Zurich Insurance Group Ltd FI cut its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 61.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 20,970 shares of the restaurant operator’s stock after selling 33,617 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Darden Restaurants were worth $1,897,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of DRI. Sei Investments Co. grew its holdings in shares of Darden Restaurants by 241.6% during the first quarter. Sei Investments Co. now owns 11,992 shares of the restaurant operator’s stock worth $1,004,000 after buying an additional 8,481 shares in the last quarter. Pacer Advisors Inc. grew its holdings in shares of Darden Restaurants by 44.3% during the first quarter. Pacer Advisors Inc. now owns 3,379 shares of the restaurant operator’s stock worth $283,000 after buying an additional 1,038 shares in the last quarter. Blair William & Co. IL grew its holdings in shares of Darden Restaurants by 108.1% during the first quarter. Blair William & Co. IL now owns 7,099 shares of the restaurant operator’s stock worth $551,000 after buying an additional 3,687 shares in the last quarter. Alliancebernstein L.P. grew its holdings in shares of Darden Restaurants by 0.6% during the first quarter. Alliancebernstein L.P. now owns 222,230 shares of the restaurant operator’s stock worth $18,594,000 after buying an additional 1,318 shares in the last quarter. Finally, HRT Financial LLC purchased a new stake in shares of Darden Restaurants during the first quarter worth about $326,000. Institutional investors and hedge funds own 88.65% of the company’s stock.
Shares of Darden Restaurants, Inc. (NYSE:DRI) opened at 80.83 on Friday. The stock’s 50 day moving average is $81.69 and its 200-day moving average is $85.19. The stock has a market cap of $10.00 billion, a price-to-earnings ratio of 20.93 and a beta of 0.24. Darden Restaurants, Inc. has a 1-year low of $60.97 and a 1-year high of $95.22.
Darden Restaurants (NYSE:DRI) last announced its earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.99. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.93 billion. Darden Restaurants had a return on equity of 26.06% and a net margin of 6.60%. The company’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.88 earnings per share. On average, analysts anticipate that Darden Restaurants, Inc. will post $4.45 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $2.52 dividend on an annualized basis and a yield of 3.12%. Darden Restaurants’s payout ratio is currently 65.12%.
A number of equities research analysts have recently commented on DRI shares. J P Morgan Chase & Co reiterated a “neutral” rating and set a $93.00 price target (up from $82.00) on shares of Darden Restaurants in a report on Wednesday, June 28th. Credit Suisse Group decreased their target price on shares of Darden Restaurants from $85.00 to $82.00 and set a “neutral” rating on the stock in a research report on Wednesday, September 27th. BMO Capital Markets raised their target price on shares of Darden Restaurants from $85.00 to $87.00 and gave the stock a “market perform” rating in a research report on Friday, June 30th. Stifel Nicolaus started coverage on shares of Darden Restaurants in a research report on Monday, October 2nd. They issued a “buy” rating and a $92.00 target price on the stock. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $86.00 target price (up from $83.00) on shares of Darden Restaurants in a research report on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and eleven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $87.82.
Darden Restaurants 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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