Darden Restaurants, Inc. (DRI) Position Boosted by CIBC Asset Management Inc
CIBC Asset Management Inc boosted its stake in Darden Restaurants, Inc. (NYSE:DRI) by 3.9% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 18,038 shares of the restaurant operator’s stock after buying an additional 674 shares during the period. CIBC Asset Management Inc’s holdings in Darden Restaurants were worth $1,421,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Sei Investments Co. lifted its holdings in Darden Restaurants by 76.1% in the 3rd quarter. Sei Investments Co. now owns 67,070 shares of the restaurant operator’s stock valued at $5,284,000 after acquiring an additional 28,988 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Darden Restaurants by 24.7% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 167,349 shares of the restaurant operator’s stock valued at $13,184,000 after acquiring an additional 33,116 shares during the last quarter. GW Henssler & Associates Ltd. lifted its holdings in Darden Restaurants by 0.8% in the 3rd quarter. GW Henssler & Associates Ltd. now owns 115,632 shares of the restaurant operator’s stock valued at $9,109,000 after acquiring an additional 902 shares during the last quarter. Global X MANAGEMENT CO LLC lifted its holdings in Darden Restaurants by 17.6% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 6,566 shares of the restaurant operator’s stock valued at $517,000 after acquiring an additional 984 shares during the last quarter. Finally, Alps Advisors Inc. lifted its holdings in Darden Restaurants by 16.6% in the 3rd quarter. Alps Advisors Inc. now owns 10,553 shares of the restaurant operator’s stock valued at $831,000 after acquiring an additional 1,505 shares during the last quarter. Hedge funds and other institutional investors own 88.32% of the company’s stock.
DRI has been the subject of a number of research analyst reports. ValuEngine raised shares of Darden Restaurants from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Longbow Research initiated coverage on shares of Darden Restaurants in a report on Friday, October 13th. They issued a “neutral” rating for the company. Maxim Group reissued a “hold” rating and issued a $90.00 price target on shares of Darden Restaurants in a report on Thursday, September 21st. Zacks Investment Research raised shares of Darden Restaurants from a “sell” rating to a “hold” rating in a research note on Monday, October 30th. Finally, BidaskClub lowered shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $87.59.
Darden Restaurants, Inc. (DRI) opened at $82.81 on Friday. Darden Restaurants, Inc. has a twelve month low of $71.01 and a twelve month high of $95.22. The company has a market capitalization of $10,241.36, a P/E ratio of 20.05, a P/E/G ratio of 1.81 and a beta of 0.22. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.45.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Tuesday, September 26th. The restaurant operator reported $0.99 EPS for the quarter, hitting analysts’ consensus estimates of $0.99. Darden Restaurants had a return on equity of 26.06% and a net margin of 6.60%. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter in the prior year, the company posted $0.88 earnings per share. The firm’s revenue was up 12.9% on a year-over-year basis. analysts expect that Darden Restaurants, Inc. will post 4.43 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th were issued a $0.63 dividend. The ex-dividend date was Friday, October 6th. This represents a $2.52 dividend on an annualized basis and a yield of 3.04%. Darden Restaurants’s dividend payout ratio is currently 65.12%.
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Darden Restaurants 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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