Darden Restaurants, Inc. (NYSE:DRI) announced a quarterly dividend on Thursday, September 21st, RTT News reports. Investors of record on Tuesday, October 10th will be given a dividend of 0.63 per share by the restaurant operator on Wednesday, November 1st. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, October 6th.

Darden Restaurants has increased its dividend payment by an average of 0.3% annually over the last three years. Darden Restaurants has a payout ratio of 56.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Darden Restaurants to earn $4.86 per share next year, which means the company should continue to be able to cover its $2.52 annual dividend with an expected future payout ratio of 51.9%.

Shares of Darden Restaurants (DRI) opened at 79.60 on Thursday. The company’s 50 day moving average price is $81.91 and its 200-day moving average price is $85.20. The firm has a market cap of $9.97 billion, a P/E ratio of 20.61 and a beta of 0.24. Darden Restaurants has a 12-month low of $60.69 and a 12-month high of $95.22.

Darden Restaurants (NYSE:DRI) last announced its earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.99. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Darden Restaurants had a return on equity of 26.06% and a net margin of 6.60%. The business’s revenue was up 12.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.88 EPS. On average, equities research analysts anticipate that Darden Restaurants will post $4.45 EPS for the current year.

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A number of brokerages recently issued reports on DRI. Royal Bank Of Canada decreased their target price on Darden Restaurants from $96.00 to $90.00 and set a “sector perform” rating for the company in a research report on Wednesday, September 27th. Robert W. Baird reissued a “neutral” rating and issued a $94.00 target price (up from $90.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Darden Restaurants in a research report on Monday, July 24th. Oppenheimer Holdings, Inc. reissued a “buy” rating and issued a $100.00 target price on shares of Darden Restaurants in a research report on Wednesday, September 20th. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $82.00 target price (down from $90.00) on shares of Darden Restaurants in a research report on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $86.91.

About Darden Restaurants

Darden Restaurants, Inc is a full-service restaurant company. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company’s segments include Olive Garden, LongHorn Steakhouse, Fine Dining (which includes The Capital Grille, and Eddie V’s Prime Seafood and Wildfish Seafood Grille (Eddie V’s)) and Other Business (which includes Yard House, Seasons 52, Bahama Breeze, consumer-packaged goods and franchise revenues).

Dividend History for Darden Restaurants (NYSE:DRI)

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