Darden Restaurants (NYSE:DRI) Given New $195.00 Price Target at Bank of America

Darden Restaurants (NYSE:DRI) had its target price increased by Bank of America from $184.00 to $195.00 in a report released on Friday morning, Benzinga reports. Bank of America currently has a buy rating on the restaurant operator’s stock.

A number of other research firms also recently issued reports on DRI. Argus cut their price target on Darden Restaurants from $186.00 to $175.00 and set a buy rating for the company in a research note on Tuesday, June 25th. Stifel Nicolaus cut their target price on Darden Restaurants from $190.00 to $180.00 and set a buy rating on the stock in a research report on Friday, June 21st. Barclays increased their price target on Darden Restaurants from $180.00 to $192.00 and gave the company an overweight rating in a research report on Friday. Morgan Stanley lifted their price objective on shares of Darden Restaurants from $175.00 to $188.00 and gave the stock an overweight rating in a report on Friday. Finally, Citigroup lowered their target price on shares of Darden Restaurants from $192.00 to $191.00 and set a buy rating for the company in a report on Tuesday, September 10th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, Darden Restaurants presently has a consensus rating of Moderate Buy and an average target price of $179.28.

Darden Restaurants Price Performance

Shares of DRI opened at $172.74 on Friday. The business’s fifty day moving average is $151.48 and its 200 day moving average is $153.18. Darden Restaurants has a 12-month low of $133.36 and a 12-month high of $176.84. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.61. The stock has a market cap of $20.62 billion, a P/E ratio of 20.27, a P/E/G ratio of 1.76 and a beta of 1.30.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The business had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.80 billion. Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period last year, the business posted $1.78 earnings per share. Sell-side analysts anticipate that Darden Restaurants will post 9.47 earnings per share for the current fiscal year.

Darden Restaurants Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be issued a dividend of $1.40 per share. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.29. The ex-dividend date is Thursday, October 10th. This represents a $5.60 dividend on an annualized basis and a yield of 3.24%. Darden Restaurants’s dividend payout ratio is 65.73%.

Insider Activity

In other news, insider Melvin John Martin sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $141.09, for a total value of $352,725.00. Following the completion of the transaction, the insider now directly owns 11,691 shares in the company, valued at $1,649,483.19. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Sarah H. King sold 15,941 shares of the business’s stock in a transaction dated Tuesday, July 30th. The stock was sold at an average price of $147.06, for a total transaction of $2,344,283.46. Following the completion of the transaction, the senior vice president now directly owns 447 shares in the company, valued at $65,735.82. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Melvin John Martin sold 2,500 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $141.09, for a total value of $352,725.00. Following the completion of the sale, the insider now directly owns 11,691 shares in the company, valued at approximately $1,649,483.19. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of DRI. Rise Advisors LLC lifted its holdings in shares of Darden Restaurants by 131.3% during the 1st quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator’s stock worth $26,000 after acquiring an additional 88 shares during the last quarter. ESL Trust Services LLC purchased a new stake in Darden Restaurants during the first quarter valued at about $27,000. Meeder Asset Management Inc. bought a new stake in Darden Restaurants during the second quarter worth about $27,000. Kimelman & Baird LLC purchased a new position in shares of Darden Restaurants in the 2nd quarter worth about $30,000. Finally, Innealta Capital LLC bought a new position in shares of Darden Restaurants during the 2nd quarter valued at about $31,000. Hedge funds and other institutional investors own 93.64% of the company’s stock.

About Darden Restaurants

Darden Restaurants, Inc, together with its subsidiaries, owns and operates full-service restaurants in the United States and Canada. It operates under Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V’s Prime Seafood, and Capital Burger brand names.