Sigma Planning Corp purchased a new position in Darden Restaurants, Inc. (NYSE:DRI) during the second quarter, HoldingsChannel reports. The fund purchased 2,273 shares of the restaurant operator’s stock, valued at approximately $277,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kavar Capital Partners LLC acquired a new stake in Darden Restaurants during the 2nd quarter valued at $60,000. Amica Retiree Medical Trust acquired a new stake in Darden Restaurants during the 2nd quarter valued at $69,000. DekaBank Deutsche Girozentrale grew its holdings in Darden Restaurants by 1,273.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 319,230 shares of the restaurant operator’s stock valued at $38,850,000 after buying an additional 295,985 shares during the last quarter. Advisory Services Network LLC grew its holdings in Darden Restaurants by 2.6% during the 2nd quarter. Advisory Services Network LLC now owns 5,919 shares of the restaurant operator’s stock valued at $721,000 after buying an additional 149 shares during the last quarter. Finally, Coastal Investment Advisors Inc. grew its holdings in Darden Restaurants by 115.6% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 373 shares of the restaurant operator’s stock valued at $45,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 91.67% of the company’s stock.
Shares of DRI opened at $119.53 on Thursday. The company has a current ratio of 0.61, a quick ratio of 0.46 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $14.72 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 1.85 and a beta of 0.32. The stock’s fifty day simple moving average is $122.13 and its 200 day simple moving average is $117.82. Darden Restaurants, Inc. has a twelve month low of $95.83 and a twelve month high of $126.75.
The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Wednesday, July 10th were given a $0.88 dividend. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.75. This represents a $3.52 annualized dividend and a dividend yield of 2.94%. The ex-dividend date was Tuesday, July 9th. Darden Restaurants’s dividend payout ratio (DPR) is 60.48%.
DRI has been the topic of a number of analyst reports. MKM Partners initiated coverage on Darden Restaurants in a report on Tuesday, August 13th. They set a “neutral” rating and a $120.00 target price on the stock. Zacks Investment Research cut Darden Restaurants from a “buy” rating to a “hold” rating and set a $125.00 target price on the stock. in a report on Wednesday, June 12th. ValuEngine cut Darden Restaurants from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Maxim Group lowered Darden Restaurants from a “buy” rating to a “hold” rating and set a $126.00 price target on the stock. in a research note on Tuesday, July 16th. Finally, Citigroup reduced their price target on Darden Restaurants from $146.00 to $144.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and sixteen have given a buy rating to the company’s stock. Darden Restaurants presently has a consensus rating of “Buy” and a consensus target price of $130.76.
In related news, COO David C. George sold 69,779 shares of the stock in a transaction on Monday, June 24th. The stock was sold at an average price of $123.25, for a total value of $8,600,261.75. Following the transaction, the chief operating officer now directly owns 109,344 shares of the company’s stock, valued at approximately $13,476,648. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP John W. Madonna sold 1,000 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $124.12, for a total value of $124,120.00. Following the completion of the transaction, the senior vice president now directly owns 8,726 shares in the company, valued at $1,083,071.12. The disclosure for this sale can be found here. Insiders sold a total of 96,907 shares of company stock worth $11,975,585 over the last ninety days. Corporate insiders own 0.47% of the company’s stock.
Darden Restaurants Company Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.
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