Canandaigua National Bank & Trust Co. held its stake in Darden Restaurants, Inc. (NYSE:DRI) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,949 shares of the restaurant operator’s stock at the end of the first quarter. Canandaigua National Bank & Trust Co.’s holdings in Darden Restaurants were worth $1,668,000 as of its most recent filing with the SEC.
A number of other large investors also recently added to or reduced their stakes in the stock. Van ECK Associates Corp bought a new position in Darden Restaurants during the fourth quarter valued at $113,000. TLP Group LLC bought a new position in Darden Restaurants during the third quarter valued at $127,000. Ledyard National Bank boosted its position in Darden Restaurants by 399.4% in the first quarter. Ledyard National Bank now owns 1,638 shares of the restaurant operator’s stock valued at $137,000 after buying an additional 1,310 shares during the period. SRB Corp bought a new position in Darden Restaurants during the third quarter valued at $160,000. Finally, First Manhattan Co. boosted its position in Darden Restaurants by 2.8% in the first quarter. First Manhattan Co. now owns 2,754 shares of the restaurant operator’s stock valued at $168,000 after buying an additional 75 shares during the period. 87.64% of the stock is currently owned by institutional investors.
Shares of Darden Restaurants, Inc. (NYSE:DRI) traded up 0.50% on Friday, hitting $86.88. 470,672 shares of the stock traded hands. The stock has a 50 day moving average price of $85.05 and a 200-day moving average price of $76.72. Darden Restaurants, Inc. has a 52 week low of $59.50 and a 52 week high of $89.14. The stock has a market cap of $10.80 billion, a price-to-earnings ratio of 22.19 and a beta of 0.28.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Monday, March 27th. The restaurant operator reported $1.32 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.27 by $0.05. Darden Restaurants had a net margin of 6.22% and a return on equity of 25.92%. The company had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the company earned $1.21 EPS. The firm’s revenue was up 1.7% on a year-over-year basis. On average, equities research analysts forecast that Darden Restaurants, Inc. will post $3.99 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, May 1st. Shareholders of record on Monday, April 10th were given a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, April 6th. This represents a $2.24 annualized dividend and a yield of 2.59%. Darden Restaurants’s payout ratio is currently 65.50%.
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DRI has been the subject of several recent research reports. Royal Bank of Canada upped their target price on shares of Darden Restaurants from $80.00 to $86.00 and gave the company a “sector perform” rating in a research report on Wednesday, March 29th. BTIG Research cut shares of Darden Restaurants from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 29th. They noted that the move was a valuation call. Canaccord Genuity upped their target price on shares of Darden Restaurants from $84.00 to $90.00 and gave the company a “buy” rating in a research report on Wednesday, March 29th. BMO Capital Markets upped their target price on shares of Darden Restaurants from $80.00 to $81.00 and gave the company a “market perform” rating in a research report on Thursday, March 30th. Finally, Robert W. Baird restated a “hold” rating and issued a $80.00 price objective on shares of Darden Restaurants in a research report on Tuesday, March 28th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and eight have given a buy rating to the company. Darden Restaurants presently has a consensus rating of “Hold” and an average price target of $78.00.
In other news, insider Eugene I. Lee, Jr. sold 98,124 shares of the firm’s stock in a transaction dated Friday, March 31st. The shares were sold at an average price of $83.19, for a total value of $8,162,935.56. Following the completion of the sale, the insider now directly owns 177,737 shares of the company’s stock, valued at approximately $14,785,941.03. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider David C. George sold 84,283 shares of the stock in a transaction dated Monday, April 3rd. The stock was sold at an average price of $83.13, for a total transaction of $7,006,445.79. Following the completion of the transaction, the insider now owns 78,010 shares of the company’s stock, valued at $6,484,971.30. The disclosure for this sale can be found here. Corporate insiders own 0.69% 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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