Darden Restaurants Inc. (DRI) To Go Ex-Dividend on October 5th
Darden Restaurants Inc. (NYSE:DRI) announced a quarterly dividend on Thursday, September 29th. Stockholders of record on Monday, October 10th will be given a dividend of 0.56 per share by the restaurant operator on Tuesday, November 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend is Wednesday, October 5th.
Shares of Darden Restaurants (NYSE:DRI) opened at 60.63 on Friday. The company has a market capitalization of $7.65 billion, a P/E ratio of 20.92 and a beta of 0.52. Darden Restaurants has a 12-month low of $53.38 and a 12-month high of $68.97. The stock has a 50 day moving average of $62.07 and a 200-day moving average of $64.02.
In related news, Director James P. Fogarty purchased 3,000 shares of the company’s stock in a transaction on Thursday, July 7th. The stock was acquired at an average cost of $61.70 per share, for a total transaction of $185,100.00. Following the completion of the transaction, the director now directly owns 7,890 shares in the company, valued at $486,813. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.69% of the company’s stock.
Large investors have recently made changes to their positions in the stock. WBI Investments Inc. bought a new stake in shares of Darden Restaurants during the second quarter worth $57,165,000. BlackRock Fund Advisors boosted its stake in shares of Darden Restaurants by 12.2% in the second quarter. BlackRock Fund Advisors now owns 4,646,824 shares of the restaurant operator’s stock worth $294,330,000 after buying an additional 505,377 shares in the last quarter. Korea Investment CORP boosted its stake in shares of Darden Restaurants by 1,228.0% in the second quarter. Korea Investment CORP now owns 413,000 shares of the restaurant operator’s stock worth $26,159,000 after buying an additional 381,900 shares in the last quarter. Bessemer Group Inc. boosted its stake in shares of Darden Restaurants by 35.3% in the second quarter. Bessemer Group Inc. now owns 915,255 shares of the restaurant operator’s stock worth $57,972,000 after buying an additional 238,946 shares in the last quarter. Finally, APG Asset Management N.V. boosted its stake in shares of Darden Restaurants by 22.5% in the second quarter. APG Asset Management N.V. now owns 1,290,776 shares of the restaurant operator’s stock worth $81,758,000 after buying an additional 237,000 shares in the last quarter. Institutional investors and hedge funds own 94.57% of the company’s stock.
DRI has been the topic of a number of research reports. Deutsche Bank AG reiterated a “buy” rating and issued a $76.00 price objective on shares of Darden Restaurants in a research note on Tuesday, July 5th. BMO Capital Markets reissued a “market perform” rating and set a $64.00 price target (down from $66.00) on shares of Darden Restaurants in a report on Tuesday, July 5th. Stifel Nicolaus downgraded shares of Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 price target on the stock. in a report on Tuesday, July 26th. Zacks Investment Research raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $76.00 price target on the stock in a report on Wednesday, June 15th. Finally, Oppenheimer Holdings Inc. reissued an “outperform” rating and set a $70.00 price target on shares of Darden Restaurants in a report on Tuesday, June 28th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the stock. Darden Restaurants currently has a consensus rating of “Hold” and a consensus target price of $70.83.
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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