Northern Trust Corp Reduces Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Northern Trust Corp decreased its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 3.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,810,558 shares of the restaurant operator’s stock after selling 57,538 shares during the period. Northern Trust Corp owned approximately 1.47% of Darden Restaurants worth $220,399,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of DRI. Penserra Capital Management LLC purchased a new position in Darden Restaurants during the first quarter valued at approximately $40,000. NuWave Investment Management LLC raised its holdings in Darden Restaurants by 34.5% in the second quarter. NuWave Investment Management LLC now owns 351 shares of the restaurant operator’s stock valued at $43,000 after acquiring an additional 90 shares in the last quarter. Coastal Investment Advisors Inc. lifted its stake in Darden Restaurants by 115.6% in the second quarter. Coastal Investment Advisors Inc. now owns 373 shares of the restaurant operator’s stock worth $45,000 after acquiring an additional 200 shares during the last quarter. Motco lifted its stake in Darden Restaurants by 125.5% in the second quarter. Motco now owns 451 shares of the restaurant operator’s stock worth $55,000 after acquiring an additional 251 shares during the last quarter. Finally, Kavar Capital Partners LLC acquired a new position in Darden Restaurants during the 2nd quarter worth approximately $60,000. Institutional investors and hedge funds own 91.28% of the company’s stock.

In related news, CFO Ricardo Cardenas sold 14,128 shares of Darden Restaurants stock in a transaction dated Friday, July 12th. The stock was sold at an average price of $124.87, for a total value of $1,764,163.36. Following the sale, the chief financial officer now owns 23,848 shares of the company’s stock, valued at $2,977,899.76. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO David C. George sold 69,779 shares of Darden Restaurants stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $123.25, for a total value of $8,600,261.75. Following the completion of the sale, the chief operating officer now directly owns 109,344 shares in the company, valued at approximately $13,476,648. The disclosure for this sale can be found here. Insiders sold 96,907 shares of company stock worth $11,975,585 over the last quarter. 0.47% of the stock is owned by corporate insiders.

Shares of DRI traded up $0.23 during midday trading on Wednesday, hitting $127.18. The stock had a trading volume of 23,846 shares, compared to its average volume of 962,085. The firm has a market cap of $15.74 billion, a price-to-earnings ratio of 21.89, a price-to-earnings-growth ratio of 1.98 and a beta of 0.34. The company has a 50 day simple moving average of $121.58 and a two-hundred day simple moving average of $119.06. Darden Restaurants, Inc. has a twelve month low of $95.83 and a twelve month high of $127.71. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.61 and a quick ratio of 0.46.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Thursday, June 20th. The restaurant operator reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.73 by $0.03. Darden Restaurants had a return on equity of 31.61% and a net margin of 8.38%. The company had revenue of $2.23 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same period in the prior year, the firm earned $1.39 earnings per share. Darden Restaurants’s revenue for the quarter was up 4.5% compared to the same quarter last year. Analysts forecast that Darden Restaurants, Inc. will post 6.39 EPS for the current fiscal year.

DRI has been the subject of a number of recent analyst reports. KeyCorp assumed coverage on Darden Restaurants in a report on Tuesday, July 23rd. They set an “overweight” rating and a $140.00 price target for the company. Citigroup decreased their price objective on shares of Darden Restaurants from $146.00 to $144.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Maxim Group cut Darden Restaurants from a “buy” rating to a “hold” rating and set a $126.00 price target for the company. in a research report on Tuesday, July 16th. Wedbush reissued a “hold” rating and set a $125.00 price target on shares of Darden Restaurants in a research report on Thursday, August 29th. Finally, Stephens lowered Darden Restaurants from an “overweight” rating to an “equal weight” rating and set a $121.75 price target 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 fifteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $130.79.

Darden Restaurants 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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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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