Capstone Asset Management Co. reduced its stake in Darden Restaurants, Inc. (NYSE:DRI) by 2.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,642 shares of the restaurant operator’s stock after selling 216 shares during the period. Capstone Asset Management Co.’s holdings in Darden Restaurants were worth $782,000 as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Thrivent Financial for Lutherans increased its stake in shares of Darden Restaurants by 3.0% in the fourth quarter. Thrivent Financial for Lutherans now owns 4,457 shares of the restaurant operator’s stock valued at $324,000 after buying an additional 130 shares during the last quarter. UBS Asset Management Americas Inc. increased its stake in shares of 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 valued at $58,644,000 after buying an additional 200,243 shares during the last quarter. HighPoint Advisor Group LLC increased its stake in Darden Restaurants by 0.4% in the fourth quarter. HighPoint Advisor Group LLC now owns 6,970 shares of the restaurant operator’s stock valued at $522,000 after buying an additional 27 shares in the last quarter. Kentucky Retirement Systems bought a new stake in Darden Restaurants during the fourth quarter valued at $649,000. Finally, Kentucky Retirement Systems Insurance Trust Fund bought a new stake in Darden Restaurants during the fourth quarter valued at $290,000. 95.48% of the stock is owned by institutional investors and hedge funds.
Shares of Darden Restaurants, Inc. (NYSE:DRI) opened at 83.34 on Friday. The stock has a market capitalization of $10.45 billion, a price-to-earnings ratio of 21.91 and a beta of 0.27. The stock’s 50 day moving average is $87.37 and its 200-day moving average is $83.18. Darden Restaurants, Inc. has a one year low of $60.16 and a one year high of $95.22.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.15 by $0.03. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. The business had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period last year, the business earned $1.10 EPS. The company’s revenue was up 8.1% on a year-over-year basis. On average, equities research analysts predict that Darden Restaurants, Inc. will post $4.47 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.02%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Thursday, July 6th. Darden Restaurants’s dividend payout ratio (DPR) is presently 66.14%.
DRI has been the subject of several research analyst reports. Canaccord Genuity reaffirmed a “buy” rating and set a $102.00 price target on shares of Darden Restaurants in a research note on Friday, June 9th. Robert W. Baird reaffirmed a “neutral” rating and set a $90.00 price target (up previously from $85.00) on shares of Darden Restaurants in a research note on Monday, June 19th. Maxim Group reaffirmed a “hold” rating and set a $90.00 price target on shares of Darden Restaurants in a research note on Wednesday, June 21st. Morgan Stanley reaffirmed an “equal weight” rating and set a $86.00 price target (up previously from $83.00) on shares of Darden Restaurants in a research note on Thursday, June 22nd. Finally, Zacks Investment Research downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $84.78.
In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of the stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $91.58, for a total value of $8,528,387.50. Following the transaction, the insider now directly owns 165,062 shares of the company’s stock, valued at approximately $15,116,377.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.68% 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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