Oppenheimer Weighs in on Darden Restaurants, Inc.’s FY2022 Earnings (NYSE:DRI)

Darden Restaurants, Inc. (NYSE:DRI) – Stock analysts at Oppenheimer upped their FY2022 earnings per share (EPS) estimates for shares of Darden Restaurants in a report released on Friday, June 26th. Oppenheimer analyst B. Bittner now anticipates that the restaurant operator will post earnings of $5.68 per share for the year, up from their previous estimate of $5.22. Oppenheimer currently has a “Outperform” rating and a $90.00 target price on the stock.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, June 25th. The restaurant operator reported ($1.24) earnings per share for the quarter, beating the consensus estimate of ($1.64) by $0.40. The firm 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 company’s revenue was down 43.5% on a year-over-year basis. During the same period last year, the company earned $1.76 earnings per share.

A number of other research firms have also recently commented on DRI. Guggenheim increased their price target on shares of Darden Restaurants from $75.00 to $88.00 and gave the company an “average” rating in a report on Wednesday, May 20th. SunTrust Banks increased their target price on Darden Restaurants from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Jefferies Financial Group restated a “hold” rating and issued a $75.00 price target on shares of Darden Restaurants in a research note on Friday, June 26th. JPMorgan Chase & Co. increased their price objective on Darden Restaurants from $66.00 to $74.00 and gave the company a “neutral” rating in a research report on Wednesday, June 24th. Finally, Goldman Sachs Group upgraded Darden Restaurants from a “sell” rating to a “neutral” rating and reduced their price objective for the stock from $114.00 to $50.00 in a report on Friday, March 20th. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $90.48.

NYSE:DRI opened at $75.77 on Monday. The company has a debt-to-equity ratio of 2.24, a quick ratio of 0.27 and a current ratio of 0.41. The firm has a market cap of $8.81 billion, a P/E ratio of -189.43, a P/E/G ratio of 2.96 and a beta of 1.32. Darden Restaurants has a fifty-two week low of $26.15 and a fifty-two week high of $128.41. The firm has a 50-day simple moving average of $75.89 and a two-hundred day simple moving average of $87.61.

In other Darden Restaurants news, insider Todd Burrowes purchased 2,564 shares of the firm’s stock in a transaction on Thursday, April 23rd. The shares were acquired at an average cost of $58.50 per share, with a total value of $149,994.00. Following the completion of the acquisition, the insider now directly owns 25,216 shares in the company, valued at $1,475,136. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Eugene I. Lee, Jr. acquired 25,641 shares of the stock in a transaction dated Thursday, April 23rd. The stock was acquired at an average price 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 $10,369,944. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 37,178 shares of company stock worth $2,174,913. 0.47% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of DRI. Efficient Wealth Management LLC purchased a new position in Darden Restaurants in the 1st quarter worth approximately $26,000. First Financial Corp IN raised its position in shares of Darden Restaurants by 150.0% during the first quarter. First Financial Corp IN now owns 500 shares of the restaurant operator’s stock valued at $27,000 after buying an additional 300 shares during the last quarter. Sumitomo Mitsui Financial Group Inc. bought a new stake in shares of Darden Restaurants during the first quarter valued at approximately $30,000. Allred Capital Management LLC lifted its holdings in shares of Darden Restaurants by 120.1% in the first quarter. Allred Capital Management LLC now owns 724 shares of the restaurant operator’s stock worth $39,000 after buying an additional 395 shares in the last quarter. Finally, Penserra Capital Management LLC boosted its position in shares of Darden Restaurants by 38.8% during the fourth quarter. Penserra Capital Management LLC now owns 840 shares of the restaurant operator’s stock worth $96,000 after acquiring an additional 235 shares during the last quarter. 88.12% of the stock is currently owned by institutional investors.

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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