Leavell Investment Management Inc. acquired a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 2,464 shares of the restaurant operator’s stock, valued at approximately $248,000.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Ethic Inc. bought a new stake in Darden Restaurants during the 3rd quarter worth approximately $207,000. State of Michigan Retirement System grew its holdings in Darden Restaurants by 6.6% during the 3rd quarter. State of Michigan Retirement System now owns 35,384 shares of the restaurant operator’s stock worth $3,565,000 after acquiring an additional 2,200 shares during the last quarter. CenterStar Asset Management LLC bought a new stake in Darden Restaurants during the 3rd quarter worth approximately $280,000. Alberta Investment Management Corp bought a new stake in Darden Restaurants during the 3rd quarter worth approximately $1,340,000. Finally, Schwab Charitable Fund bought a new stake in Darden Restaurants during the 3rd quarter worth approximately $221,000. Institutional investors and hedge funds own 88.70% of the company’s stock.
DRI opened at $90.19 on Thursday. The company has a current ratio of 0.63, a quick ratio of 0.51 and a debt-to-equity ratio of 0.39. The company’s fifty day moving average price is $96.74 and its two-hundred day moving average price is $81.07. Darden Restaurants, Inc. has a 1-year low of $26.15 and a 1-year high of $124.01. The company has a market cap of $11.74 billion, a price-to-earnings ratio of -60.53, a PEG ratio of 1.24 and a beta of 1.25.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, September 24th. The restaurant operator reported $0.56 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.51. The firm had revenue of $1.53 billion for the quarter, compared to the consensus estimate of $1.55 billion. Darden Restaurants had a negative net margin of 2.60% and a positive return on equity of 12.45%. The business’s revenue was down 28.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.38 earnings per share. As a group, equities analysts forecast that Darden Restaurants, Inc. will post 3.98 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Friday, October 9th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Thursday, October 8th. This represents a $1.20 annualized dividend and a dividend yield of 1.33%. Darden Restaurants’s dividend payout ratio is currently 38.34%.
A number of equities research analysts have weighed in on DRI shares. MKM Partners boosted their target price on shares of Darden Restaurants from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, September 25th. Stephens reissued an “overweight” rating and set a $98.00 target price on shares of Darden Restaurants in a report on Thursday, August 27th. BMO Capital Markets boosted their target price on shares of Darden Restaurants from $84.00 to $96.00 and gave the stock a “market perform” rating in a report on Friday, September 25th. ValuEngine lowered shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Thursday, October 1st. Finally, Morgan Stanley upped their price objective on shares of Darden Restaurants from $71.00 to $112.00 and gave the company an “equal weight” rating in a research note on Friday, September 25th. Fifteen equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. Darden Restaurants has a consensus rating of “Buy” and an average price target of $99.91.
In other news, Director Nana Mensah sold 1,000 shares of the stock in a transaction dated Tuesday, October 27th. The shares were sold at an average price of $95.07, for a total value of $95,070.00. Following the completion of the sale, the director now owns 180 shares in the company, valued at $17,112.60. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.
About Darden Restaurants
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 31, 2020, it owned and operated approximately 1,804 restaurants, which included 868 under the Olive Garden, 522 under the LongHorn Steakhouse, 165 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 60 under The Capital Grille, 44 under the Seasons 52, 41 under the Bahama Breeze, and 23 under the Eddie V's Prime Seafood brands.
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