Morgan Stanley Boosts Darden Restaurants (NYSE:DRI) Price Target to $217.00

Darden Restaurants (NYSE:DRI) had its target price hoisted by Morgan Stanley from $209.00 to $217.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has an overweight rating on the restaurant operator’s stock.

Other research analysts have also recently issued reports about the stock. Oppenheimer raised their target price on shares of Darden Restaurants from $218.00 to $230.00 and gave the stock an “outperform” rating in a report on Friday. The Goldman Sachs Group started coverage on shares of Darden Restaurants in a report on Thursday, December 5th. They set a “neutral” rating and a $183.00 target price on the stock. KeyCorp raised their target price on shares of Darden Restaurants from $194.00 to $200.00 and gave the stock an “overweight” rating in a report on Friday, December 20th. BMO Capital Markets raised their target price on shares of Darden Restaurants from $165.00 to $175.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. Finally, Bank of America raised their target price on shares of Darden Restaurants from $230.00 to $238.00 and gave the stock a “buy” rating in a report on Friday. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Darden Restaurants currently has an average rating of “Moderate Buy” and an average price target of $201.36.

Darden Restaurants Stock Up 0.5 %

Darden Restaurants stock opened at $199.92 on Friday. The stock has a market cap of $23.42 billion, a P/E ratio of 22.90, a P/E/G ratio of 2.15 and a beta of 1.27. The company has a quick ratio of 0.23, a current ratio of 0.37 and a debt-to-equity ratio of 1.02. Darden Restaurants has a twelve month low of $135.87 and a twelve month high of $203.47. The company’s 50-day moving average price is $192.08 and its two-hundred day moving average price is $176.85.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, March 20th. The restaurant operator reported $2.80 earnings per share for the quarter, meeting the consensus estimate of $2.80. Darden Restaurants had a net margin of 9.01% and a return on equity of 50.12%. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.22 billion. During the same period in the prior year, the firm earned $2.60 EPS. The business’s revenue was up 6.2% on a year-over-year basis. As a group, analysts expect that Darden Restaurants will post 9.52 EPS for the current year.

Darden Restaurants Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a dividend of $1.40 per share. The ex-dividend date is Thursday, April 10th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.80%. Darden Restaurants’s dividend payout ratio (DPR) is presently 64.15%.

Insider Transactions at Darden Restaurants

In related news, SVP Susan M. Connelly sold 9,264 shares of the business’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $184.68, for a total value of $1,710,875.52. Following the transaction, the senior vice president now owns 4,567 shares in the company, valued at $843,433.56. The trade was a 66.98 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Douglas J. Milanes sold 7,892 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $195.95, for a total transaction of $1,546,437.40. Following the completion of the transaction, the senior vice president now owns 3,914 shares in the company, valued at approximately $766,948.30. The trade was a 66.85 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 45,698 shares of company stock worth $8,536,729. Company insiders own 0.58% of the company’s stock.

Hedge Funds Weigh In On Darden Restaurants

Hedge funds and other institutional investors have recently bought and sold shares of the company. Kestra Investment Management LLC bought a new stake in shares of Darden Restaurants during the fourth quarter worth about $25,000. Compass Wealth Management LLC purchased a new position in Darden Restaurants in the fourth quarter valued at about $28,000. TCTC Holdings LLC purchased a new position in Darden Restaurants in the fourth quarter valued at about $28,000. MCF Advisors LLC boosted its stake in Darden Restaurants by 50.9% in the fourth quarter. MCF Advisors LLC now owns 175 shares of the restaurant operator’s stock valued at $33,000 after acquiring an additional 59 shares during the last quarter. Finally, HHM Wealth Advisors LLC lifted its stake in shares of Darden Restaurants by 103.2% during the 4th quarter. HHM Wealth Advisors LLC now owns 254 shares of the restaurant operator’s stock valued at $47,000 after buying an additional 129 shares in the last quarter. Institutional investors and hedge funds own 93.64% of the company’s stock.

Darden Restaurants Company Profile

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.