Darden Restaurants, Inc. (DRI) is an American multi-brand restaurant operator headquartered in Orlando. The firm owns several casual dining restaurant chains: Olive Garden, LongHorn Steakhouse, Bahama Breeze, Seasons 52, Eddie V's Prime Seafood, The Capital Grille and Yard House. Until July 28, 2014, Darden also owned Red Lobster. Darden has more than 1,500 restaurant locations and more than 150,000 employees, making it the world's largest full-service restaurant company. As of 2012, Darden is the only Fortune 500 company with its corporate headquarters in Greater Orlando.
Darden Restaurants (DRI) Stock Down, Chairman Resigns NEW YORK (TheStreet) -- Shares of Darden Restaurants (DRI - Get Report) are dropping by 2.93% to $65.37 on Tuesday morning, as the company reported strong results for the 2016 fiscal third quarter, but announced that its chairman resigned. Darden, which owns Olive Garden and LongHorn Steakhouse, said that Chairman Jeffrey Smith, head of activist investor Starboard Value, has resigned from the company's board. Smith was named chairman in October 2014 after the investment firm ousted Darden's entire board, CNBC.com noted. "I am able to move on to other projects at this time because of the outstanding chemistry and capabilities of both the board and management," he said in a statement. Smith will be replaced as chairman by Charles Sonsteby, an independent director on Darden's board and CFO of arts and crafts retailer Michaels Cos. (MIK). Additionally, before today's opening bell, the Orlando-based restaurant company posted adjusted earnings of $1.21 per share, topping analysts' estimates of $1.19 per share. Revenue was $1.85 billion, slightly above Wall Street's expectations of $1.84 billion. Same store sales rose by 6.2% during the period. For fiscal 2016, Darden expects adjusted earnings per share between $3.48 and $3.52. Analysts are looking for earnings of $3.49 per share. Separately, TheStreet Ratings Team has a "Buy" rating with a score of B+ on the stock. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, increase in net income, revenue growth and reasonable valuation levels. The team believes its strengths outweigh the fact that the company shows low profit margins. Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author. You can view the full analysis from the report here: DRI
Reported before open today (6/30/16) Earnings: EPS $1.10 Revenue $1.79B Estimates: EPS $1.08 Revenue $1.81B Down 3.52% today so far
Analyst Upgrade/Downgrade Update Brokerage firm: Raymond James Change: Upgrade Previous Rating: Underperform Current Rating: Market Perform Previous Price Target: N/A Current Price Target: N/A
a little late to post here but just wanted to say a good observation there @Three Eyes and thx for the chart!
DRI has now worked through 2 consolidation ranges, and is perhaps poised for another leg up spurred on by the ex-div date. They'll probably announce the div sometime mid- to late-next week with an ex-div date of July 9. Perhaps it is time to accumulate shares at the bottom of the currently boxed range...(?)
DRI--The only restaurant stock I'm drooling over () I really liked it at the bottom, but I think it still has more room to run.