1ST Source Bank cut its stake in shares of Darden Restaurants Inc. (NYSE:DRI) by 0.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,513 shares of the restaurant operator’s stock after selling 8 shares during the period. 1ST Source Bank’s holdings in Darden Restaurants were worth $349,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Citizens Financial Group Inc RI increased its stake in Darden Restaurants by 320.0% in the first quarter. Citizens Financial Group Inc RI now owns 2,520 shares of the restaurant operator’s stock worth $167,000 after buying an additional 1,920 shares in the last quarter. First Manhattan Co. increased its stake in Darden Restaurants by 62.4% in the second quarter. First Manhattan Co. now owns 2,679 shares of the restaurant operator’s stock worth $169,000 after buying an additional 1,029 shares in the last quarter. Acadian Asset Management LLC bought a new stake in Darden Restaurants during the second quarter worth approximately $170,000. Cypress Capital Management LLC WY bought a new stake in Darden Restaurants during the second quarter worth approximately $172,000. Finally, Trillium Asset Management LLC bought a new stake in Darden Restaurants during the second quarter worth approximately $201,000. 94.45% of the stock is currently owned by institutional investors and hedge funds.
Darden Restaurants Inc. (NYSE:DRI) traded up 0.80% on Monday, reaching $62.73. 1,165,326 shares of the company’s stock were exchanged. The stock has a market capitalization of $7.72 billion, a PE ratio of 20.26 and a beta of 0.41. Darden Restaurants Inc. has a 12 month low of $53.38 and a 12 month high of $68.68. The firm has a 50 day moving average of $61.90 and a 200 day moving average of $63.64.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. The firm had revenue of $1.71 billion for the quarter. Darden Restaurants had a net margin of 5.73% and a return on equity of 24.97%. Darden Restaurants’s revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.68 EPS. Equities analysts predict that Darden Restaurants Inc. will post $3.92 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 10th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 3.60%. The ex-dividend date of this dividend is Wednesday, October 5th. Darden Restaurants’s payout ratio is presently 72.03%.
A number of research firms recently commented on DRI. Robert W. Baird reissued a “neutral” rating and set a $70.00 price objective on shares of Darden Restaurants in a report on Tuesday, June 28th. Maxim Group reaffirmed a “buy” rating and issued a $74.00 price target (down previously from $77.00) on shares of Darden Restaurants in a report on Friday, July 1st. SunTrust Banks Inc. reduced their price target on shares of Darden Restaurants from $70.00 to $67.00 and set a “neutral” rating on the stock in a report on Wednesday, October 5th. Zacks Investment Research downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Finally, Wells Fargo & Co. reaffirmed a “market perform” rating and issued a $68.00 price target on shares of Darden Restaurants in a report on Wednesday, September 28th. Three equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $69.89.
In related news, SVP Danielle L. Kirgan sold 8,780 shares of the firm’s stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $62.47, for a total transaction of $548,486.60. Following the transaction, the senior vice president now owns 15,989 shares of the company’s stock, valued at $998,832.83. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Danielle L. Kirgan sold 28,127 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $62.47, for a total transaction of $1,757,093.69. Following the transaction, the senior vice president now directly owns 15,989 shares in the company, valued at approximately $998,832.83. The disclosure for this sale can be found here. Corporate insiders own 0.69% of the company’s stock.
Darden Restaurants Company Profile
Darden Restaurants, Inc is a full-service restaurant company. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company’s segments include Olive Garden, LongHorn Steakhouse, Fine Dining (which includes The Capital Grille, and Eddie V’s Prime Seafood and Wildfish Seafood Grille (Eddie V’s)) and Other Business (which includes Yard House, Seasons 52, Bahama Breeze, consumer-packaged goods and franchise revenues).
Want to see what other hedge funds are holding DRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Darden Restaurants Inc. (NYSE:DRI).
Receive News & Ratings for Darden Restaurants Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Darden Restaurants Inc. and related companies with MarketBeat.com's FREE daily email newsletter.