Darden Restaurants, Inc. (DRI) Stake Reduced by Rothschild Asset Management Inc.
Rothschild Asset Management Inc. reduced its position in Darden Restaurants, Inc. (NYSE:DRI) by 23.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,461 shares of the restaurant operator’s stock after selling 2,841 shares during the period. Rothschild Asset Management Inc.’s holdings in Darden Restaurants were worth $856,000 at the end of the most recent quarter.
Other institutional investors have also recently made changes to their positions in the company. Farmers & Merchants Investments Inc. raised its position in shares of 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 during the last quarter. Van ECK Associates Corp raised its position in shares of 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 during the last quarter. Ledyard National Bank raised its position in shares of 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 during the last quarter. Huntington National Bank raised its position in shares of 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 during the last quarter. Finally, First Manhattan Co. raised its position in shares of 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 during the last quarter. Institutional investors own 95.48% of the company’s stock.
Darden Restaurants, Inc. (NYSE DRI) opened at 81.28 on Thursday. Darden Restaurants, Inc. has a 1-year low of $60.16 and a 1-year high of $95.22. The stock has a market cap of $10.19 billion, a PE ratio of 21.37 and a beta of 0.27. The company’s 50 day moving average is $87.70 and its 200-day moving average is $83.11.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.86 billion. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. The company’s revenue for the quarter was up 8.1% on a year-over-year basis. During the same period last year, the firm posted $1.10 earnings per share. Equities research analysts forecast that Darden Restaurants, Inc. will post $4.47 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th were paid a $0.63 dividend. This is an increase from Darden Restaurants’s previous quarterly dividend of $0.56. This represents a $2.52 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend was Thursday, July 6th. Darden Restaurants’s dividend payout ratio (DPR) is currently 66.14%.
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DRI has been the subject of a number of recent analyst reports. Oppenheimer Holdings, Inc. boosted their price objective on shares of Darden Restaurants in a report on Monday, June 26th. Bank of America Corporation set a $80.00 price objective on shares of Darden Restaurants and gave the stock a “buy” rating in a report on Monday, June 26th. Canaccord Genuity restated a “buy” rating and issued a $102.00 price objective 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 objective for the company in a report on Tuesday, July 11th. Finally, BidaskClub lowered shares of Darden Restaurants from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 16th. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus 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 dated 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 transaction, the insider now directly owns 165,062 shares of the company’s stock, valued at $15,116,377.96. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.68% 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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