|Bid||0.00 x 1300|
|Ask||0.00 x 900|
|Day's Range||75.14 - 77.98|
|52 Week Range||26.15 - 128.41|
|Beta (5Y Monthly)||1.31|
|PE Ratio (TTM)||14.75|
|Earnings Date||Jun 18, 2020 - Jun 22, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Jan 09, 2020|
|1y Target Est||74.44|
LongHorn Steakhouse and Olive Garden parent Darden Restaurants (NYSE: DRI) is trading slightly higher following its restaurant reopening news yesterday. The restaurant company also attracted a price target upgrade from an analyst at financial services firm Cowen Group today, also possibly helping nudge its stock upward.
Restaurant stocks have been whipsawed by poor earnings, Covid-19 warnings from health experts, and hopes about reopenings and vaccine progress. Analyst Brian Vaccaro notes that restaurants’ ability to raise capital in recent weeks has bolstered balance sheets, in many cases pushing off any concerns about liquidity to a year or more. “While risks obviously remain, for investors seeking tactical long ideas in an environment of improving weekly sales data as more states reopen (and capacity limits are raised),” there are still restaurant stocks worth buying, he writes.
While Darden's restaurants are reporting slow but steady improvement in sales, the numbers are still down sharply from a year earlier.
Darden Restaurants Inc. said same-restaurant sales fell 47.9% in the fourth quarter to date through May 17. The operator of the Olive Garden, LongHorn Steakhouse and Fine Dining chains, said it started to reopen dining rooms on April 27, limited to 25% and 50% capacity, based on local or state regulations. The company had about 49% of its dining rooms opened as of May 17 and expects to have more than 65% open with restrictions on capacity by the end of the month. Same-restaurant sales at Olive Garden were down 39.4% in the quarter to date through May 17, the company said. The company said its cash burn rate has improved to less than $10 million a week. The company has fully repaid a $750 million credit facility and had about $700 million in cash on hand as of May 17. It also has access to a $750 million credit facility. Shares were down 1.1% premarket and have fallen 31% in the year to date, while the S&P 500 has fallen 9%.
Darden Restaurants, Inc., (NYSE: DRI) today provided an update of certain business results given the dynamic environment resulting from COVID-19.
Shares of Brinker International (NYSE: EAT), Darden Restaurants (NYSE: DRI), Dave & Buster's (NASDAQ: PLAY), and BJ's Restaurants (NASDAQ: BJRI) were gaining today on a broad surge in the market after Moderna reported successful phase 1 results with its coronavirus vaccine. Positive comments from Federal Reserve Chairman Jerome Powell in a 60 Minutes interview last night also helped reassure investors and lift stocks today. As of 12:57 p.m. EDT, Brinker stock was up 13.1%, Darden had gained 7.6%, Dave & Buster's was 16.3% higher, and BJ's was up 12.8%.
Darden Restaurants, Inc. (NYSE:DRI), which is in the hospitality business, and is based in United States, received a...
Investors will get their first real look Friday at the impact on consumer spending when the Census Bureau releases April retail sales.
Comments from the Fed chairman certainly didn't remove the doom and gloom surrounding the restaurant industry.
What happened Shares of Darden Restaurants (NYSE: DRI) were down 5% on Tuesday after a three-day run that saw its stock rise over 8%. So what Restaurants in general rose in tandem last week in the hope the economy would soon open again to allow restaurants to serve diners in their dining rooms.
The restaurant industry may be fundamentally changed by the coronavirus pandemic, but even with the ability to utilize takeout and delivery options to remain open when other businesses were forced closed, some chains may not survive. Shake Shack, for example, announced it will be punching holes in the sides of its burger shops to allow for drive-thru and walk-up orders, as they believe social distancing will be the norm for a long time to come. Olive Garden owner Darden Restaurants (NYSE: DRI) could have been done in by the pandemic, but, having built out a substantial off-premises business before the crisis struck, it has been able to offset much of the loss from customers no longer coming to sit down and eat.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Darden Restaurants, Inc. New York, May 04, 2020 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Darden Restaurants, Inc. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
Olive Garden has reopened for dine-in service in Georgia and Tennessee, and Chico’s has laid out its plan to re-open stores starting May 4.
Stores are releasing their plans for reopening stores once lockdown orders are loosened, with some opting for appointment-only service and all emphasizing sanitation procedures.
Darden executives and directors paid $4.6 million for shares in a recent stock offering. CEO Gene Lee led the pack with $1.5 million in share buys.
Shares of Bloomin' Brands (NASDAQ: BLMN), Cheesecake Factory (NASDAQ: CAKE), and Darden Restaurants (NYSE: DRI) all underperformed the broad market on Thursday. Although there was no company-specific news to cause the stocks to fall, macroeconomic news, such as unemployment claims and consumer spending, seemed to weigh on the issues. At market close, Bloomin' Brands was down 10.9%, Cheesecake Factory was down 8.5%, and Darden was off 5.7%.
Restaurant stocks are on fire...in a good way. Brinker International (NYSE: EAT) is soaring nearly 30% on an earnings beat, and Cheesecake Factory (NASDAQ: CAKE) and Darden Restaurants (NYSE: DRI) jumped as much as 20% and 8%, respectively, as more states talk about reopening parts of their economies. Restaurant stocks continued to rebound from their initial sell-off as COVID-19 took the nation's attention.
Shares of Darden Restaurants (NYSE: DRI) gained today, closing up 3% after the company said it had reopened most of its Olive Garden locations in Georgia. Darden will reopen approximately 100 Olive Garden locations in Georgia, a meaningful chunk of the 870 company-owned Olive Garden restaurants it had at the end of last quarter. Olive Garden is Darden's biggest chain, followed by LongHorn Steakhouse with 522 locations.
Those following along with Darden Restaurants, Inc. (NYSE:DRI) will no doubt be intrigued by the recent purchase of...