Darden Restaurants (DRI) Set to Announce Quarterly Earnings on Thursday

Darden Restaurants (NYSE:DRIGet Free Report) is scheduled to announce its earnings results before the market opens on Thursday, March 21st. Analysts expect the company to announce earnings of $2.64 per share for the quarter. Darden Restaurants has set its FY24 guidance at $8.75-8.90 EPS and its FY 2024 guidance at 8.750-8.900 EPS.Investors that wish to register for the company’s conference call can do so using this link.

Darden Restaurants (NYSE:DRIGet Free Report) last released its quarterly earnings results on Friday, December 15th. The restaurant operator reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.74 by $0.10. Darden Restaurants had a return on equity of 49.39% and a net margin of 9.16%. The firm had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same quarter in the previous year, the company posted $1.52 EPS. The business’s revenue was up 9.7% on a year-over-year basis. On average, analysts expect Darden Restaurants to post $9 EPS for the current fiscal year and $10 EPS for the next fiscal year.

Darden Restaurants Trading Up 1.3 %

NYSE DRI opened at $174.57 on Thursday. The business’s 50-day moving average price is $165.35 and its two-hundred day moving average price is $156.23. Darden Restaurants has a 12 month low of $133.36 and a 12 month high of $176.84. The firm has a market capitalization of $20.85 billion, a PE ratio of 21.11, a price-to-earnings-growth ratio of 2.43 and a beta of 1.26. The company has a current ratio of 0.36, a quick ratio of 0.23 and a debt-to-equity ratio of 0.67.

Darden Restaurants Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were paid a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Tuesday, January 9th. Darden Restaurants’s dividend payout ratio is 63.36%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Stephens reissued an “overweight” rating and issued a $170.00 price objective on shares of Darden Restaurants in a research note on Monday, December 18th. StockNews.com downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Wedbush boosted their price objective on Darden Restaurants from $165.00 to $177.00 and gave the company an “outperform” rating in a research note on Monday, December 18th. TD Cowen boosted their price objective on Darden Restaurants from $180.00 to $190.00 and gave the company an “outperform” rating in a research note on Thursday, March 7th. Finally, KeyCorp upped their price target on Darden Restaurants from $175.00 to $177.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 13th. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $175.94.

View Our Latest Analysis on Darden Restaurants

Insider Buying and Selling at Darden Restaurants

In other Darden Restaurants news, insider Melvin John Martin sold 6,967 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $165.12, for a total transaction of $1,150,391.04. Following the sale, the insider now owns 17,159 shares in the company, valued at $2,833,294.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Melvin John Martin sold 6,967 shares of the firm’s stock in a transaction dated Tuesday, December 19th. The stock was sold at an average price of $165.12, for a total transaction of $1,150,391.04. Following the transaction, the insider now directly owns 17,159 shares of the company’s stock, valued at $2,833,294.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John W. Madonna sold 3,836 shares of the firm’s stock in a transaction dated Monday, January 8th. The shares were sold at an average price of $163.80, for a total value of $628,336.80. Following the transaction, the senior vice president now directly owns 6,971 shares in the company, valued at $1,141,849.80. The disclosure for this sale can be found here. Insiders have sold 21,130 shares of company stock worth $3,475,482 over the last 90 days. Corporate insiders own 0.85% of the company’s stock.

Institutional Trading of Darden Restaurants

Large investors have recently modified their holdings of the business. Quarry LP grew its stake in shares of Darden Restaurants by 980.0% in the second quarter. Quarry LP now owns 162 shares of the restaurant operator’s stock worth $27,000 after purchasing an additional 147 shares during the last quarter. Resurgent Financial Advisors LLC bought a new stake in Darden Restaurants during the 4th quarter valued at approximately $29,000. Clear Street Markets LLC boosted its position in Darden Restaurants by 93.5% during the 1st quarter. Clear Street Markets LLC now owns 240 shares of the restaurant operator’s stock valued at $37,000 after acquiring an additional 116 shares in the last quarter. Quilter Plc bought a new stake in Darden Restaurants during the 1st quarter valued at approximately $297,900,000. Finally, Main Street Group LTD bought a new stake in Darden Restaurants during the 4th quarter valued at approximately $53,000. 94.53% of the stock is owned by institutional investors.

Darden Restaurants Company Profile

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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.

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Earnings History for Darden Restaurants (NYSE:DRI)

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