Farmers Trust Co. lowered its stake in Darden Restaurants, Inc. (NYSE:DRI) by 9.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,449 shares of the restaurant operator’s stock after selling 1,030 shares during the period. Farmers Trust Co.’s holdings in Darden Restaurants were worth $855,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Darden Restaurants by 3.6% in the first quarter. Vanguard Group Inc. now owns 14,211,162 shares of the restaurant operator’s stock valued at $1,189,048,000 after buying an additional 487,366 shares in the last quarter. BlackRock Inc. increased its stake in shares of Darden Restaurants by 4,601.4% in the first quarter. BlackRock Inc. now owns 11,464,253 shares of the restaurant operator’s stock valued at $959,215,000 after buying an additional 11,220,403 shares in the last quarter. American International Group Inc. increased its stake in shares of Darden Restaurants by 1.3% in the first quarter. American International Group Inc. now owns 6,198,698 shares of the restaurant operator’s stock valued at $518,645,000 after buying an additional 77,248 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Darden Restaurants by 3.0% in the first quarter. Ameriprise Financial Inc. now owns 3,734,166 shares of the restaurant operator’s stock valued at $312,519,000 after buying an additional 110,515 shares in the last quarter. Finally, Wells Fargo & Company MN increased its stake in shares of Darden Restaurants by 38.3% in the first quarter. Wells Fargo & Company MN now owns 3,229,308 shares of the restaurant operator’s stock valued at $270,196,000 after buying an additional 894,403 shares in the last quarter. Institutional investors and hedge funds own 96.84% of the company’s stock.
Darden Restaurants, Inc. (NYSE DRI) traded down 1.26% during midday trading on Monday, reaching $89.03. The company had a trading volume of 751,084 shares. The firm has a 50-day moving average price of $89.37 and a 200-day moving average price of $80.52. Darden Restaurants, Inc. has a 52 week low of $59.50 and a 52 week high of $95.22. The company has a market capitalization of $11.13 billion, a price-to-earnings ratio of 23.41 and a beta of 0.28.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share (EPS) for the quarter, topping the Zacks’ 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 business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the prior year, the business posted $1.10 EPS. Darden Restaurants’s revenue for the quarter was up 8.1% compared to the same quarter last year. Analysts expect that Darden Restaurants, Inc. will post $4.47 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Thursday, July 6th. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. Darden Restaurants’s dividend payout ratio is presently 66.14%.
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DRI has been the subject of a number of recent research reports. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $93.00 target price (up previously from $82.00) on shares of Darden Restaurants in a report on Wednesday, June 28th. Canaccord Genuity reaffirmed a “buy” rating and issued a $102.00 target price on shares of Darden Restaurants in a report on Friday, June 9th. BMO Capital Markets upped their target price on Darden Restaurants from $85.00 to $87.00 and gave the stock a “market perform” rating in a report on Friday, June 30th. Credit Suisse Group reaffirmed a “hold” rating and issued a $74.00 target price on shares of Darden Restaurants in a report on Wednesday, March 29th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $86.00 target price (up previously from $83.00) on shares of Darden Restaurants in a report on Thursday, June 22nd. Two investment analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. Darden Restaurants presently has an average rating of “Hold” and an average price target of $84.43.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of the stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $91.58, for a total value of $8,528,387.50. Following the completion of the sale, the insider now owns 165,062 shares in the company, valued at approximately $15,116,377.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.68% 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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