Darden Restaurants, Inc. (DRI) Shares Sold by Pictet Asset Management Ltd.

Pictet Asset Management Ltd. lowered its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 2.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 88,323 shares of the restaurant operator’s stock after selling 2,388 shares during the period. Pictet Asset Management Ltd. owned about 0.07% of Darden Restaurants worth $9,821,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of DRI. BlackRock Inc. lifted its stake in Darden Restaurants by 15.6% during the third quarter. BlackRock Inc. now owns 12,775,361 shares of the restaurant operator’s stock worth $1,420,492,000 after purchasing an additional 1,720,934 shares during the last quarter. Millennium Management LLC lifted its stake in Darden Restaurants by 290.8% during the second quarter. Millennium Management LLC now owns 1,287,465 shares of the restaurant operator’s stock worth $137,836,000 after purchasing an additional 958,040 shares during the last quarter. Morgan Stanley lifted its stake in Darden Restaurants by 100.8% during the second quarter. Morgan Stanley now owns 1,520,183 shares of the restaurant operator’s stock worth $162,751,000 after purchasing an additional 763,239 shares during the last quarter. Voya Investment Management LLC lifted its stake in Darden Restaurants by 608.9% during the second quarter. Voya Investment Management LLC now owns 699,834 shares of the restaurant operator’s stock worth $74,923,000 after purchasing an additional 601,115 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in Darden Restaurants by 845.5% during the second quarter. Renaissance Technologies LLC now owns 539,900 shares of the restaurant operator’s stock worth $57,802,000 after purchasing an additional 482,800 shares during the last quarter. 90.52% of the stock is owned by hedge funds and other institutional investors.

DRI has been the subject of several research analyst reports. Zacks Investment Research lowered Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Tuesday, August 21st. Stifel Nicolaus lifted their price target on Darden Restaurants from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, September 5th. Oppenheimer lifted their price target on Darden Restaurants from $115.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, September 5th. Robert W. Baird lowered Darden Restaurants from an “outperform” rating to a “neutral” rating in a research note on Monday, September 10th. Finally, Goldman Sachs Group raised Darden Restaurants from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $106.00 to $130.00 in a research note on Tuesday, September 11th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $119.84.

NYSE DRI opened at $104.83 on Friday. Darden Restaurants, Inc. has a 1-year low of $82.38 and a 1-year high of $124.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.41 and a quick ratio of 0.26. The stock has a market capitalization of $13.58 billion, a PE ratio of 21.79, a P/E/G ratio of 2.08 and a beta of 0.17.

Darden Restaurants (NYSE:DRI) last released its earnings results on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. Darden Restaurants had a return on equity of 30.32% and a net margin of 7.84%. The company had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the company posted $0.99 EPS. Darden Restaurants’s revenue for the quarter was up 6.5% on a year-over-year basis. Equities research analysts forecast that Darden Restaurants, Inc. will post 5.63 earnings per share for the current year.

In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 60,688 shares of the company’s stock in a transaction that occurred on Wednesday, September 26th. The stock was sold at an average price of $112.63, for a total transaction of $6,835,289.44. Following the completion of the transaction, the insider now owns 147,561 shares of the company’s stock, valued at approximately $16,619,795.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David C. George sold 55,671 shares of the company’s stock in a transaction that occurred on Thursday, October 4th. The shares were sold at an average price of $108.24, for a total value of $6,025,829.04. Following the transaction, the chief operating officer now directly owns 95,236 shares of the company’s stock, valued at approximately $10,308,344.64. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.

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Darden Restaurants Company Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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