Darden Restaurants Inc. (NYSE:DRI)‘s stock had its “market perform” rating reissued by stock analysts at Wells Fargo & Co. in a research report issued to clients and investors on Wednesday. They presently have a $68.00 target price on the restaurant operator’s stock. Wells Fargo & Co.’s price objective indicates a potential upside of 12.16% from the company’s current price.
Several other research firms also recently weighed in on DRI. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a research report on Wednesday, June 15th. Tigress Financial upgraded shares of Darden Restaurants from a “neutral” rating to a “buy” rating in a research report on Thursday, June 23rd. Robert W. Baird restated a “neutral” rating and set a $70.00 price objective on shares of Darden Restaurants in a research report on Tuesday, June 28th. Royal Bank Of Canada restated a “sector perform” rating and set a $70.00 price objective on shares of Darden Restaurants in a research report on Tuesday, June 28th. Finally, Oppenheimer Holdings Inc. restated an “outperform” rating and set a $70.00 price objective on shares of Darden Restaurants in a research report on Tuesday, June 28th. Two investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $70.83.
Darden Restaurants (NYSE:DRI) opened at 60.63 on Wednesday. Darden Restaurants has a 12 month low of $53.38 and a 12 month high of $68.97. The stock has a market capitalization of $7.65 billion, a price-to-earnings ratio of 20.92 and a beta of 0.52. The company has a 50-day moving average of $62.07 and a 200 day moving average of $64.02.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 10th will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a yield of 3.69%. Darden Restaurants’s payout ratio is 76.98%.
In related news, Director James P. Fogarty acquired 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 7th. The stock was bought at an average price of $61.70 per share, for a total transaction of $185,100.00. Following the acquisition, the director now directly owns 7,890 shares of the company’s stock, valued at approximately $486,813. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.68% of the company’s stock.
A number of large investors have recently made changes to their positions in DRI. CENTRAL TRUST Co raised its stake in Darden Restaurants by 16.5% in the second quarter. CENTRAL TRUST Co now owns 1,799 shares of the restaurant operator’s stock valued at $114,000 after buying an additional 255 shares in the last quarter. Krilogy Financial LLC raised its stake in Darden Restaurants by 1.6% in the second quarter. Krilogy Financial LLC now owns 2,133 shares of the restaurant operator’s stock valued at $135,000 after buying an additional 33 shares in the last quarter. Pacer Advisors Inc. raised its stake in Darden Restaurants by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,369 shares of the restaurant operator’s stock valued at $150,000 after buying an additional 195 shares in the last quarter. M&R Capital Management Inc. acquired a new stake in Darden Restaurants during the second quarter valued at approximately $158,000. Finally, Citizens Financial Group Inc RI raised its stake in Darden Restaurants by 320.0% in the first quarter. Citizens Financial Group Inc RI now owns 2,520 shares of the restaurant operator’s stock valued at $167,000 after buying an additional 1,920 shares in the last quarter. Institutional investors own 94.57% of the company’s stock.
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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