Bank of America Raises Darden Restaurants (NYSE:DRI) Price Target to $85.00
Darden Restaurants (NYSE:DRI) had its price target hoisted by Bank of America from $75.00 to $85.00 in a report published on Friday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the restaurant operator’s stock.
Several other brokerages have also recently commented on DRI. UBS Group reduced their target price on shares of Darden Restaurants from $96.00 to $85.00 and set an outperform rating for the company in a report on Friday, March 20th. Stifel Nicolaus increased their target price on shares of Darden Restaurants from $75.00 to $87.00 and gave the stock a buy rating in a report on Wednesday, May 20th. JPMorgan Chase & Co. upped their price target on shares of Darden Restaurants from $66.00 to $74.00 and gave the stock a neutral rating in a research report on Wednesday, June 24th. KeyCorp dropped their price target on shares of Darden Restaurants from $88.00 to $86.00 and set an overweight rating on the stock in a research report on Friday, June 19th. Finally, Wolfe Research began coverage on shares of Darden Restaurants in a research report on Friday, April 17th. They set an outperform rating and a $75.00 price target on the stock. Fifteen investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of Buy and a consensus target price of $90.48.
Shares of DRI opened at $76.63 on Friday. Darden Restaurants has a 12 month low of $26.15 and a 12 month high of $128.41. The firm has a fifty day simple moving average of $75.85 and a 200 day simple moving average of $87.82. The stock has a market capitalization of $8.81 billion, a price-to-earnings ratio of -191.58, a PEG ratio of 2.96 and a beta of 1.32. The company has a current ratio of 0.41, a quick ratio of 0.27 and a debt-to-equity ratio of 2.24.
In other Darden Restaurants news, insider Todd Burrowes purchased 2,564 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were acquired at an average cost of $58.50 per share, for a total transaction of $149,994.00. Following the completion of the purchase, the insider now owns 25,216 shares of the company’s stock, valued at approximately $1,475,136. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director M Shan Atkins purchased 1,282 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The stock was acquired at an average price of $58.50 per share, for a total transaction of $74,997.00. Following the completion of the purchase, the director now directly owns 3,114 shares of the company’s stock, valued at approximately $182,169. The disclosure for this purchase can be found here. Insiders purchased 37,178 shares of company stock worth $2,174,913 over the last 90 days. 0.47% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Efficient Wealth Management LLC acquired a new position in shares of Darden Restaurants in the first quarter valued at about $26,000. First Financial Corp IN grew its stake in Darden Restaurants by 150.0% during the first quarter. First Financial Corp IN now owns 500 shares of the restaurant operator’s stock worth $27,000 after buying an additional 300 shares in the last quarter. Sumitomo Mitsui Financial Group Inc. acquired a new stake in Darden Restaurants during the first quarter worth about $30,000. Allred Capital Management LLC grew its stake in Darden Restaurants by 120.1% during the first quarter. Allred Capital Management LLC now owns 724 shares of the restaurant operator’s stock worth $39,000 after buying an additional 395 shares in the last quarter. Finally, Bartlett & Co. LLC acquired a new stake in Darden Restaurants during the first quarter worth about $54,000. Institutional investors and hedge funds own 88.12% of the company’s stock.
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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