Darden Restaurants, Inc. (NYSE:DRI) announced a quarterly dividend on Thursday, December 14th, RTT News reports. Investors of record on Wednesday, January 10th will be given a dividend of 0.63 per share by the restaurant operator on Thursday, February 1st. This represents a $2.52 annualized dividend and a dividend yield of 2.54%. The ex-dividend date of this dividend is Tuesday, January 9th.
Darden Restaurants has increased its dividend by an average of 2.7% per year over the last three years. Darden Restaurants has a dividend payout ratio of 55.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Darden Restaurants to earn $4.96 per share next year, which means the company should continue to be able to cover its $2.52 annual dividend with an expected future payout ratio of 50.8%.
Shares of Darden Restaurants (DRI) opened at $99.31 on Monday. The company has a quick ratio of 0.20, a current ratio of 0.34 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $12,268.14, a PE ratio of 25.46, a P/E/G ratio of 2.11 and a beta of 0.20. Darden Restaurants has a fifty-two week low of $71.01 and a fifty-two week high of $100.11.
Several analysts recently weighed in on the company. Stephens restated an “equal weight” rating and issued a $95.00 price objective on shares of Darden Restaurants in a report on Tuesday, September 26th. Oppenheimer restated a “buy” rating and issued a $100.00 price objective on shares of Darden Restaurants in a report on Wednesday, September 20th. Jefferies Group restated a “hold” rating and issued a $82.00 price objective (down from $90.00) on shares of Darden Restaurants in a report on Wednesday, September 27th. Zacks Investment Research downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a report on Monday, December 18th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $88.00 target price (down from $93.00) on shares of Darden Restaurants in a report on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $93.05.
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About Darden Restaurants
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).
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