Darden Restaurants Inc. (NYSE:DRI) 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 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website.
Shares of Darden Restaurants Inc. (NYSE:DRI) traded up 0.64% during midday trading on Wednesday, hitting $62.80. 1,386,264 shares of the stock traded hands. The stock has a 50 day moving average of $61.94 and a 200 day moving average of $63.68. The company has a market capitalization of $7.73 billion, a P/E ratio of 20.28 and a beta of 0.41. Darden Restaurants Inc. has a 1-year low of $53.38 and a 1-year high of $68.68.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.82 by $0.06. Darden Restaurants had a return on equity of 24.97% and a net margin of 5.73%. The business earned $1.71 billion during the quarter. During the same period in the prior year, the business earned $0.68 EPS. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. Equities research analysts predict that Darden Restaurants Inc. will post $3.92 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders 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 3.57%. The ex-dividend date of this dividend is Wednesday, October 5th. Darden Restaurants’s payout ratio is 72.03%.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC boosted its position in Darden Restaurants by 24.6% in the third quarter. Nisa Investment Advisors LLC now owns 57,236 shares of the restaurant operator’s stock valued at $3,510,000 after buying an additional 11,297 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of Darden Restaurants by 8.9% in the third quarter. Capstone Asset Management Co. now owns 8,978 shares of the restaurant operator’s stock worth $551,000 after buying an additional 730 shares during the last quarter. Searle & CO. bought a new position in shares of Darden Restaurants during the third quarter worth approximately $216,000. Exxonmobil Investment Management Inc. TX boosted its position in shares of Darden Restaurants by 9.2% in the third quarter. Exxonmobil Investment Management Inc. TX now owns 32,227 shares of the restaurant operator’s stock worth $1,976,000 after buying an additional 2,704 shares during the last quarter. Finally, Hefty Wealth Partners bought a new position in shares of Darden Restaurants during the third quarter worth approximately $998,000. Hedge funds and other institutional investors own 94.57% of the company’s stock.
Several brokerages have recently issued reports on DRI. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $70.00 price objective on shares of Darden Restaurants in a research note on Wednesday. BTIG Research reissued a “buy” rating and issued a $75.00 target price on shares of Darden Restaurants in a research report on Friday, July 1st. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $70.00 price target on shares of Darden Restaurants in a report on Tuesday, June 28th. Zacks Investment Research cut shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Finally, Piper Jaffray Cos. restated an “overweight” rating and set a $76.00 price target (down from $78.00) on shares of Darden Restaurants in a report on Saturday, July 2nd. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $69.89.
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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