NN Investment Partners Holdings N.V. reduced its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 85.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,505 shares of the restaurant operator’s stock after selling 264,027 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Darden Restaurants were worth $4,115,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in DRI. First Financial Bank Trust Division boosted its stake in Darden Restaurants by 3.5% in the second quarter. First Financial Bank Trust Division now owns 14,036 shares of the restaurant operator’s stock valued at $1,269,000 after buying an additional 477 shares during the period. GW&K Investment Management LLC boosted its stake in Darden Restaurants by 2.6% in the second quarter. GW&K Investment Management LLC now owns 462,332 shares of the restaurant operator’s stock valued at $41,813,000 after buying an additional 11,820 shares during the period. Carlson Capital Management purchased a new stake in Darden Restaurants during the second quarter valued at $215,000. Fulton Bank N.A. bought a new stake in Darden Restaurants during the second quarter worth approximately $291,000. Finally, Atria Investments LLC boosted its stake in Darden Restaurants by 37.8% in the second quarter. Atria Investments LLC now owns 11,643 shares of the restaurant operator’s stock worth $1,053,000 after buying an additional 3,192 shares during the last quarter. 95.48% of the stock is owned by hedge funds and other institutional investors.
Darden Restaurants, Inc. (NYSE DRI) traded up 0.98% during midday trading on Friday, reaching $83.34. 1,116,200 shares of the company’s stock were exchanged. Darden Restaurants, Inc. has a 52 week low of $60.16 and a 52 week high of $95.22. The firm has a market capitalization of $10.45 billion, a price-to-earnings ratio of 21.91 and a beta of 0.27. The firm’s 50 day moving average is $87.54 and its 200 day moving average is $83.10.
Darden Restaurants (NYSE:DRI) last released its earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. The firm had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the firm posted $1.10 earnings per share. The business’s quarterly revenue was up 8.1% compared to the same quarter last year. On average, equities analysts anticipate that Darden Restaurants, Inc. will post $4.47 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 3.02%. The ex-dividend date of this dividend was Thursday, July 6th. This is an increase from Darden Restaurants’s previous quarterly dividend of $0.56. Darden Restaurants’s payout ratio is 66.14%.
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DRI has been the topic of a number of recent analyst reports. J P Morgan Chase & Co reissued a “neutral” rating and set a $93.00 price target (up from $82.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Canaccord Genuity reaffirmed a “buy” rating and issued a $102.00 price objective on shares of Darden Restaurants in a research report on Friday, June 9th. BMO Capital Markets lifted their price objective on shares of Darden Restaurants from $85.00 to $87.00 and gave the stock a “market perform” rating in a research report on Friday, June 30th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $86.00 price objective (up previously from $83.00) on shares of Darden Restaurants in a research report on Thursday, June 22nd. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $100.00 price target (up previously from $85.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $84.78.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $91.58, for a total transaction of $8,528,387.50. Following the sale, the insider now owns 165,062 shares in the company, valued at $15,116,377.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.68% of the stock is currently owned by insiders.
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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