Wedbush Research Analysts Raise Earnings Estimates for Darden Restaurants, Inc. (NYSE:DRI)

Darden Restaurants, Inc. (NYSE:DRI) – Equities research analysts at Wedbush increased their Q4 2021 earnings per share estimates for shares of Darden Restaurants in a report issued on Thursday, June 25th. Wedbush analyst N. Setyan now expects that the restaurant operator will earn $1.23 per share for the quarter, up from their previous estimate of $1.22. Wedbush currently has a “Outperform” rating on the stock. Wedbush also issued estimates for Darden Restaurants’ Q3 2022 earnings at $1.95 EPS.

Darden Restaurants (NYSE:DRI) last released 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. Darden Restaurants had a positive return on equity of 16.68% and a negative net margin of 0.67%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same quarter last year, the firm posted $1.76 EPS. The company’s revenue was down 43.5% compared to the same quarter last year.

Several other research firms have also recently weighed in on DRI. ValuEngine raised Darden Restaurants from a “sell” rating to a “hold” rating in a report on Tuesday, March 24th. Morgan Stanley raised their price target on Darden Restaurants from $56.00 to $71.00 and gave the company an “equal weight” rating in a report on Friday, June 26th. Wells Fargo & Co raised their price target on Darden Restaurants from $71.00 to $91.00 and gave the company an “equal weight” rating in a report on Thursday, June 11th. Royal Bank of Canada lowered their price target on Darden Restaurants from $87.00 to $81.00 and set an “outperform” rating on the stock in a report on Monday, June 22nd. Finally, Bank of America raised their price objective on Darden Restaurants from $75.00 to $85.00 and gave the company a “buy” rating in a report on Friday, June 26th. Fifteen equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $90.48.

NYSE:DRI opened at $75.77 on Monday. The business’s 50-day moving average price is $75.89 and its two-hundred day moving average price is $87.61. Darden Restaurants has a twelve month low of $26.15 and a twelve month high of $128.41. The stock has a market cap of $8.81 billion, a P/E ratio of -189.43, a PEG ratio of 2.96 and a beta of 1.32. The company has a quick ratio of 0.27, a current ratio of 0.41 and a debt-to-equity ratio of 2.24.

Several hedge funds have recently modified their holdings of the company. State Street Corp grew its position in shares of Darden Restaurants by 6.7% in the 1st quarter. State Street Corp now owns 6,156,113 shares of the restaurant operator’s stock worth $335,262,000 after buying an additional 385,441 shares during the last quarter. New England Research & Management Inc. boosted its position in shares of Darden Restaurants by 6.3% during the first quarter. New England Research & Management Inc. now owns 9,348 shares of the restaurant operator’s stock valued at $509,000 after purchasing an additional 550 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in shares of Darden Restaurants by 1.9% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 188,367 shares of the restaurant operator’s stock valued at $10,258,000 after purchasing an additional 3,599 shares in the last quarter. Great Lakes Retirement Inc. boosted its position in shares of Darden Restaurants by 16.3% during the first quarter. Great Lakes Retirement Inc. now owns 5,136 shares of the restaurant operator’s stock valued at $280,000 after purchasing an additional 719 shares in the last quarter. Finally, Optimal Asset Management Inc. boosted its position in shares of Darden Restaurants by 82.4% during the first quarter. Optimal Asset Management Inc. now owns 40,003 shares of the restaurant operator’s stock valued at $2,179,000 after purchasing an additional 18,071 shares in the last quarter. Hedge funds and other institutional investors own 88.12% of the company’s stock.

In other Darden Restaurants news, CEO Eugene I. Lee, Jr. acquired 25,641 shares of the business’s stock in a transaction dated Thursday, April 23rd. The shares were purchased at an average cost of $58.50 per share, for a total transaction of $1,499,998.50. Following the transaction, the chief executive officer now owns 177,264 shares in the company, valued at $10,369,944. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director M Shan Atkins acquired 1,282 shares of the business’s 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 $74,997.00. Following the completion of the transaction, the director now owns 3,114 shares in the company, valued at approximately $182,169. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 37,178 shares of company stock worth $2,174,913. Corporate insiders own 0.47% of the company’s stock.

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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