Darden Restaurants (NYSE:DRI) Announces Earnings Results

Darden Restaurants (NYSE:DRI) posted its earnings results on Thursday. The restaurant operator reported ($1.24) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.64) by $0.40, MarketWatch Earnings reports. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.27 billion. Darden Restaurants had a positive return on equity of 16.68% and a negative net margin of 0.67%. Darden Restaurants’s quarterly revenue was down 43.5% compared to the same quarter last year. During the same period in the previous year, the business earned $1.76 earnings per share. Darden Restaurants updated its Q1 2021
Pre-Market guidance to 0.00 EPS.

Shares of NYSE:DRI opened at $74.59 on Friday. The firm has a market capitalization of $9.01 billion, a PE ratio of 23.60, a P/E/G ratio of 3.06 and a beta of 1.31. The company has a debt-to-equity ratio of 2.24, a current ratio of 0.41 and a quick ratio of 0.27. The business has a 50-day moving average of $75.84 and a two-hundred day moving average of $88.51. Darden Restaurants has a 12 month low of $26.15 and a 12 month high of $128.41.

A number of research firms have commented on DRI. Cowen began coverage on Darden Restaurants in a research report on Friday, February 28th. They set a “market perform” rating and a $103.00 target price on the stock. Oppenheimer boosted their target price on Darden Restaurants from $85.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. boosted their target price on Darden Restaurants from $66.00 to $74.00 and gave the stock a “neutral” rating in a research report on Wednesday. Bank of America boosted their price target on Darden Restaurants from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday. Finally, Goldman Sachs Group raised Darden Restaurants from a “sell” rating to a “neutral” rating and cut their price target for the stock from $114.00 to $50.00 in a report on Friday, March 20th. Fifteen research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Darden Restaurants presently has a consensus rating of “Buy” and an average target price of $90.48.

In related news, insider Todd Burrowes bought 2,564 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The stock was bought at an average price of $58.50 per share, with a total value of $149,994.00. Following the completion of the transaction, the insider now directly owns 25,216 shares of the company’s stock, valued at $1,475,136. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO David C. George bought 4,273 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The stock was bought at an average cost of $58.50 per share, with a total value of $249,970.50. Following the transaction, the chief operating officer now directly owns 64,928 shares of the company’s stock, valued at $3,798,288. The disclosure for this purchase can be found here. Insiders have acquired 37,178 shares of company stock valued at $2,174,913 over the last 90 days. 0.47% of the stock is currently owned by insiders.

Darden Restaurants Company Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

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Earnings History for Darden Restaurants (NYSE:DRI)

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