Published On: Wed, Sep 7th, 2016

Oppenheimer Holdings Inc. Reiterates Outperform Rating for Darden Restaurants Inc. (DRI)

Darden Restaurants Inc. (NYSE:DRI)‘s stock had its “outperform” rating reiterated by research analysts at Oppenheimer Holdings in a report released on Wednesday. They currently have a $70.00 price target on the restaurant operator’s stock. Oppenheimer Holdings‘s price objective points to a potential upside of 11.87% from the stock’s previous close.
Several other equities research analysts have also weighed in on the company. Wells Fargo & Co. lowered Darden Restaurants from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $72.00 to $68.00 in a research note on Wednesday, July 13th. Stifel Nicolaus lowered Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 price objective for the company. in a research note on Tuesday, July 26th. Piper Jaffray Cos. reissued an “overweight” rating and set a $76.00 price objective (down from $78.00) on shares of Darden Restaurants in a research note on Saturday, July 2nd. Canaccord Genuity initiated coverage on Darden Restaurants in a research note on Monday, August 22nd. They set a “buy” rating and a $74.00 price objective for the company. Finally, Deutsche Bank AG reissued a “buy” rating and set a $76.00 price objective on shares of Darden Restaurants in a research note on Tuesday, July 5th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $71.06.
In other news, Director James P. Fogarty purchased 3,000 shares of the stock in a transaction that occurred on Thursday, July 7th. The shares were purchased at an average cost of $61.70 per share, for a total transaction of $185,100.00. Following the completion of the purchase, the director now directly owns 7,890 shares of the company’s stock, valued at approximately $486,813. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

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Darden Restaurants (NYSE:DRI) remained flat at $62.57 during trading on Wednesday. The company had a trading volume of 307,987 shares. Darden Restaurants has a one year low of $53.38 and a one year high of $72.11. The company has a 50-day moving average of $61.90 and a 200 day moving average of $64.34. The firm has a market cap of $7.90 billion and a PE ratio of 21.59.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, June 30th. The restaurant operator reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. During the same period in the previous year, the company posted $1.01 earnings per share. The company had revenue of $1.79 billion for the quarter. The firm’s quarterly revenue was down 4.7% on a year-over-year basis. On average, analysts predict that Darden Restaurants will post $3.87 EPS for the current fiscal year.
A number of institutional investors have recently modified their holdings of DRI. Citizens Financial Group Inc RI raised its position in shares of Darden Restaurants by 320.0% in the first quarter. Citizens Financial Group Inc RI now owns 2,520 shares of the restaurant operator’s stock valued at $167,000 after buying an additional 1,920 shares in the last quarter. First Manhattan Co. raised its position in shares of Darden Restaurants by 62.4% in the second quarter. First Manhattan Co. now owns 2,679 shares of the restaurant operator’s stock valued at $169,000 after buying an additional 1,029 shares in the last quarter. Acadian Asset Management LLC purchased a new position in shares of Darden Restaurants during the second quarter valued at about $170,000. Cypress Capital Management LLC WY purchased a new position in shares of Darden Restaurants during the second quarter valued at about $172,000. Finally, Trillium Asset Management LLC purchased a new position in shares of Darden Restaurants during the second quarter valued at about $201,000.
Darden Restaurants, Inc is a full-service restaurant company. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company’s segments include Olive Garden, LongHorn Steakhouse, Fine Dining (which includes The Capital Grille, and Eddie V’s Prime Seafood and Wildfish Seafood Grille (Eddie V’s)) and Other Business (which includes Yard House, Seasons 52, Bahama Breeze, consumer-packaged goods and franchise revenues).
To view Oppenheimer Holdings’ full report, visit Oppenheimer Holdings’ official website.

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