Dimensional Fund Advisors LP cut its position in Darden Restaurants Inc. (NYSE:DRI) by 5.0% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 678,158 shares of the restaurant operator’s stock after selling 35,958 shares during the period. Dimensional Fund Advisors LP owned about 0.54% of Darden Restaurants worth $42,962,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of DRI. CENTRAL TRUST Co boosted its position in shares of Darden Restaurants by 16.5% in the second quarter. CENTRAL TRUST Co now owns 1,799 shares of the restaurant operator’s stock worth $114,000 after buying an additional 255 shares during the last quarter. Citizens Financial Group Inc RI boosted its position in shares of 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 during the last quarter. First Manhattan Co. boosted its position in shares of 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 during the last quarter. Acadian Asset Management LLC bought a new position in shares of Darden Restaurants during the second quarter worth about $170,000. Finally, Cypress Capital Management LLC WY bought a new position in shares of Darden Restaurants during the second quarter worth about $172,000. Institutional investors and hedge funds own 94.57% of the company’s stock.
Darden Restaurants Inc. (NYSE:DRI) opened at 62.23 on Friday. Darden Restaurants Inc. has a 52 week low of $53.38 and a 52 week high of $68.68. The company has a market capitalization of $7.66 billion, a price-to-earnings ratio of 20.09 and a beta of 0.41. The company’s 50-day moving average price is $61.90 and its 200 day moving average price is $63.64.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 EPS for the quarter, topping the Zacks’ consensus estimate of $0.82 by $0.06. Darden Restaurants had a net margin of 5.73% and a return on equity of 24.97%. The company earned $1.71 billion during the quarter. During the same quarter in the prior year, the company earned $0.68 earnings per share. The company’s quarterly revenue was up 1.6% on a year-over-year basis. On average, analysts predict that Darden Restaurants Inc. will post $3.92 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.60%. Darden Restaurants’s dividend payout ratio is 72.03%.
A number of equities analysts recently issued reports on the company. Robert W. Baird restated a “neutral” rating and issued a $70.00 target price on shares of Darden Restaurants in a report on Tuesday, June 28th. Maxim Group reaffirmed a “buy” rating and issued a $74.00 target price (down previously from $77.00) on shares of Darden Restaurants in a research report on Friday, July 1st. SunTrust Banks Inc. decreased their target price on Darden Restaurants from $70.00 to $67.00 and set a “neutral” rating for the company in a research report on Wednesday, October 5th. Zacks Investment Research cut Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Friday, July 1st. Finally, Wells Fargo & Co. reaffirmed a “market perform” rating and issued a $68.00 target price on shares of Darden Restaurants in a research report on Wednesday, September 28th. Three research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company. Darden Restaurants presently has an average rating of “Hold” and a consensus target price of $69.89.
In related news, SVP Danielle L. Kirgan sold 28,127 shares of the firm’s stock in a transaction dated Monday, October 10th. The shares were sold at an average price of $62.47, for a total value of $1,757,093.69. Following the completion of the sale, the senior vice president now directly owns 15,989 shares in the company, valued at approximately $998,832.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Danielle L. Kirgan sold 8,780 shares of the firm’s stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $62.47, for a total transaction of $548,486.60. Following the completion of the sale, the senior vice president now owns 15,989 shares of the company’s stock, valued at $998,832.83. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
About Darden Restaurants
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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