Credit Suisse AG lowered its position in Darden Restaurants, Inc. (NYSE:DRI) by 13.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 395,670 shares of the restaurant operator’s stock after selling 59,235 shares during the period. Credit Suisse AG owned 0.32% of Darden Restaurants worth $33,105,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in DRI. American International Group Inc. boosted its stake in Darden Restaurants by 1.3% in the first quarter. American International Group Inc. now owns 6,198,698 shares of the restaurant operator’s stock worth $518,645,000 after buying an additional 77,248 shares during the last quarter. Karp Capital Management Corp bought a new stake in Darden Restaurants during the first quarter worth $11,342,000. BlackRock Inc. boosted its stake in Darden Restaurants by 4,601.4% in the first quarter. BlackRock Inc. now owns 11,464,253 shares of the restaurant operator’s stock worth $959,215,000 after buying an additional 11,220,403 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in Darden Restaurants by 33.0% in the fourth quarter. UBS Asset Management Americas Inc. now owns 806,456 shares of the restaurant operator’s stock worth $58,644,000 after buying an additional 200,243 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. boosted its stake in Darden Restaurants by 982.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 449,559 shares of the restaurant operator’s stock worth $37,613,000 after buying an additional 408,013 shares during the last quarter. 96.84% of the stock is currently owned by institutional investors.
Darden Restaurants, Inc. (NYSE DRI) traded up 5.30% during midday trading on Tuesday, hitting $94.85. 2,811,863 shares of the company traded hands. Darden Restaurants, Inc. has a 12-month low of $59.50 and a 12-month high of $95.22. The stock has a market cap of $11.79 billion, a P/E ratio of 24.23 and a beta of 0.25. The stock has a 50 day moving average of $88.75 and a 200 day moving average of $79.92. Darden Restaurants also was the target of some unusual options trading on Monday. Investors acquired 11,628 call options on the stock. This is an increase of approximately 937% compared to the average daily volume of 1,121 call options.
Darden Restaurants (NYSE:DRI) last announced its earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Darden Restaurants had a return on equity of 26.25% and a net margin of 7.04%. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter last year, the business posted $1.10 earnings per share. The company’s quarterly revenue was up 8.1% on a year-over-year basis. Equities research analysts predict that Darden Restaurants, Inc. will post $3.99 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a yield of 2.80%. This is a boost from Darden Restaurants’s previous quarterly dividend of $0.56. Darden Restaurants’s dividend payout ratio (DPR) is currently 57.14%.
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DRI has been the topic of a number of research analyst reports. Zacks Investment Research cut shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday. Canaccord Genuity reaffirmed a “buy” rating and issued a $84.00 target price on shares of Darden Restaurants in a report on Thursday, March 2nd. Robert W. Baird reaffirmed a “neutral” rating and issued a $90.00 target price (up from $85.00) on shares of Darden Restaurants in a report on Monday, June 19th. BTIG Research cut shares of Darden Restaurants from a “buy” rating to a “neutral” rating in a report on Wednesday, March 29th. They noted that the move was a valuation call. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $85.00 target price on shares of Darden Restaurants in a report on Tuesday, March 21st. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $80.19.
In related news, insider David C. George sold 84,283 shares of the firm’s stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $83.13, for a total transaction of $7,006,445.79. Following the completion of the transaction, the insider now owns 78,010 shares of the company’s stock, valued at $6,484,971.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Eugene I. Lee, Jr. sold 98,124 shares of the firm’s stock in a transaction dated Friday, March 31st. The shares were sold at an average price of $83.19, for a total value of $8,162,935.56. Following the transaction, the insider now directly owns 177,737 shares of the company’s stock, valued at approximately $14,785,941.03. The disclosure for this sale can be found here. Company 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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