Raymond James Issues Positive Forecast for Darden Restaurants (NYSE:DRI) Stock Price

Darden Restaurants (NYSE:DRI) had its target price hoisted by Raymond James from $200.00 to $210.00 in a report issued on Tuesday morning,Benzinga reports. Raymond James currently has an outperform rating on the restaurant operator’s stock.

A number of other research firms also recently issued reports on DRI. Bank of America upped their target price on shares of Darden Restaurants from $195.00 to $211.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Robert W. Baird increased their price objective on shares of Darden Restaurants from $180.00 to $194.00 and gave the company a “neutral” rating in a report on Friday, December 20th. Oppenheimer lifted their target price on shares of Darden Restaurants from $200.00 to $218.00 and gave the stock an “outperform” rating in a report on Tuesday, January 7th. Morgan Stanley increased their price target on Darden Restaurants from $193.00 to $209.00 and gave the company an “overweight” rating in a research note on Monday, December 23rd. Finally, Citigroup decreased their price objective on Darden Restaurants from $209.00 to $206.00 and set a “buy” rating for the company in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $192.52.

Darden Restaurants Stock Performance

Shares of NYSE:DRI opened at $192.72 on Tuesday. The business has a fifty day moving average of $178.64 and a 200-day moving average of $164.43. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.23 and a current ratio of 0.37. Darden Restaurants has a twelve month low of $135.87 and a twelve month high of $194.70. The firm has a market cap of $22.58 billion, a PE ratio of 22.08, a price-to-earnings-growth ratio of 2.05 and a beta of 1.31.

Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, December 19th. The restaurant operator reported $2.03 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.03. Darden Restaurants had a net margin of 9.01% and a return on equity of 50.12%. The company had revenue of $2.89 billion during the quarter, compared to the consensus estimate of $2.87 billion. During the same period in the previous year, the firm posted $1.84 earnings per share. The company’s revenue was up 6.0% on a year-over-year basis. On average, equities research analysts predict that Darden Restaurants will post 9.52 EPS for the current fiscal year.

Darden Restaurants Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be given a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Friday, January 10th. Darden Restaurants’s dividend payout ratio is presently 64.15%.

Insider Buying and Selling at Darden Restaurants

In related news, CFO Rajesh Vennam sold 7,228 shares of the company’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $181.71, for a total transaction of $1,313,399.88. Following the sale, the chief financial officer now owns 10,262 shares in the company, valued at approximately $1,864,708.02. This represents a 41.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Matthew R. Broad sold 12,759 shares of the stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $187.37, for a total value of $2,390,653.83. Following the transaction, the senior vice president now directly owns 14,328 shares of the company’s stock, valued at $2,684,637.36. This trade represents a 47.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 45,034 shares of company stock worth $8,303,692. Corporate insiders own 0.58% of the company’s stock.

Institutional Investors Weigh In On Darden Restaurants

Institutional investors and hedge funds have recently made changes to their positions in the stock. Public Sector Pension Investment Board lifted its stake in Darden Restaurants by 63.4% in the second quarter. Public Sector Pension Investment Board now owns 4,600 shares of the restaurant operator’s stock valued at $696,000 after acquiring an additional 1,784 shares during the last quarter. Marshall Wace LLP lifted its stake in Darden Restaurants by 2.8% in the 2nd quarter. Marshall Wace LLP now owns 22,190 shares of the restaurant operator’s stock valued at $3,358,000 after purchasing an additional 609 shares during the last quarter. Creative Planning grew its holdings in Darden Restaurants by 6.4% during the second quarter. Creative Planning now owns 20,404 shares of the restaurant operator’s stock worth $3,087,000 after purchasing an additional 1,228 shares during the period. NewEdge Advisors LLC grew its holdings in Darden Restaurants by 15.5% during the second quarter. NewEdge Advisors LLC now owns 42,590 shares of the restaurant operator’s stock worth $6,445,000 after purchasing an additional 5,706 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its position in Darden Restaurants by 3.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 7,408 shares of the restaurant operator’s stock worth $1,121,000 after buying an additional 242 shares during the last quarter. 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.