Morgan Dempsey Capital Management LLC Boosts Stake in Darden Restaurants Inc. (DRI)
Morgan Dempsey Capital Management LLC increased its position in shares of Darden Restaurants Inc. (NYSE:DRI) by 27.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,318 shares of the restaurant operator’s stock after buying an additional 6,998 shares during the period. Morgan Dempsey Capital Management LLC’s holdings in Darden Restaurants were worth $2,047,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Bank of Montreal Can bought a new position in Darden Restaurants during the second quarter worth $53,974,000. Bessemer Group Inc. raised its position in Darden Restaurants by 1,174.4% in the first quarter. Bessemer Group Inc. now owns 676,309 shares of the restaurant operator’s stock worth $44,840,000 after buying an additional 623,240 shares in the last quarter. NN Investment Partners Holdings N.V. raised its position in Darden Restaurants by 837.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 661,872 shares of the restaurant operator’s stock worth $41,921,000 after buying an additional 591,232 shares in the last quarter. UBS Asset Management Americas Inc. raised its position in Darden Restaurants by 105.5% in the first quarter. UBS Asset Management Americas Inc. now owns 627,126 shares of the restaurant operator’s stock worth $41,579,000 after buying an additional 321,896 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in Darden Restaurants by 19.5% in the first quarter. JPMorgan Chase & Co. now owns 1,790,033 shares of the restaurant operator’s stock worth $118,681,000 after buying an additional 292,221 shares in the last quarter. Institutional investors own 94.57% of the company’s stock.
Shares of Darden Restaurants Inc. (NYSE:DRI) traded down 0.99% during midday trading on Thursday, reaching $60.95. The company’s stock had a trading volume of 1,625,561 shares. The company’s 50-day moving average price is $61.96 and its 200-day moving average price is $63.83. The company has a market cap of $7.69 billion, a PE ratio of 21.03 and a beta of 0.41. Darden Restaurants Inc. has a 12 month low of $53.38 and a 12 month high of $68.68.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.06. The firm had revenue of $1.71 billion for the quarter. Darden Restaurants had a return on equity of 24.97% and a net margin of 5.73%. Darden Restaurants’s quarterly revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.68 earnings per share. On average, equities analysts anticipate that Darden Restaurants Inc. will post $3.87 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th will be paid a $0.56 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $2.24 annualized dividend and a dividend yield of 3.64%. Darden Restaurants’s dividend payout ratio (DPR) is 72.03%.
DRI has been the topic of a number of recent research reports. Wells Fargo & Co. lowered Darden Restaurants from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $72.00 to $68.00 in a report on Wednesday, July 13th. Stifel Nicolaus lowered Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 target price on the stock. in a report on Tuesday, July 26th. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $76.00 price target (down from $78.00) on shares of Darden Restaurants in a research report on Saturday, July 2nd. Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $70.00 price target on shares of Darden Restaurants in a research report on Wednesday, September 7th. Finally, Canaccord Genuity started coverage on Darden Restaurants in a research report on Monday, August 22nd. They set a “buy” rating and a $74.00 price target for the company. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $69.89.
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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