Whittier Trust Co. Has $224,000 Position in Darden Restaurants, Inc. (NYSE:DRI)
Whittier Trust Co. continued to hold its stake in Darden Restaurants, Inc. (NYSE:DRI) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,477 shares of the restaurant operator’s stock at the end of the second quarter. Whittier Trust Co.’s holdings in Darden Restaurants were worth $224,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. 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 period. 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 period. 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 period. Ameriprise Financial Inc. raised its stake in Darden Restaurants by 3.0% in the first quarter. Ameriprise Financial Inc. now owns 3,734,166 shares of the restaurant operator’s stock valued at $312,519,000 after buying an additional 110,515 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Darden Restaurants by 38.3% in the first quarter. Wells Fargo & Company MN now owns 3,229,308 shares of the restaurant operator’s stock valued at $270,196,000 after buying an additional 894,403 shares during the period. 96.62% of the stock is currently owned by institutional investors.
Shares of Darden Restaurants, Inc. (NYSE:DRI) opened at 86.91 on Tuesday. The company’s 50-day moving average price is $90.28 and its 200 day moving average price is $81.99. The stock has a market capitalization of $10.90 billion, a PE ratio of 22.85 and a beta of 0.28. Darden Restaurants, Inc. has a one year low of $59.50 and a one year high of $95.22.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. The company had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.86 billion. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. The firm’s revenue was up 8.1% on a year-over-year basis. During the same quarter last year, the business posted $1.10 earnings per share. Analysts anticipate that Darden Restaurants, Inc. will post $4.47 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be given a $0.63 dividend. The ex-dividend date of this dividend is Thursday, July 6th. This represents a $2.52 annualized dividend and a yield of 2.91%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. Darden Restaurants’s dividend payout ratio (DPR) is currently 66.14%.
Several analysts have recently issued reports on DRI shares. J P Morgan Chase & Co reissued a “neutral” rating and set a $93.00 target price (up from $82.00) on shares of Darden Restaurants in a report on Wednesday, June 28th. Canaccord Genuity reissued a “buy” rating and set a $102.00 target price on shares of Darden Restaurants in a report on Friday, June 9th. BMO Capital Markets increased their target price on Darden Restaurants from $85.00 to $87.00 and gave the stock a “market perform” rating in a report on Friday, June 30th. Credit Suisse Group reissued a “hold” rating and set a $74.00 target price on shares of Darden Restaurants in a report on Wednesday, March 29th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $86.00 target price (up from $83.00) on shares of Darden Restaurants in a report on Thursday, June 22nd. Two equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seven have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $84.78.
In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of Darden Restaurants stock in a transaction dated Thursday, June 29th. The stock was 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 owns 165,062 shares in the company, valued at $15,116,377.96. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.69% of the company’s stock.
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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