Chemical Bank raised its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 2.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,785 shares of the restaurant operator’s stock after acquiring an additional 175 shares during the period. Chemical Bank’s holdings in Darden Restaurants were worth $704,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Farmers & Merchants Investments Inc. increased its position in shares of Darden Restaurants by 255.5% during the second quarter. Farmers & Merchants Investments Inc. now owns 1,422 shares of the restaurant operator’s stock valued at $129,000 after acquiring an additional 1,022 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Darden Restaurants by 4.6% during the first quarter. Van ECK Associates Corp now owns 1,625 shares of the restaurant operator’s stock valued at $136,000 after acquiring an additional 71 shares during the last quarter. Huntington National Bank increased its position in shares of Darden Restaurants by 4.6% during the second quarter. Huntington National Bank now owns 1,578 shares of the restaurant operator’s stock valued at $143,000 after acquiring an additional 70 shares during the last quarter. Ledyard National Bank increased its position in shares of Darden Restaurants by 4.9% during the second quarter. Ledyard National Bank now owns 1,718 shares of the restaurant operator’s stock valued at $155,000 after acquiring an additional 80 shares during the last quarter. Finally, MEMBERS Trust Co acquired a new stake in shares of Darden Restaurants during the first quarter valued at about $201,000. Institutional investors and hedge funds own 88.76% of the company’s stock.
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Shares of Darden Restaurants, Inc. (DRI) opened at 83.56 on Friday. The stock’s 50 day moving average is $82.71 and its 200 day moving average is $84.50. Darden Restaurants, Inc. has a 12 month low of $60.16 and a 12 month high of $95.22. The stock has a market cap of $10.48 billion, a P/E ratio of 21.97 and a beta of 0.27.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. The business had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter last year, the company earned $1.10 earnings per share. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. Analysts predict that Darden Restaurants, Inc. will post $4.47 earnings per share for the current fiscal year.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of Darden Restaurants stock in a transaction 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 transaction, the insider now owns 165,062 shares of the company’s stock, valued at $15,116,377.96. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.
A number of brokerages recently weighed in on DRI. Zacks Investment Research cut shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday, June 23rd. ValuEngine upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Oppenheimer Holdings, Inc. lifted their price objective on shares of Darden Restaurants in a report on Monday, June 26th. Robert W. Baird restated a “neutral” rating and issued a $90.00 price objective (up previously from $85.00) on shares of Darden Restaurants in a report on Monday, June 19th. Finally, BidaskClub cut shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price 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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