Seaward Management Limited Partnership held its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,928 shares of the restaurant operator’s stock at the end of the first quarter. Seaward Management Limited Partnership’s holdings in Darden Restaurants were worth $244,000 as of its most recent SEC filing.
Several other hedge funds also recently modified their holdings of DRI. Piedmont Investment Advisors LLC raised its stake in Darden Restaurants by 1.8% in the first quarter. Piedmont Investment Advisors LLC now owns 63,737 shares of the restaurant operator’s stock worth $5,333,000 after buying an additional 1,132 shares in the last quarter. Achmea Investment Management B.V. acquired a new stake in Darden Restaurants during the first quarter worth approximately $4,830,000. Bank of Nova Scotia raised its stake in Darden Restaurants by 884.4% in the first quarter. Bank of Nova Scotia now owns 28,566 shares of the restaurant operator’s stock worth $2,390,000 after buying an additional 25,664 shares in the last quarter. Summit Global Investments acquired a new stake in Darden Restaurants during the first quarter worth approximately $561,000. Finally, Point72 Asia Hong Kong Ltd acquired a new stake in Darden Restaurants during the first quarter worth approximately $239,000. 96.62% of the stock is owned by institutional investors and hedge funds.
Shares of Darden Restaurants, Inc. (NYSE:DRI) traded down 0.76% during trading on Friday, reaching $83.85. 2,910,277 shares of the company’s stock traded hands. The company has a market cap of $10.52 billion, a price-to-earnings ratio of 22.05 and a beta of 0.28. Darden Restaurants, Inc. has a 52-week low of $59.93 and a 52-week high of $95.22. The company’s 50-day moving average is $89.57 and its 200 day moving average is $82.43.
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, topping the Zacks’ consensus estimate of $1.15 by $0.03. The firm had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.86 billion. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. The business’s quarterly revenue was up 8.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.10 EPS. Equities analysts forecast that Darden Restaurants, Inc. will post $4.47 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.01%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. The ex-dividend date is Thursday, July 6th. Darden Restaurants’s payout ratio is presently 66.14%.
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A number of research firms have commented on DRI. J P Morgan Chase & Co reaffirmed a “neutral” rating and set a $93.00 target price (up previously from $82.00) on shares of Darden Restaurants in a report on Wednesday, June 28th. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and set a $87.00 price target (up from $81.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Oppenheimer Holdings, Inc. reissued an “outperform” rating and set a $100.00 price target (up from $85.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Royal Bank Of Canada lifted their price target on shares of Darden Restaurants from $86.00 to $96.00 and gave the stock a “sector perform” rating in a research report on Wednesday, June 28th. Finally, Robert W. Baird reissued a “neutral” rating and set a $94.00 price target (up from $90.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Two research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seven have issued a buy rating to the stock. Darden Restaurants presently has a consensus rating of “Hold” and a consensus target price of $84.78.
In other news, insider Eugene I. Lee, Jr. sold 93,125 shares of the business’s 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 completion of 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 document filed with the SEC, which is available at this hyperlink. Insiders own 0.68% of the company’s stock.
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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