Darden Restaurants (NYSE:DRI) Price Target Cut to $129.00

Darden Restaurants (NYSE:DRIGet Rating) had its price objective decreased by analysts at Deutsche Bank Aktiengesellschaft from $131.00 to $129.00 in a research note issued on Friday, The Fly reports. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 2.83% from the company’s previous close.

DRI has been the subject of a number of other research reports. Stifel Nicolaus reissued a “buy” rating on shares of Darden Restaurants in a report on Friday, June 24th. Raymond James cut their price target on shares of Darden Restaurants from $153.00 to $136.00 in a report on Wednesday, June 15th. StockNews.com downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Saturday, August 27th. Stephens initiated coverage on shares of Darden Restaurants in a report on Thursday. They set an “overweight” rating for the company. Finally, Citigroup upped their price target on shares of Darden Restaurants from $140.00 to $156.00 and gave the stock a “buy” rating in a report on Monday, September 12th. Four research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $144.05.

Darden Restaurants Stock Down 4.4 %

Darden Restaurants stock opened at $125.45 on Friday. The firm has a market capitalization of $15.55 billion, a PE ratio of 16.95, a P/E/G ratio of 1.73 and a beta of 1.30. The company’s 50-day moving average is $126.54 and its 200-day moving average is $125.52. Darden Restaurants has a fifty-two week low of $110.96 and a fifty-two week high of $164.28. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.64 and a quick ratio of 0.49.

Darden Restaurants (NYSE:DRIGet Rating) last announced its quarterly earnings results on Thursday, September 22nd. The restaurant operator reported $1.56 EPS for the quarter, meeting analysts’ consensus estimates of $1.56. Darden Restaurants had a net margin of 9.89% and a return on equity of 39.05%. The business had revenue of $2.45 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the business earned $1.76 EPS. Darden Restaurants’s quarterly revenue was up 6.1% on a year-over-year basis. Sell-side analysts anticipate that Darden Restaurants will post 7.7 earnings per share for the current year.

Darden Restaurants announced that its Board of Directors has initiated a share buyback plan on Thursday, June 23rd that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to reacquire up to 6.6% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Darden Restaurants news, Director Timothy J. Wilmott purchased 10,000 shares of the stock in a transaction on Tuesday, June 28th. The stock was acquired at an average cost of $120.00 per share, with a total value of $1,200,000.00. Following the completion of the purchase, the director now directly owns 27,094 shares of the company’s stock, valued at approximately $3,251,280. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Chairman Eugene I. Lee, Jr. sold 41,442 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $124.71, for a total transaction of $5,168,231.82. Following the completion of the transaction, the chairman now directly owns 222,480 shares of the company’s stock, valued at $27,745,480.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Timothy J. Wilmott purchased 10,000 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, June 28th. The shares were bought at an average price of $120.00 per share, for a total transaction of $1,200,000.00. Following the transaction, the director now directly owns 27,094 shares of the company’s stock, valued at $3,251,280. The disclosure for this purchase can be found here. 0.93% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Darden Restaurants

Hedge funds and other institutional investors have recently modified their holdings of the stock. Wetherby Asset Management Inc. grew its holdings in shares of Darden Restaurants by 1.3% during the fourth quarter. Wetherby Asset Management Inc. now owns 5,800 shares of the restaurant operator’s stock valued at $874,000 after buying an additional 74 shares during the last quarter. Resources Investment Advisors LLC. grew its stake in shares of Darden Restaurants by 5.7% in the 4th quarter. Resources Investment Advisors LLC. now owns 1,437 shares of the restaurant operator’s stock worth $216,000 after buying an additional 78 shares in the last quarter. Affinity Investment Advisors LLC grew its stake in shares of Darden Restaurants by 0.7% in the 1st quarter. Affinity Investment Advisors LLC now owns 12,330 shares of the restaurant operator’s stock worth $1,639,000 after buying an additional 81 shares in the last quarter. Cetera Advisor Networks LLC lifted its holdings in shares of Darden Restaurants by 2.6% in 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. Finally, Guggenheim Capital LLC lifted its holdings in shares of Darden Restaurants by 0.8% in the 1st quarter. Guggenheim Capital LLC now owns 12,023 shares of the restaurant operator’s stock worth $1,598,000 after acquiring an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 89.62% of the company’s stock.

Darden Restaurants Company Profile

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Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 546 under the LongHorn Steakhouse brand name, 172 under the Cheddar's Scratch Kitchen brand, 85 under the Yard House brand name, 62 under The Capital Grille brand, 45 under the Seasons 52 brand name, 42 under the Bahama Breeze brand, 28 under the Eddie V's Prime Seafood brand name, and 3 under the Capital Burger brand; and franchised 60 restaurants comprising 35 under the Olive Garden brand, 18 under the LongHorn Steakhouse brand name, 4 under the Cheddar's Scratch Kitchen brand, 2 under The Capital Grille brand name, and 1 under the Bahama Breeze brand.Darden Restaurants, Inc was founded in 1968 and is based in Orlando, Florida.

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