Gulf International Bank UK Ltd raised its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 0.8% during the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 37,224 shares of the restaurant operator’s stock after buying an additional 300 shares during the period. Gulf International Bank UK Ltd’s holdings in Darden Restaurants were worth $3,114,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. Van ECK Associates Corp purchased a new position in Darden Restaurants during the fourth quarter valued at $113,000. TLP Group LLC purchased a new position in Darden Restaurants during the third quarter valued at $127,000. SRB Corp purchased a new position in Darden Restaurants during the third quarter valued at $160,000. First Manhattan Co. boosted its position in Darden Restaurants by 2.8% in the third quarter. First Manhattan Co. now owns 2,754 shares of the restaurant operator’s stock valued at $168,000 after buying an additional 75 shares during the period. Finally, Burney Co. purchased a new position in Darden Restaurants during the fourth quarter valued at $201,000. Hedge funds and other institutional investors own 87.64% of the company’s stock.
Shares of Darden Restaurants, Inc. (NYSE:DRI) opened at 84.05 on Friday. The company has a market cap of $10.45 billion, a price-to-earnings ratio of 21.47 and a beta of 0.28. Darden Restaurants, Inc. has a 12-month low of $59.50 and a 12-month high of $84.55. The company’s 50-day moving average is $79.18 and its 200-day moving average is $73.19.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Monday, March 27th. The restaurant operator reported $1.32 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.27 by $0.05. Darden Restaurants had a return on equity of 25.92% and a net margin of 6.22%. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the firm posted $1.21 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. Equities research analysts predict that Darden Restaurants, Inc. will post $3.98 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 1st. Shareholders of record on Monday, April 10th will be given a $0.56 dividend. The ex-dividend date is Thursday, April 6th. This represents a $2.24 annualized dividend and a yield of 2.67%. Darden Restaurants’s dividend payout ratio is presently 65.50%.
DRI has been the topic of several analyst reports. KeyCorp restated a “buy” rating and set a $80.00 price target on shares of Darden Restaurants in a report on Monday, February 6th. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $86.00 price target on the stock in a report on Tuesday, February 21st. Royal Bank of Canada restated a “hold” rating and set a $80.00 price target on shares of Darden Restaurants in a report on Friday, January 6th. Argus upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $88.00 price target on the stock in a report on Thursday, January 5th. Finally, Canaccord Genuity restated a “buy” rating and set a $84.00 price target on shares of Darden Restaurants in a report on Thursday, January 12th. Two research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and nine have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $78.00.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 98,124 shares of the company’s stock in a transaction that occurred on Friday, March 31st. The stock was sold at an average price of $83.19, for a total value of $8,162,935.56. Following the sale, the insider now owns 177,737 shares in the company, valued at approximately $14,785,941.03. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider David C. George sold 84,283 shares of the company’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 78,010 shares in the company, valued at approximately $6,484,971.30. The disclosure for this sale can be found here. Corporate insiders own 0.69% 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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