Economy

Darden Restaurants, Inc. (DRI) Issues Quarterly Earnings Results

Darden Restaurants, Inc. (DRI) Issues Quarterly Earnings Results”

Shares of Darden Restaurants (DRI) sank today after the owner of the Olive Garden restaurant chain served up fiscal first quarter per-share earnings that hit the Street's target, but missed on same-store sales thanks to Hurricane Harvey. (NYSE:DRI) by 137.2% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The shares were sold at an average price of $91.58, for a total value of $8,528,387.50. (NYSE:DRI) in a report issued on Friday morning. The firm's revenue was up 12.9% on a year-over-year basis.

In terms of earnings per share, 24 analysts have a 1.27 EPS mean target for the quarter ending Feb-17, for the quarter ending May-17, 24 analysts have a 1.15 EPS mean target and for the quarter ending May-17 there are 27 estimates of 3.99 EPS. Insiders own 0.63% of the company's stock.

Other analysts have also issued reports about the company. M&R Capital Management Inc. bought a new position in Darden Restaurants in the second quarter valued at $108,000.

Digging a bit further, company shares have been noted -41.86% off the 52 week high and 7.02% away from the 52 week low. A rating of 4 or 5 would represent a Sell recommendation. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.63 per share. Farmers & Merchants Investments Inc. raised its position in Darden Restaurants by 255.5% in the second quarter.

Still, It seems that the inline earnings proved "modestly disappointing" for investors who came into the latest earnings report optimistic about momentum in comparable-store sales and the acquisition of Chedders Scratch Kitchen, says Bernstein analyst Sara Senatore. Trustmark National Bank Trust Department's holdings in Darden Restaurants were worth $852,000 at the end of the most recent quarter. If you are viewing this piece on another domain, it was illegally copied and reposted in violation of global trademark and copyright laws.

Darden's same-store sales, a key metric of stores open at least a year, rose 1.7% in the first quarter, below Wall Street's estimate of 2.1%.

Darden reiterated its full-year EPS forecast of $4.38 to $4.50, saying cost cuts and other factors would offset the impact from the storms. The ex-dividend date of this dividend is Friday, October 6th. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Darden Restaurants's payout ratio is 66.14%. The stock now has an average rating of "Hold" and an average target price of $84.91. Finally, Cornerstone Capital Management Holdings LLC. lifted its stake in Darden Restaurants by 982.1% in the first quarter. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016.



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