Darden Restaurants (NYSE:DRI) Issues FY 2023 Earnings Guidance

Darden Restaurants (NYSE:DRIGet Rating) issued an update on its FY 2023 earnings guidance on Thursday morning. The company provided EPS guidance of $7.40-$8.00 for the period, compared to the consensus EPS estimate of $8.15. The company issued revenue guidance of $10.20 billion-$10.40 billion, compared to the consensus revenue estimate of $10.22 billion.

Shares of NYSE DRI traded up $0.50 during trading hours on Thursday, reaching $115.62. 67,193 shares of the stock traded hands, compared to its average volume of 1,094,134. The company has a market capitalization of $14.42 billion, a P/E ratio of 14.50, a price-to-earnings-growth ratio of 1.38 and a beta of 1.32. The company has a quick ratio of 0.57, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. Darden Restaurants has a 52-week low of $110.96 and a 52-week high of $164.28. The company’s 50-day simple moving average is $125.09 and its two-hundred day simple moving average is $134.37.

Darden Restaurants (NYSE:DRIGet Rating) last announced its quarterly earnings data on Thursday, March 24th. The restaurant operator reported $1.93 earnings per share for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.16). The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Darden Restaurants had a net margin of 11.17% and a return on equity of 36.26%. The business’s quarterly revenue was up 41.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.98 earnings per share. As a group, sell-side analysts forecast that Darden Restaurants will post 7.38 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Shareholders of record on Friday, July 8th will be paid a $1.21 dividend. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.10. This represents a $4.84 dividend on an annualized basis and a yield of 4.19%. Darden Restaurants’s payout ratio is 55.42%.

DRI has been the topic of several recent analyst reports. MKM Partners cut their target price on shares of Darden Restaurants from $165.00 to $150.00 and set a buy rating on the stock in a report on Tuesday, June 14th. Stephens decreased their price objective on shares of Darden Restaurants from $176.00 to $160.00 and set an overweight rating on the stock in a research report on Friday, March 25th. Cowen dropped their target price on shares of Darden Restaurants from $155.00 to $140.00 in a report on Thursday, June 16th. BMO Capital Markets reduced their price target on Darden Restaurants from $155.00 to $140.00 in a report on Friday, March 25th. Finally, Credit Suisse Group dropped their price objective on Darden Restaurants from $180.00 to $175.00 and set an outperform rating for the company in a report on Friday, March 25th. Five investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Darden Restaurants presently has an average rating of Moderate Buy and an average target price of $151.53.

In other news, Director Juliana L. Chugg acquired 1,925 shares of Darden Restaurants stock in a transaction that occurred on Monday, March 28th. The stock was bought at an average price of $129.01 per share, for a total transaction of $248,344.25. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.95% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in DRI. Atria Wealth Solutions Inc. purchased a new position in shares of Darden Restaurants in the first quarter worth approximately $830,000. Echo Street Capital Management LLC bought a new position in Darden Restaurants in the first quarter worth approximately $430,000. Cetera Advisor Networks LLC boosted its stake in shares of Darden Restaurants by 2.6% during the 1st quarter. Cetera Advisor Networks LLC now owns 3,237 shares of the restaurant operator’s stock worth $430,000 after acquiring an additional 83 shares during the last quarter. Virtu Financial LLC purchased a new position in shares of Darden Restaurants during the 1st quarter worth $387,000. Finally, West Michigan Advisors LLC grew its position in shares of Darden Restaurants by 74.9% during the 1st quarter. West Michigan Advisors LLC now owns 2,436 shares of the restaurant operator’s stock valued at $324,000 after acquiring an additional 1,043 shares during the period. 90.71% of the stock is owned by hedge funds and other institutional investors.

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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