Darden Restaurants, Inc. (NYSE:DRI) Position Maintained by Montgomery Investment Management Inc.
Montgomery Investment Management Inc. held its stake in Darden Restaurants, Inc. (NYSE:DRI) during the second quarter, Holdings Channel reports. The firm owned 5,000 shares of the restaurant operator’s stock at the end of the second quarter. Montgomery Investment Management Inc.’s holdings in Darden Restaurants were worth $452,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in DRI. Farmers & Merchants Investments Inc. boosted its stake in 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 boosted its stake in 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 boosted its stake in 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 boosted its stake in 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. boosted its stake in 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. Institutional investors and hedge funds own 95.48% of the company’s stock.
Shares of Darden Restaurants, Inc. (NYSE DRI) opened at 81.83 on Wednesday. Darden Restaurants, Inc. has a one year low of $60.16 and a one year high of $95.22. The stock has a market cap of $10.26 billion, a price-to-earnings ratio of 21.52 and a beta of 0.27. The company has a 50-day moving average of $88.32 and a 200 day moving average of $82.83.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings results 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 return on equity of 26.18% and a net margin of 6.68%. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter last year, the business posted $1.10 earnings per share. The business’s revenue for the quarter 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 fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were given a $0.63 dividend. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.08%. This is a boost from Darden Restaurants’s previous quarterly dividend of $0.56. Darden Restaurants’s dividend payout ratio (DPR) is currently 66.14%.
DRI has been the topic of a number of recent analyst reports. Oppenheimer Holdings, Inc. raised their price target on shares of Darden Restaurants in a report on Monday, June 26th. Bank of America Corporation set a $80.00 price target on shares of Darden Restaurants and gave the company a “buy” rating in a report on Monday, June 26th. Canaccord Genuity restated a “buy” rating and issued a $102.00 price target on shares of Darden Restaurants in a report on Friday, June 9th. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $100.00 price target on the stock in a report on Tuesday, July 11th. Finally, BidaskClub cut shares of Darden Restaurants from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 16th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $84.78.
In other news, insider Eugene I. Lee, Jr. sold 93,125 shares of the firm’s stock in a transaction on 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 sale was disclosed in a document filed with the SEC, which is available at this link. 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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