BT Investment Management Ltd bought a new stake in Darden Restaurants, Inc. (NYSE:DRI) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 54,984 shares of the restaurant operator’s stock, valued at approximately $4,973,000.
Other hedge funds have also modified their holdings of the company. Farmers & Merchants Investments Inc. increased its position in shares of Darden Restaurants by 255.5% in the 2nd quarter. Farmers & Merchants Investments Inc. now owns 1,422 shares of the restaurant operator’s stock worth $129,000 after purchasing an additional 1,022 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Darden Restaurants by 4.6% in the 1st quarter. Van ECK Associates Corp now owns 1,625 shares of the restaurant operator’s stock worth $136,000 after purchasing an additional 71 shares during the last quarter. Huntington National Bank increased its position in shares of Darden Restaurants by 4.6% in the 2nd quarter. Huntington National Bank now owns 1,578 shares of the restaurant operator’s stock worth $143,000 after purchasing an additional 70 shares during the last quarter. Ledyard National Bank increased its position in shares of Darden Restaurants by 4.9% in the 2nd quarter. Ledyard National Bank now owns 1,718 shares of the restaurant operator’s stock worth $155,000 after purchasing an additional 80 shares during the last quarter. Finally, MEMBERS Trust Co bought a new stake in shares of Darden Restaurants in the 1st quarter worth about $201,000. 88.65% of the stock is currently owned by institutional investors and hedge funds.
Shares of Darden Restaurants, Inc. (NYSE DRI) opened at 83.86 on Monday. Darden Restaurants, Inc. has a 12-month low of $60.16 and a 12-month high of $95.22. The firm has a market cap of $10.52 billion, a price-to-earnings ratio of 22.05 and a beta of 0.27. The stock’s 50 day moving average is $82.69 and its 200-day moving average is $84.57.
Darden Restaurants (NYSE:DRI) last announced its quarterly 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. The business had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.86 billion. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. Darden Restaurants’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period last year, the company posted $1.10 EPS. On average, analysts anticipate that Darden Restaurants, Inc. will post $4.47 EPS for the current fiscal year.
In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of the stock in a transaction that occurred 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 sale, the insider now directly owns 165,062 shares in the company, valued at approximately $15,116,377.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.63% of the company’s stock.
Several equities research analysts have recently weighed in on the stock. ValuEngine raised shares of Darden Restaurants from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. BidaskClub raised shares of Darden Restaurants from a “sell” rating to a “hold” rating in a research report on Friday, August 18th. Raymond James Financial, Inc. reissued a “market perform” rating on shares of Darden Restaurants in a research report on Monday, July 24th. Zacks Investment Research downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Finally, Bank of America Corporation lifted their price target on shares of Darden Restaurants from $80.00 to $85.00 and gave the company an “underperform” rating in a report on Friday, June 30th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $85.18.
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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