KeyCorp Boosts Darden Restaurants (NYSE:DRI) Price Target to $87.00

Darden Restaurants (NYSE:DRI) had its price target upped by KeyCorp from $86.00 to $87.00 in a report issued on Friday, BenzingaRatingsTable reports. KeyCorp currently has an overweight rating on the restaurant operator’s stock. KeyCorp also issued estimates for Darden Restaurants’ Q2 2021 earnings at $0.41 EPS.

A number of other research firms have also recently commented on DRI. Guggenheim lifted their target price on Darden Restaurants from $75.00 to $88.00 and gave the stock an average rating in a research report on Wednesday, May 20th. UBS Group cut their target price on Darden Restaurants from $96.00 to $85.00 and set an outperform rating on the stock in a research report on Friday, March 20th. Robert W. Baird lifted their target price on Darden Restaurants from $57.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday, April 8th. ValuEngine upgraded Darden Restaurants from a sell rating to a hold rating in a research report on Tuesday, March 24th. Finally, Deutsche Bank cut their target price on Darden Restaurants from $82.00 to $77.00 and set a hold rating on the stock in a research report on Monday, March 16th. Fifteen analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $90.48.

Darden Restaurants stock opened at $76.63 on Friday. Darden Restaurants has a 1-year low of $26.15 and a 1-year high of $128.41. 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 stock has a market cap of $8.81 billion, a PE ratio of -191.58, a P/E/G ratio of 2.96 and a beta of 1.32. The stock’s fifty day moving average is $75.85 and its two-hundred day moving average is $87.82.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Thursday, June 25th. The restaurant operator reported ($1.24) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($1.64) by $0.40. Darden Restaurants had a positive return on equity of 16.68% and a negative net margin of 0.67%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.27 billion. During the same period last year, the firm earned $1.76 earnings per share. Darden Restaurants’s quarterly revenue was down 43.5% on a year-over-year basis. On average, research analysts expect that Darden Restaurants will post 2.46 earnings per share for the current fiscal year.

In other Darden Restaurants news, Director M Shan Atkins acquired 1,282 shares of the stock in a transaction on Thursday, April 23rd. The shares were bought at an average price of $58.50 per share, with a total value of $74,997.00. Following the acquisition, the director now owns 3,114 shares of the company’s stock, valued at $182,169. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Todd Burrowes acquired 2,564 shares of the stock in a transaction on Thursday, April 23rd. The stock was acquired at an average cost of $58.50 per share, for a total transaction of $149,994.00. Following the acquisition, the insider now directly owns 25,216 shares in the company, valued at approximately $1,475,136. The disclosure for this purchase can be found here. Insiders acquired a total of 37,178 shares of company stock worth $2,174,913 in the last ninety days. 0.47% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in the company. Capital World Investors boosted its stake in shares of Darden Restaurants by 29.1% during the 1st quarter. Capital World Investors now owns 6,550,761 shares of the restaurant operator’s stock worth $356,754,000 after acquiring an additional 1,474,817 shares in the last quarter. State Street Corp boosted its stake in shares of Darden Restaurants by 6.7% during the 1st quarter. State Street Corp now owns 6,156,113 shares of the restaurant operator’s stock worth $335,262,000 after acquiring an additional 385,441 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Darden Restaurants by 39.2% during the 1st quarter. Victory Capital Management Inc. now owns 3,346,998 shares of the restaurant operator’s stock worth $182,278,000 after acquiring an additional 942,118 shares in the last quarter. Capital International Investors boosted its stake in shares of Darden Restaurants by 23.2% during the 1st quarter. Capital International Investors now owns 3,332,094 shares of the restaurant operator’s stock worth $181,466,000 after acquiring an additional 628,147 shares in the last quarter. Finally, Melvin Capital Management LP purchased a new stake in shares of Darden Restaurants during the 1st quarter worth approximately $175,634,000. 88.12% of the stock is currently owned by institutional investors and hedge funds.

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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