Checchi Capital Advisers LLC lowered its stake in Darden Restaurants, Inc. (NYSE:DRI) by 11.8% during the second quarter, Holdings Channel reports. The fund owned 2,308 shares of the restaurant operator’s stock after selling 309 shares during the period. Checchi Capital Advisers LLC’s holdings in Darden Restaurants were worth $209,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in DRI. American International Group Inc. raised its stake in Darden Restaurants by 1.3% in the first quarter. American International Group Inc. now owns 6,198,698 shares of the restaurant operator’s stock valued at $518,645,000 after buying an additional 77,248 shares during the last quarter. BlackRock Inc. raised its stake in Darden Restaurants by 4,601.4% in the first quarter. BlackRock Inc. now owns 11,464,253 shares of the restaurant operator’s stock valued at $959,215,000 after buying an additional 11,220,403 shares during the last quarter. Karp Capital Management Corp bought a new stake in Darden Restaurants during the first quarter valued at about $11,342,000. Cornerstone Capital Management Holdings LLC. raised its stake in Darden Restaurants by 982.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 449,559 shares of the restaurant operator’s stock valued at $37,613,000 after buying an additional 408,013 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Darden Restaurants by 3.6% in the first quarter. Vanguard Group Inc. now owns 14,211,162 shares of the restaurant operator’s stock valued at $1,189,048,000 after buying an additional 487,366 shares during the last quarter. Institutional investors and hedge funds own 95.49% of the company’s stock.
Shares of Darden Restaurants, Inc. (NYSE:DRI) opened at 84.13 on Friday. The company has a 50 day moving average price of $86.56 and a 200 day moving average price of $83.46. Darden Restaurants, Inc. has a 52 week low of $60.16 and a 52 week high of $95.22. The company has a market capitalization of $10.55 billion, a PE ratio of 22.12 and a beta of 0.27.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share for the quarter, beating 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 analyst estimates of $1.86 billion. During the same period in the previous year, the business earned $1.10 EPS. Darden Restaurants’s revenue was up 8.1% compared to the same quarter last year. On average, equities research analysts expect that Darden Restaurants, Inc. will post $4.47 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.00%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. The ex-dividend date was Thursday, July 6th. Darden Restaurants’s payout ratio is currently 66.14%.
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Several analysts recently issued reports on DRI shares. Zacks Investment Research lowered Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday, June 23rd. Oppenheimer Holdings, Inc. upped their target price on Darden Restaurants in a report on Monday, June 26th. Robert W. Baird reiterated a “neutral” rating and set a $90.00 target price (up previously from $85.00) on shares of Darden Restaurants in a report on Monday, June 19th. BidaskClub lowered Darden Restaurants from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, Canaccord Genuity reiterated a “buy” rating and set a $102.00 target price on shares of Darden Restaurants in a report on Friday, June 9th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have issued a buy rating to the stock. The company currently 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 Darden Restaurants 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 transaction, the insider now directly owns 165,062 shares in the company, valued at approximately $15,116,377.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.63% 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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