Darden Restaurants (DRI) is Downgraded by Wells Fargo to Market Perform

Darden Restaurants (DRI) was Downgraded by Wells Fargo to ” Market Perform”. Earlier the firm had a rating of “Outperform ” on the company shares. Wells Fargo advised their investors in a research report released on Jul 13, 2016.

Many Wall Street Analysts have commented on Darden Restaurants. Shares were Reiterated by Maxim Group on Jul 1, 2016 to “Buy” and Lowered the Price Target to $ 74 from a previous price target of $77 .Darden Restaurants was Upgraded by Tigress Financial to ” Buy” on Jun 24, 2016. Company shares were Upgraded by Piper Jaffray on May 17, 2016 to ” Overweight”, Firm has raised the Price Target to $ 78 from a previous price target of $67 .

On the company’s financial health, Darden Restaurants reported $1.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jun 30, 2016. Analyst had a consensus of $1.09. The company had revenue of $1790.20 million for the quarter, compared to analysts expectations of $1817.58 million. The company’s revenue was down -4.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.08 EPS.

Darden Restaurants opened for trading at $62.43 and hit $62.88 on the upside on Monday, eventually ending the session at $62.62, with a gain of 0.95% or 0.59 points. The heightened volatility saw the trading volume jump to 28,77,323 shares. Company has a market cap of $7,936 M.

In a different news, on Jul 11, 2016, James P Fogarty (director) purchased 3,000 shares at $61.70 per share price. According to the SEC, on Apr 20, 2016, Alan N Stillman (director) sold 2,000 shares at $65.30 per share price. On Mar 14, 2016, Jeffrey C Smith (director) sold 370,566 shares at $67.69 per share price, according to the Form-4 filing with the securities and exchange commission.

Darden Restaurants Inc. is a full service restaurant company. The Company owns and operates more than 1500 restaurants. The Company’s restaurant brands include Olive Garden LongHorn Steakhouse Bahama Breeze Seasons 52 The Capital Grille Eddie V’s Prime Seafood Wildfish Seafood Grill and Yard House. Through subsidiaries the Company owns and operates all of its restaurants in the United States and Canada except for three restaurants located in Florida and three restaurants in California which are owned jointly by the Company and third parties and managed by the Company seven franchised restaurants in Puerto Rico and one Atlanta Georgia airport location.

Darden Restaurants

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