Darden Restaurants (NYSE:DRI) Price Target Raised to $238.00 at Bank of America

Darden Restaurants (NYSE:DRI) had its price target raised by Bank of America from $230.00 to $238.00 in a research report released on Friday morning,Benzinga reports. They currently have a buy rating on the restaurant operator’s stock.

Other analysts also recently issued research reports about the stock. BMO Capital Markets boosted their price objective on shares of Darden Restaurants from $165.00 to $175.00 and gave the company a “market perform” rating in a report on Friday, December 20th. UBS Group lifted their price target on shares of Darden Restaurants from $195.00 to $210.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Citigroup reduced their price target on Darden Restaurants from $209.00 to $206.00 and set a “buy” rating on the stock in a research report on Wednesday, December 4th. Stifel Nicolaus raised their price objective on Darden Restaurants from $205.00 to $215.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Morgan Stanley upped their target price on Darden Restaurants from $193.00 to $209.00 and gave the company an “overweight” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, eight have given a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $201.36.

Darden Restaurants Stock Performance

NYSE:DRI opened at $199.92 on Friday. The stock has a 50 day simple moving average of $192.08 and a 200 day simple moving average of $176.85. The stock has a market cap of $23.42 billion, a P/E ratio of 22.90, a PEG ratio of 2.15 and a beta of 1.27. Darden Restaurants has a 1-year low of $135.87 and a 1-year high of $203.47. The company has a current ratio of 0.37, a quick ratio of 0.23 and a debt-to-equity ratio of 1.02.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Thursday, March 20th. The restaurant operator reported $2.80 earnings per share for the quarter, hitting the consensus estimate of $2.80. The firm had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.22 billion. Darden Restaurants had a return on equity of 50.12% and a net margin of 9.01%. The company’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter last year, the business earned $2.60 EPS. Research analysts anticipate that Darden Restaurants will post 9.52 earnings per share for the current year.

Darden Restaurants Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be given a $1.40 dividend. The ex-dividend date of this dividend 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 currently 64.15%.

Insider Activity

In other Darden Restaurants news, insider Todd Burrowes sold 15,783 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, January 14th. The stock was sold at an average price of $183.03, for a total value of $2,888,762.49. Following the completion of the sale, the insider now directly owns 46,288 shares in the company, valued at approximately $8,472,092.64. The trade was a 25.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Douglas J. Milanes sold 7,892 shares of the business’s stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $195.95, for a total value of $1,546,437.40. Following the completion of the transaction, the senior vice president now directly owns 3,914 shares in the company, valued at approximately $766,948.30. This trade represents a 66.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 45,698 shares of company stock valued at $8,536,729. 0.58% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Darden Restaurants

Several institutional investors have recently made changes to their positions in DRI. Kestra Investment Management LLC bought a new position in Darden Restaurants in the fourth quarter worth approximately $25,000. Compass Wealth Management LLC bought a new stake in shares of Darden Restaurants during the fourth quarter valued at approximately $28,000. TCTC Holdings LLC acquired a new position in shares of Darden Restaurants during the fourth quarter worth approximately $28,000. MCF Advisors LLC lifted its holdings in shares of Darden Restaurants by 50.9% in the 4th quarter. MCF Advisors LLC now owns 175 shares of the restaurant operator’s stock worth $33,000 after purchasing an additional 59 shares in the last quarter. Finally, HHM Wealth Advisors LLC grew its position in Darden Restaurants by 103.2% in the 4th quarter. HHM Wealth Advisors LLC now owns 254 shares of the restaurant operator’s stock valued at $47,000 after purchasing an additional 129 shares during the period. Institutional investors and hedge funds 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.