Asset Management Group Inc. Reduces Stake in Darden Restaurants, Inc. (DRI)
Asset Management Group Inc. cut its position in Darden Restaurants, Inc. (NYSE:DRI) by 19.2% during the fourth quarter, Holdings Channel reports. The firm owned 4,837 shares of the restaurant operator’s stock after selling 1,149 shares during the period. Asset Management Group Inc.’s holdings in Darden Restaurants were worth $352,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently bought and sold shares of DRI. Van ECK Associates Corp bought a new position in Darden Restaurants during the fourth quarter worth approximately $113,000. TLP Group LLC bought a new position in Darden Restaurants during the third quarter worth approximately $127,000. Global X Management Co. LLC boosted its position in Darden Restaurants by 106.8% in the third quarter. Global X Management Co. LLC now owns 2,529 shares of the restaurant operator’s stock worth $155,000 after buying an additional 1,306 shares during the period. SRB Corp bought a new position in Darden Restaurants during the third quarter worth approximately $160,000. Finally, First Manhattan Co. boosted its position in Darden Restaurants by 2.8% in the third quarter. First Manhattan Co. now owns 2,754 shares of the restaurant operator’s stock worth $168,000 after buying an additional 75 shares during the period. 87.64% of the stock is owned by hedge funds and other institutional investors.
Shares of Darden Restaurants, Inc. (NYSE:DRI) traded up 0.08% during mid-day trading on Thursday, hitting $75.80. 658,407 shares of the stock traded hands. Darden Restaurants, Inc. has a 52 week low of $59.50 and a 52 week high of $79.43. The stock has a market cap of $9.41 billion, a price-to-earnings ratio of 22.20 and a beta of 0.28. The firm’s 50-day moving average is $73.33 and its 200-day moving average is $68.00.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Tuesday, December 20th. The restaurant operator reported $0.64 EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.64. Darden Restaurants had a return on equity of 25.92% and a net margin of 6.22%. The company earned $1.64 billion during the quarter, compared to analyst estimates of $1.65 billion. During the same quarter in the previous year, the firm earned $0.54 earnings per share. Darden Restaurants’s revenue was up 2.1% on a year-over-year basis. On average, analysts forecast that Darden Restaurants, Inc. will post $3.94 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th were issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.96%. The ex-dividend date of this dividend was Friday, January 6th. Darden Restaurants’s payout ratio is 65.50%.
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DRI has been the subject of a number of research reports. Guggenheim raised shares of Darden Restaurants from a “neutral” rating to a “buy” rating in a report on Thursday, December 1st. Zacks Investment Research raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $83.00 target price for the company in a report on Tuesday, November 29th. Canaccord Genuity reissued a “buy” rating and issued a $84.00 target price (up previously from $74.00) on shares of Darden Restaurants in a report on Tuesday, December 20th. Argus upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $88.00 price objective for the company in a report on Thursday, January 5th. Finally, KeyCorp reiterated a “buy” rating and issued a $80.00 price objective on shares of Darden Restaurants in a report on Monday, February 6th. Two investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $74.52.
Darden Restaurants Company Profile
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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