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Brokers raise target price on Darden Restaurants (NYSE: DRI) post Q4FY23 announcement
Image Source: kirill guzhvinsky|Shutterstock
Darden Restaurants (NYSE: DRI) is a restaurant chain operator in the US, with a market capitalization of around US$ 20 billion. It is the parent company of some of the largest US full-service operators including Olive Garden, Cheddar’s Scratch Kitchen, and The Capital Grille among many others.
The service sector giant’s total sales for the fourth quarter of fiscal 2023 rose 6.4% to US$2.8 billion as compared to the same quarter in the previous year. Alongside these results, Darden reported an 8% sequential increase in its Q4 dividend. A cash dividend of US$ 1.31 per share is payable to shareholders of record as on July 10, 2023.
Darden’s CFO Raj Vennam stated that the company has “returned over US$ 1 billion to shareholders in the form of dividends and share repurchases.”
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