday, May 24th. Morgan Stanley boosted their target price on Darden Restaurants from $215.00 to $235.00 and gave the stock an “overweight” rating in a report on Wednesday, June 18th. Bank of America boosted their target price on Darden Restaurants from $230.00 to $238.00 and gave the stock a “buy” rating in a report on Friday, March 21st. Finally, BMO Capital Markets boosted their target price on Darden Restaurants from $175.00 to $190.00 and gave the stock a “market perform” rating in a report on Friday, March 21st. Nine equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $224.60.

Darden Restaurants Stock Down 1.5%

NYSE:DRI opened at $217.45 on Monday. The firm has a market capitalization of $25.45 billion, a price-to-earnings ratio of 24.49, a price-to-earnings-growth ratio of 2.13 and a beta of 0.75. Darden Restaurants has a twelve month low of $135.87 and a twelve month high of $228.27. The stock’s 50 day moving average price is $209.59 and its two-hundred day moving average price is $196.98. The company has a quick ratio of 0.28, a current ratio of 0.42 and a debt-to-equity ratio of 0.92.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Friday, June 20th. The restaurant operator reported $2.98 earnings per share for the quarter, topping the consensus estimate of $2.97 by $0.01. The firm had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.25 billion. Darden Restaurants had a return on equity of 51.81% and a net margin of 8.69%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.65 EPS. Equities research analysts expect that Darden Restaurants will post 9.52 earnings per share for the current fiscal year.

Darden Restaurants Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be paid a $1.50 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This is an increase from Darden Restaurants’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.76%. Darden Restaurants’s payout ratio is 63.06%.

Darden Restaurants announced that its board has initiated a stock buyback plan on Friday, June 20th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the restaurant operator to purchase up to 3.8% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Trading of Darden Restaurants

Several institutional investors have recently added to or reduced their stakes in DRI. TCTC Holdings LLC bought a new stake in shares of Darden Restaurants during the 4th quarter valued at $28,000. Grove Bank & Trust lifted its position in shares of Darden Restaurants by 171.4% during the 1st quarter. Grove Bank & Trust now owns 133 shares of the restaurant operator’s stock valued at $28,000 after acquiring an additional 84 shares during the period. ORG Partners LLC lifted its position in shares of Darden Restaurants by 108.8% during the 1st quarter. ORG Partners LLC now owns 142 shares of the restaurant operator’s stock valued at $30,000 after acquiring an additional 74 shares during the period. Centennial Bank AR bought a new stake in shares of Darden Restaurants during the 1st quarter valued at $31,000. Finally, Alpine Bank Wealth Management bought a new stake in shares of Darden Restaurants during the 1st quarter valued at $34,000. 93.64% of the stock is currently owned by institutional investors.

Darden Restaurants Company Profile

Darden Restaurants, Inc, together with 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 brand names.