SunTrust Banks Weighs in on Darden Restaurants, Inc.’s Q3 2018 Earnings (DRI)
Darden Restaurants, Inc. (NYSE:DRI) – SunTrust Banks raised their Q3 2018 EPS estimates for Darden Restaurants in a report released on Tuesday. SunTrust Banks analyst J. Bartlett now forecasts that the restaurant operator will post earnings of $1.79 per share for the quarter, up from their previous forecast of $1.51. SunTrust Banks currently has a “Hold” rating on the stock. SunTrust Banks also issued estimates for Darden Restaurants’ Q4 2018 earnings at $1.59 EPS, FY2018 earnings at $5.03 EPS and FY2019 earnings at $6.05 EPS.
Other equities analysts have also issued research reports about the stock. Oppenheimer reaffirmed a “buy” rating and set a $100.00 target price on shares of Darden Restaurants in a report on Wednesday, September 20th. Zacks Investment Research raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Friday, September 22nd. Maxim Group raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and increased their target price for the company from $90.00 to $93.00 in a report on Wednesday, September 27th. Canaccord Genuity reaffirmed a “buy” rating and set a $97.00 target price on shares of Darden Restaurants in a report on Wednesday, September 27th. Finally, Citigroup cut their price target on shares of Darden Restaurants from $105.00 to $90.00 and set a “buy” rating on the stock in a report on Monday, October 2nd. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and nine have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $93.05.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.99. Darden Restaurants had a net margin of 6.46% and a return on equity of 26.24%. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the prior year, the firm earned $0.88 EPS. The business’s revenue for the quarter was up 12.9% compared to the same quarter last year.
Institutional investors have recently modified their holdings of the business. Bruderman Asset Management LLC grew its stake in shares of Darden Restaurants by 0.4% in the second quarter. Bruderman Asset Management LLC now owns 2,532 shares of the restaurant operator’s stock worth $229,000 after acquiring an additional 10 shares during the period. D.A. Davidson & CO. grew its stake in shares of Darden Restaurants by 1.7% in the second quarter. D.A. Davidson & CO. now owns 1,271 shares of the restaurant operator’s stock worth $114,000 after acquiring an additional 21 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in shares of Darden Restaurants by 0.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,238 shares of the restaurant operator’s stock worth $835,000 after acquiring an additional 28 shares during the period. Argent Capital Management LLC grew its stake in shares of Darden Restaurants by 2.0% in the second quarter. Argent Capital Management LLC now owns 5,125 shares of the restaurant operator’s stock worth $464,000 after acquiring an additional 100 shares during the period. Finally, Oppenheimer Asset Management Inc. grew its stake in shares of Darden Restaurants by 1.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 6,345 shares of the restaurant operator’s stock worth $573,000 after acquiring an additional 114 shares during the period. 91.45% of the stock is owned by institutional investors and hedge funds.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be issued a $0.63 dividend. The ex-dividend date is Tuesday, January 9th. This represents a $2.52 annualized dividend and a yield of 2.56%. Darden Restaurants’s dividend payout ratio (DPR) is presently 63.48%.
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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).
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