Patton Albertson Miller Group LLC cut its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 10.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 25,329 shares of the restaurant operator’s stock after selling 2,874 shares during the period. Darden Restaurants accounts for approximately 1.0% of Patton Albertson Miller Group LLC’s investment portfolio, making the stock its 22nd largest position. Patton Albertson Miller Group LLC’s holdings in Darden Restaurants were worth $2,145,000 at the end of the most recent quarter.
Other large investors have also modified their holdings of the company. Farmers & Merchants Investments Inc. increased its stake in shares of Darden Restaurants by 255.5% in the second quarter. Farmers & Merchants Investments Inc. now owns 1,422 shares of the restaurant operator’s stock worth $129,000 after buying an additional 1,022 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Darden Restaurants by 4.6% in the first quarter. Van ECK Associates Corp now owns 1,625 shares of the restaurant operator’s stock worth $136,000 after buying an additional 71 shares in the last quarter. Ledyard National Bank increased its stake in shares of Darden Restaurants by 399.4% in the first quarter. Ledyard National Bank now owns 1,638 shares of the restaurant operator’s stock worth $137,000 after buying an additional 1,310 shares in the last quarter. Huntington National Bank increased its stake in shares of Darden Restaurants by 4.6% in the second quarter. Huntington National Bank now owns 1,578 shares of the restaurant operator’s stock worth $143,000 after buying an additional 70 shares in the last quarter. Finally, First Manhattan Co. increased its stake in shares of Darden Restaurants by 2.8% in the first quarter. First Manhattan Co. now owns 2,754 shares of the restaurant operator’s stock worth $168,000 after buying an additional 75 shares in the last quarter. 95.48% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Darden Restaurants, Inc. (NYSE DRI) opened at 82.53 on Friday. The firm’s 50-day moving average price is $87.54 and its 200-day moving average price is $83.10. Darden Restaurants, Inc. has a one year low of $60.16 and a one year high of $95.22. The firm has a market capitalization of $10.35 billion, a P/E ratio of 21.70 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 (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.15 by $0.03. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.86 billion. During the same period in the prior year, the firm earned $1.10 earnings per share. Darden Restaurants’s revenue was up 8.1% on a year-over-year basis. On average, equities analysts forecast that Darden Restaurants, Inc. will post $4.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a $0.63 dividend. This is an increase from Darden Restaurants’s previous quarterly dividend of $0.56. This represents a $2.52 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date was Thursday, July 6th. Darden Restaurants’s dividend payout ratio is presently 66.14%.
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DRI has been the topic of a number of research analyst reports. Oppenheimer Holdings, Inc. raised their target price on Darden Restaurants in a report on Monday, June 26th. Bank of America Corporation set a $80.00 price target on Darden Restaurants and gave the company a “buy” rating in a research note on Monday, June 26th. Canaccord Genuity reiterated a “buy” rating and issued a $102.00 price target on shares of Darden Restaurants in a research note on Friday, June 9th. Zacks Investment Research upgraded Darden Restaurants from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Tuesday, July 11th. Finally, BidaskClub cut Darden Restaurants from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 16th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have given a buy rating to the company’s stock. Darden Restaurants has a consensus rating of “Hold” and an average price target of $84.78.
In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of the stock in a transaction dated 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 directly owns 165,062 shares of the company’s stock, valued at $15,116,377.96. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.68% of the stock is owned by corporate 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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