Huntington National Bank boosted its stake in Darden Restaurants, Inc. (NYSE:DRI) by 4.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,578 shares of the restaurant operator’s stock after buying an additional 70 shares during the period. Huntington National Bank’s holdings in Darden Restaurants were worth $143,000 as of its most recent filing with the SEC.
Other large investors have also recently modified their holdings of the company. Farmers & Merchants Investments Inc. boosted its stake 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 period. Van ECK Associates Corp boosted its stake 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 period. Ledyard National Bank boosted its stake 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 period. Sippican Capital Advisors bought a new stake in shares of Darden Restaurants during the second quarter worth $211,000. Finally, Carlson Capital Management bought a new stake in shares of Darden Restaurants during the second quarter worth $215,000. Institutional investors and hedge funds own 95.49% of the company’s stock.
Darden Restaurants, Inc. (DRI) opened at 83.99 on Friday. The firm’s 50-day moving average price is $86.34 and its 200-day moving average price is $83.54. Darden Restaurants, Inc. has a 12 month low of $60.16 and a 12 month high of $95.22. The stock has a market cap of $10.53 billion, a P/E ratio of 22.09 and a beta of 0.27.
Darden Restaurants (NYSE:DRI) last released its earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. The company had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the firm posted $1.10 EPS. The firm’s quarterly revenue was up 8.1% on a year-over-year basis. On average, analysts predict that Darden Restaurants, Inc. will post $4.47 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were given a dividend of $0.63 per share. This is a boost from Darden Restaurants’s previous quarterly dividend of $0.56. The ex-dividend date was Thursday, July 6th. This represents a $2.52 annualized dividend and a yield of 3.00%. Darden Restaurants’s payout ratio is presently 66.14%.
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DRI has been the subject of a number of analyst reports. J P Morgan Chase & Co restated a “neutral” rating and set a $93.00 price objective (up from $82.00) on shares of Darden Restaurants in a research note on Wednesday, June 28th. Canaccord Genuity reaffirmed a “buy” rating and set a $102.00 target price on shares of Darden Restaurants in a research report on Friday, June 9th. BMO Capital Markets upped their target price on Darden Restaurants from $85.00 to $87.00 and gave the company a “market perform” rating in a research report on Friday, June 30th. Morgan Stanley reaffirmed an “equal weight” rating and set a $86.00 target price (up from $83.00) on shares of Darden Restaurants in a research report on Thursday, June 22nd. Finally, Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and set a $100.00 target price (up from $85.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $84.78.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of the business’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $91.58, for a total transaction of $8,528,387.50. Following the transaction, the insider now owns 165,062 shares in the company, valued at approximately $15,116,377.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.63% of the company’s stock.
About Darden Restaurants
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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