Arizona State Retirement System Has $4.83 Million Position in Darden Restaurants, Inc. (DRI)

Arizona State Retirement System decreased its stake in Darden Restaurants, Inc. (NYSE:DRI) by 0.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 57,728 shares of the restaurant operator’s stock after selling 400 shares during the period. Arizona State Retirement System’s holdings in Darden Restaurants were worth $4,830,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Dai Ichi Life Insurance Company Ltd increased its stake in Darden Restaurants by 528.9% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 82,395 shares of the restaurant operator’s stock valued at $6,894,000 after buying an additional 69,293 shares in the last quarter. Glenview Trust Co increased its stake in Darden Restaurants by 7.0% in the first quarter. Glenview Trust Co now owns 76,552 shares of the restaurant operator’s stock valued at $6,405,000 after buying an additional 4,985 shares in the last quarter. Ronald Blue & Co. LLC bought a new stake in Darden Restaurants during the first quarter valued at $258,000. JPMorgan Chase & Co. increased its stake in Darden Restaurants by 230.3% in the first quarter. JPMorgan Chase & Co. now owns 570,385 shares of the restaurant operator’s stock valued at $47,726,000 after buying an additional 397,716 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new stake in Darden Restaurants during the first quarter valued at $5,003,000. 87.64% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

Darden Restaurants, Inc. (NYSE DRI) traded up 0.28% during trading on Tuesday, reaching $92.08. 409,397 shares of the company’s stock were exchanged. The firm has a market capitalization of $11.45 billion, a price-to-earnings ratio of 23.52 and a beta of 0.28. The stock has a 50-day moving average price of $86.79 and a 200 day moving average price of $78.60. Darden Restaurants, Inc. has a 52 week low of $59.50 and a 52 week high of $92.29.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Monday, March 27th. The restaurant operator reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.05. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. Darden Restaurants had a return on equity of 25.92% and a net margin of 6.22%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.21 EPS. Equities research analysts forecast that Darden Restaurants, Inc. will post $3.99 earnings per share for the current fiscal year.

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Several research firms have weighed in on DRI. Zacks Investment Research raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $92.00 target price on the stock in a research report on Friday, March 31st. BMO Capital Markets boosted their target price on shares of Darden Restaurants from $80.00 to $81.00 and gave the stock a “market perform” rating in a research report on Thursday, March 30th. Maxim Group boosted their target price on shares of Darden Restaurants from $80.00 to $87.00 and gave the stock a “hold” rating in a research report on Thursday, March 30th. Jefferies Group LLC boosted their target price on shares of Darden Restaurants from $72.00 to $80.00 and gave the stock a “hold” rating in a research report on Wednesday, March 29th. Finally, Credit Suisse Group AG reissued a “hold” rating and set a $74.00 target price on shares of Darden Restaurants in a research report on Wednesday, March 29th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Darden Restaurants presently has a consensus rating of “Hold” and an average target price of $78.00.

In other news, insider Eugene I. Lee, Jr. sold 98,124 shares of Darden Restaurants stock in a transaction on Friday, March 31st. The stock was sold at an average price of $83.19, for a total transaction of $8,162,935.56. Following the completion of the transaction, the insider now owns 177,737 shares of the company’s stock, valued at approximately $14,785,941.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider David C. George sold 84,283 shares of Darden Restaurants stock in a transaction on Monday, April 3rd. The stock was sold at an average price of $83.13, for a total value of $7,006,445.79. Following the transaction, the insider now directly owns 78,010 shares of the company’s stock, valued at approximately $6,484,971.30. The disclosure for this sale can be found here. 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).

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