ORLANDO, FL - Darden Restaurants Inc. (NYSE:DRI) reported on Monday that Nana Mensah, a member of the company's Board of Directors, has decided to retire effective today. His departure from the board is not due to any disagreements with the company's operations, policies, or practices. The company, currently valued at $22.6 billion, has shown strong momentum with 14 analysts recently revising earnings estimates upward, according to InvestingPro data.
Mr. Mensah's decision to step down was announced in a regulatory filing with the Securities and Exchange Commission. The company has expressed its gratitude to Mr. Mensah for his years of service and contributions to the board.
Darden Restaurants, known for its chain of eating establishments, has its headquarters in Orlando, Florida, and operates under the Central Index Key 0000940944. The company has not indicated any immediate plans for a successor or changes to the board's composition following Mr. Mensah's retirement.
This announcement comes as part of the company's ongoing disclosure obligations under the SEC's regulations. Darden Restaurants is a recognized name in the retail eating places sector, with a history dating back to when it was known as General Mills (NYSE:GIS) Restaurants Inc. before changing its name in March 1995.
Investors and stakeholders of Darden Restaurants are advised to monitor further communications from the company regarding this transition and any potential impact it may have on the board's governance and oversight.
The information in this article is based on a press release statement from Darden Restaurants Inc. and provides a factual update on corporate governance matters within the company.
In other recent news, Darden Restaurants has seen several financial firms, including KeyBanc Capital Markets, BMO Capital, Stephens, Oppenheimer, Baird, and Raymond (NSE:RYMD) James, raise their price targets. This follows the company's impressive earnings and revenue results for the second quarter of fiscal year 2025, surpassing expectations. Darden reported earnings per share of $2.03, slightly above the consensus estimate of $2.02, and a revenue growth of nearly 6% over the last twelve months to $11.4 billion. The same-store sales also grew by 2.4%, exceeding the Street's expectation of 1.4%.
KeyBanc Capital Markets reiterated an Overweight rating on Darden Restaurants and raised the price target to $200, citing the company's strong market position and steady revenue growth. BMO Capital also raised the target to $175, citing an increase in sales trend estimates. Despite facing industry challenges, Darden has maintained consistent dividend payments for 30 consecutive years, currently yielding 3.05%.
Oppenheimer maintained its Outperform rating on Darden and increased the price target to $200, highlighting the company's solid financial health and consistent dividend payments. These recent developments underline Darden's financial journey and the confidence of financial firms in the company's growth trajectory and strategic initiatives.
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