Nisa Investment Advisors LLC decreased its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 23.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,356 shares of the restaurant operator’s stock after selling 13,306 shares during the period. Nisa Investment Advisors LLC’s holdings in Darden Restaurants were worth $3,991,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp boosted 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 in the last quarter. Ledyard National Bank boosted 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 in the last quarter. First Manhattan Co. boosted 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 in the last quarter. MEMBERS Trust Co bought a new position in shares of Darden Restaurants during the first quarter worth approximately $201,000. Finally, Whittier Trust Co. boosted its position in Darden Restaurants by 5.0% in the first quarter. Whittier Trust Co. now owns 2,477 shares of the restaurant operator’s stock valued at $207,000 after buying an additional 117 shares during the period. Institutional investors own 95.49% of the company’s stock.
Darden Restaurants, Inc. (NYSE DRI) traded down 0.17% during mid-day trading on Friday, hitting $83.99. The stock had a trading volume of 1,658,214 shares. Darden Restaurants, Inc. has a 1-year low of $60.16 and a 1-year high of $95.22. The company has a market cap of $10.53 billion, a P/E ratio of 22.09 and a beta of 0.27. The company has a 50-day moving average price of $86.34 and a 200 day moving average price of $83.54.
Darden Restaurants (NYSE:DRI) last released 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 net margin of 6.68% and a return on equity of 26.18%. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period last year, the firm earned $1.10 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. Equities research analysts forecast that Darden Restaurants, Inc. will post $4.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were given a dividend of $0.63 per share. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Thursday, July 6th. Darden Restaurants’s dividend payout ratio (DPR) is presently 66.14%.
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Several research firms recently commented on DRI. Jefferies Group LLC boosted their price target on Darden Restaurants from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, June 28th. Maxim Group reiterated a “hold” rating and issued a $90.00 price target on shares of Darden Restaurants in a research note on Wednesday, June 21st. J P Morgan Chase & Co reissued a “neutral” rating and issued a $93.00 price objective (up from $82.00) on shares of Darden Restaurants in a report on Wednesday, June 28th. BidaskClub raised Darden Restaurants from a “sell” rating to a “hold” rating in a report on Friday. Finally, Royal Bank Of Canada boosted their price objective on Darden Restaurants from $86.00 to $96.00 and gave the company a “sector perform” rating in a report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have given a buy rating to the company. Darden Restaurants currently 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 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 transaction 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 Securities & Exchange Commission, which can be accessed through the SEC website. 0.63% of the stock is owned by company insiders.
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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