Darden Restaurants, Inc. (NYSE:DRI) Position Decreased by DekaBank Deutsche Girozentrale
DekaBank Deutsche Girozentrale cut its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 15.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 196,721 shares of the restaurant operator’s stock after selling 35,696 shares during the period. DekaBank Deutsche Girozentrale owned approximately 0.16% of Darden Restaurants worth $18,087,000 at the end of the most recent reporting period.
Several other institutional investors have also added to or reduced their stakes in DRI. Chevy Chase Trust Holdings Inc. raised its position in Darden Restaurants by 3.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 111,187 shares of the restaurant operator’s stock valued at $9,303,000 after buying an additional 3,768 shares in the last quarter. Creative Planning increased its position in Darden Restaurants by 10.9% in the first quarter. Creative Planning now owns 7,769 shares of the restaurant operator’s stock valued at $650,000 after buying an additional 761 shares during the last quarter. Gulf International Bank UK Ltd increased its position in Darden Restaurants by 0.8% in the first quarter. Gulf International Bank UK Ltd now owns 37,224 shares of the restaurant operator’s stock valued at $3,114,000 after buying an additional 300 shares during the last quarter. Atria Investments LLC purchased a new position in Darden Restaurants during the first quarter valued at approximately $707,000. Finally, Coastline Trust Co increased its position in Darden Restaurants by 3.3% in the first quarter. Coastline Trust Co now owns 15,830 shares of the restaurant operator’s stock valued at $1,324,000 after buying an additional 510 shares during the last quarter. 95.48% of the stock is owned by institutional investors.
Darden Restaurants, Inc. (NYSE DRI) opened at 83.34 on Friday. Darden Restaurants, Inc. has a 12-month low of $60.16 and a 12-month high of $95.22. The company has a market cap of $10.45 billion, a PE ratio of 21.91 and a beta of 0.27. The stock has a 50 day moving average of $87.37 and a 200 day moving average of $83.18.
Darden Restaurants (NYSE:DRI) last released its earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the company earned $1.10 EPS. Darden Restaurants’s revenue for the quarter was up 8.1% on a year-over-year basis. Equities analysts expect that Darden Restaurants, Inc. will post $4.47 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a dividend of $0.63 per share. This is a boost from Darden Restaurants’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.02%. Darden Restaurants’s payout ratio is 66.14%.
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Several equities analysts recently commented on DRI shares. Bank of America Corporation set a $80.00 price objective on Darden Restaurants and gave the company a “buy” rating in a research note on Monday, June 26th. Oppenheimer Holdings, Inc. upped their price objective on Darden Restaurants in a research note on Monday, June 26th. Canaccord Genuity reiterated a “buy” rating and issued a $102.00 price objective on shares of Darden Restaurants in a research note on Friday, June 9th. Zacks Investment Research upgraded Darden Restaurants from a “hold” rating to a “buy” rating and set a $100.00 price objective on the stock in a research note on Tuesday, July 11th. Finally, Robert W. Baird reiterated a “neutral” rating and issued a $90.00 price objective (up previously from $85.00) on shares of Darden Restaurants in a research note on Monday, June 19th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have given a buy rating to the company. Darden Restaurants presently has an average rating of “Hold” and an average price target of $84.78.
In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of Darden Restaurants stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $91.58, for a total transaction of $8,528,387.50. Following the transaction, the insider now owns 165,062 shares in the company, valued at approximately $15,116,377.96. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.68% of the stock is currently owned by insiders.
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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