Darden Restaurants (NYSE:DRI) Releases FY 2020 Earnings Guidance
Darden Restaurants (NYSE:DRI) updated its FY 2020 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $6.30-6.45 for the period, compared to the Thomson Reuters consensus estimate of $6.40. The company issued revenue guidance of $8.961-9.047 billion, compared to the consensus revenue estimate of $9.05 billion.Darden Restaurants also updated its FY20 guidance to $6.30-6.45 EPS.
Several analysts have commented on the stock. Wells Fargo & Co lifted their price objective on shares of Darden Restaurants from $116.00 to $117.00 and gave the stock a market perform rating in a research report on Thursday, September 12th. Piper Jaffray Companies reaffirmed an overweight rating and issued a $128.00 price objective (up previously from $125.00) on shares of Darden Restaurants in a research report on Friday. Wedbush reaffirmed a hold rating and issued a $125.00 price objective on shares of Darden Restaurants in a research report on Thursday, August 29th. Citigroup lowered their price objective on shares of Darden Restaurants from $146.00 to $144.00 and set a buy rating on the stock in a research report on Friday, June 28th. Finally, Deutsche Bank began coverage on shares of Darden Restaurants in a research report on Friday, June 28th. They issued a hold rating and a $123.00 price target on the stock. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Darden Restaurants currently has a consensus rating of Hold and a consensus target price of $125.72.
Shares of NYSE:DRI opened at $119.80 on Friday. The company has a 50 day moving average of $121.72 and a 200 day moving average of $119.69. The stock has a market cap of $14.85 billion, a P/E ratio of 20.59, a P/E/G ratio of 1.87 and a beta of 0.34. Darden Restaurants has a 12 month low of $95.83 and a 12 month high of $128.41. The company has a current ratio of 0.43, a quick ratio of 0.46 and a debt-to-equity ratio of 2.18.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.88 per share. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $3.52 annualized dividend and a yield of 2.94%. Darden Restaurants’s dividend payout ratio is currently 60.48%.
In related news, CFO Ricardo Cardenas sold 14,128 shares of the business’s stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $124.87, for a total transaction of $1,764,163.36. Following the completion of the transaction, the chief financial officer now owns 23,848 shares of the company’s stock, valued at $2,977,899.76. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, COO David C. George sold 69,779 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $123.25, for a total transaction of $8,600,261.75. Following the transaction, the chief operating officer now directly owns 109,344 shares of the company’s stock, valued at approximately $13,476,648. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 96,907 shares of company stock valued at $11,975,585. 0.47% of the stock is owned by corporate insiders.
About Darden Restaurants
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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