Darden Restaurants (NYSE:DRI) released its quarterly earnings data on Thursday. The restaurant operator reported $1.38 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.36 by $0.02, Briefing.com reports. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. Darden Restaurants had a return on equity of 31.61% and a net margin of 8.38%. The company’s quarterly revenue was up 3.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.34 earnings per share. Darden Restaurants updated its FY 2020 guidance to $6.30-6.45 EPS and its FY20 guidance to $6.30-6.45 EPS.
DRI stock opened at $119.80 on Friday. The stock’s fifty day simple moving average is $121.72 and its two-hundred day simple moving average is $119.69. The company has a current ratio of 0.61, a quick ratio of 0.46 and a debt-to-equity ratio of 0.39. Darden Restaurants has a 1-year low of $95.83 and a 1-year high of $128.41. The stock has a market cap of $15.65 billion, a P/E ratio of 21.84, a P/E/G ratio of 1.97 and a beta of 0.34.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.88 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $3.52 annualized dividend and a yield of 2.94%. Darden Restaurants’s dividend payout ratio is currently 60.48%.
In other Darden Restaurants news, SVP John W. Madonna sold 1,000 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $124.12, for a total value of $124,120.00. Following the transaction, the senior vice president now owns 8,726 shares of the company’s stock, valued at $1,083,071.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Ricardo Cardenas sold 14,128 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $124.87, for a total value of $1,764,163.36. Following the completion of the transaction, the chief financial officer now directly owns 23,848 shares in the company, valued at approximately $2,977,899.76. The disclosure for this sale can be found here. In the last three months, insiders sold 96,907 shares of company stock worth $11,975,585. Insiders own 0.47% of the company’s stock.
Several research analysts recently issued reports on the company. Deutsche Bank assumed coverage on Darden Restaurants in a research report on Friday, June 28th. They set a “hold” rating and a $123.00 target price on the stock. MKM Partners assumed coverage on Darden Restaurants in a research report on Tuesday, August 13th. They set a “neutral” rating and a $120.00 target price on the stock. Stephens cut Darden Restaurants from an “overweight” rating to an “equal weight” rating and set a $121.75 target price on the stock. in a research report on Friday, June 28th. Citigroup cut their target price on Darden Restaurants from $146.00 to $144.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, Zacks Investment Research cut Darden Restaurants from a “buy” rating to a “hold” rating and set a $125.00 target price on the stock. in a research report on Wednesday, June 12th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $126.07.
About Darden Restaurants
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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