Equities research analysts forecast that Darden Restaurants (NYSE:DRI) will report $2.13 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Ten analysts have provided estimates for Darden Restaurants’ earnings, with the lowest sales estimate coming in at $2.10 billion and the highest estimate coming in at $2.17 billion. Darden Restaurants reported sales of $1.93 billion in the same quarter last year, which would suggest a positive year over year growth rate of 10.4%. The company is scheduled to report its next quarterly earnings report on Tuesday, June 26th.
According to Zacks, analysts expect that Darden Restaurants will report full year sales of $8.08 billion for the current financial year, with estimates ranging from $8.04 billion to $8.11 billion. For the next year, analysts forecast that the company will post sales of $8.45 billion per share, with estimates ranging from $8.27 billion to $8.53 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that follow Darden Restaurants.
Darden Restaurants (NYSE:DRI) last released its earnings results on Thursday, March 22nd. The restaurant operator reported $1.71 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.07. Darden Restaurants had a net margin of 6.92% and a return on equity of 28.12%. The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same quarter last year, the business earned $1.32 EPS. The business’s revenue was up 13.3% on a year-over-year basis.
A number of brokerages recently weighed in on DRI. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $111.00 price objective for the company in a report on Monday, January 8th. Wells Fargo reiterated a “market perform” rating and set a $99.00 price objective (up previously from $92.00) on shares of Darden Restaurants in a report on Tuesday, January 9th. Maxim Group reiterated a “buy” rating and set a $112.00 price objective (up previously from $103.00) on shares of Darden Restaurants in a report on Tuesday, January 9th. Credit Suisse Group reiterated a “hold” rating and set a $95.00 price objective on shares of Darden Restaurants in a report on Friday, January 12th. Finally, BMO Capital Markets set a $99.00 price objective on shares of Darden Restaurants and gave the company a “hold” rating in a report on Friday, January 12th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $98.43.
Institutional investors have recently modified their holdings of the company. Cerebellum GP LLC purchased a new position in shares of Darden Restaurants in the 4th quarter worth approximately $126,000. Cetera Advisor Networks LLC purchased a new position in shares of Darden Restaurants in the 4th quarter worth approximately $200,000. Texas Yale Capital Corp. purchased a new position in shares of Darden Restaurants in the 4th quarter worth approximately $205,000. Ifrah Financial Services Inc. purchased a new position in shares of Darden Restaurants in the 4th quarter worth approximately $208,000. Finally, ETRADE Capital Management LLC purchased a new position in shares of Darden Restaurants in the 4th quarter worth approximately $211,000. 90.51% of the stock is currently owned by hedge funds and other institutional investors.
DRI traded up $0.34 on Friday, reaching $89.76. 1,010,086 shares of the company traded hands, compared to its average volume of 1,604,036. Darden Restaurants has a one year low of $76.27 and a one year high of $100.11. The firm has a market capitalization of $10,988.33, a price-to-earnings ratio of 22.33, a PEG ratio of 1.71 and a beta of 0.23. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.39 and a quick ratio of 0.25.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th will be given a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.81%. The ex-dividend date of this dividend is Monday, April 9th. Darden Restaurants’s payout ratio is currently 62.69%.
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Darden Restaurants Company Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of June 27, 2017, it owned and operated approximately 1,700 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V's brands.
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