Sequoia Financial Advisors LLC acquired a new position in shares of Darden Restaurants Inc. (NYSE:DRI) during the second quarter, Holdings Channel reports. The fund acquired 38,566 shares of the restaurant operator’s stock, valued at approximately $2,443,000.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Prudential Financial Inc. boosted its stake in Darden Restaurants by 26.0% in the first quarter. Prudential Financial Inc. now owns 182,051 shares of the restaurant operator’s stock worth $12,070,000 after buying an additional 37,547 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Darden Restaurants by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,379,482 shares of the restaurant operator’s stock worth $224,060,000 after buying an additional 14,628 shares during the last quarter. Menta Capital LLC purchased a new stake in Darden Restaurants during the first quarter worth about $537,000. Aviva PLC boosted its stake in Darden Restaurants by 0.7% in the first quarter. Aviva PLC now owns 138,386 shares of the restaurant operator’s stock worth $9,175,000 after buying an additional 1,025 shares during the last quarter. Finally, BB&T Securities LLC purchased a new stake in Darden Restaurants during the first quarter worth about $2,002,000. 94.45% of the stock is owned by hedge funds and other institutional investors.
Shares of Darden Restaurants Inc. (NYSE:DRI) traded up 0.55% on Monday, hitting $62.57. The stock had a trading volume of 1,814,282 shares. The firm has a market capitalization of $7.70 billion, a P/E ratio of 20.20 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 company has a 50 day moving average of $61.90 and a 200-day moving average of $63.64.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ 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%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company earned $0.68 earnings per share. Equities analysts predict that Darden Restaurants Inc. will post $3.92 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be issued a $0.56 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $2.24 annualized dividend and a yield of 3.58%. Darden Restaurants’s dividend payout ratio is currently 72.03%.
DRI has been the subject of a number of research reports. Tigress Financial raised Darden Restaurants from a “neutral” rating to a “buy” rating in a research report on Thursday, June 23rd. Wells Fargo & Co. reissued an “outperform” rating and set a $79.00 price objective (up previously from $74.00) on shares of Darden Restaurants in a research report on Monday, June 27th. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $70.00 target price on shares of Darden Restaurants in a report on Tuesday, June 28th. Robert W. Baird restated a “neutral” rating and set a $70.00 target price on shares of Darden Restaurants in a report on Tuesday, June 28th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $70.00 target price on shares of Darden Restaurants in a report on Tuesday, June 28th. Three 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 stock. The company presently has an average rating of “Hold” and an average price target of $69.89.
In other news, 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 of the company’s stock, valued at $998,832.83. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Danielle L. Kirgan sold 8,780 shares of the firm’s stock in a transaction that occurred on Tuesday, October 11th. The stock was sold at an average price of $62.47, for a total transaction of $548,486.60. Following the transaction, the senior vice president now directly owns 15,989 shares in the company, valued at $998,832.83. The disclosure for this sale can be found here. 0.69% of the stock is currently owned by company insiders.
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).
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