Old Port Advisors purchased a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 5,380 shares of the restaurant operator’s stock, valued at approximately $576,000.
Several other large investors also recently bought and sold shares of DRI. Neuberger Berman Group LLC increased its position in shares of Darden Restaurants by 3.7% during the 1st quarter. Neuberger Berman Group LLC now owns 33,457 shares of the restaurant operator’s stock worth $2,852,000 after purchasing an additional 1,207 shares during the last quarter. Federated Investors Inc. PA increased its position in shares of Darden Restaurants by 55.2% during the 1st quarter. Federated Investors Inc. PA now owns 4,520 shares of the restaurant operator’s stock worth $385,000 after purchasing an additional 1,607 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Darden Restaurants by 24.8% during the 1st quarter. Toronto Dominion Bank now owns 66,601 shares of the restaurant operator’s stock worth $5,677,000 after purchasing an additional 13,229 shares during the last quarter. IBM Retirement Fund acquired a new position in shares of Darden Restaurants during the 1st quarter worth approximately $234,000. Finally, Norinchukin Bank The increased its position in shares of Darden Restaurants by 16.7% during the 1st quarter. Norinchukin Bank The now owns 14,469 shares of the restaurant operator’s stock worth $1,233,000 after purchasing an additional 2,072 shares during the last quarter. 89.50% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have weighed in on DRI. Piper Jaffray Companies reaffirmed an “overweight” rating and set a $120.00 price target on shares of Darden Restaurants in a research report on Monday, July 23rd. Mizuho boosted their target price on Darden Restaurants to $115.00 and gave the stock a “buy” rating in a report on Friday, June 22nd. Robert W. Baird lowered Darden Restaurants from an “outperform” rating to a “neutral” rating in a report on Monday, September 10th. SunTrust Banks boosted their target price on Darden Restaurants to $137.00 and gave the stock a “buy” rating in a report on Friday, September 21st. Finally, Morgan Stanley boosted their target price on Darden Restaurants from $103.00 to $110.00 and gave the stock an “equal weight” rating in a report on Thursday, September 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $119.65.
DRI opened at $108.64 on Wednesday. The firm has a market capitalization of $13.74 billion, a P/E ratio of 22.60, a PEG ratio of 2.11 and a beta of 0.17. Darden Restaurants, Inc. has a 1 year low of $78.25 and a 1 year high of $124.00. The company has a quick ratio of 0.26, a current ratio of 0.41 and a debt-to-equity ratio of 0.41.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.24 by $0.10. The business had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.03 billion. Darden Restaurants had a return on equity of 30.32% and a net margin of 7.84%. The firm’s quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the previous year, the company posted $0.99 EPS. On average, research analysts expect that Darden Restaurants, Inc. will post 5.63 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be given a dividend of $0.75 per share. The ex-dividend date is Tuesday, October 9th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.76%. Darden Restaurants’s payout ratio is 39.29%.
In other news, COO David C. George sold 55,671 shares of the company’s stock in a transaction on Thursday, October 4th. The stock was sold at an average price of $108.24, for a total transaction of $6,025,829.04. Following the completion of the sale, the chief operating officer now directly owns 95,236 shares in the company, valued at approximately $10,308,344.64. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Eugene I. Lee, Jr. sold 60,688 shares of the company’s stock in a transaction on Wednesday, September 26th. The shares were sold at an average price of $112.63, for a total value of $6,835,289.44. Following the sale, the insider now owns 147,561 shares of the company’s stock, valued at $16,619,795.43. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 120,963 shares of company stock valued at $13,374,929. Corporate insiders own 0.65% of the company’s stock.
About Darden Restaurants
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.
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