Darden Restaurants Inc. (DRI) to Issue $0.56 Quarterly Dividend
Darden Restaurants Inc. (NYSE:DRI) declared a quarterly dividend on Thursday, September 29th. Stockholders of record on Monday, October 10th will be paid 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 is Wednesday, October 5th.
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. The stock’s 50 day moving average price is $62.07 and its 200-day moving average price is $64.02. Darden Restaurants has a one year low of $53.38 and a one year high of $68.97.
A number of equities research analysts have weighed in on DRI shares. Jefferies Group reaffirmed a “hold” rating and set a $64.00 target price (down from $66.00) on shares of Darden Restaurants in a research report on Saturday, July 2nd. Zacks Investment Research lowered Darden Restaurants from a “hold” rating to a “sell” rating in a research report on Tuesday, July 26th. BMO Capital Markets reaffirmed a “hold” rating and set a $64.00 target price on shares of Darden Restaurants in a research report on Thursday, September 1st. Piper Jaffray Cos. reaffirmed an “overweight” rating and set a $76.00 target price on shares of Darden Restaurants in a research report on Thursday, August 25th. Finally, BTIG Research reaffirmed a “buy” rating and set a $75.00 target price on shares of Darden Restaurants in a research report on Friday, July 1st. Two research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have assigned a buy rating to the company. Darden Restaurants has a consensus rating of “Hold” and an average price target of $70.83.
In related news, Director James P. Fogarty acquired 3,000 shares of the firm’s stock in a transaction dated Thursday, July 7th. The stock was acquired at an average price of $61.70 per share, with a total value of $185,100.00. Following the acquisition, the director now directly owns 7,890 shares in the company, valued at approximately $486,813. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.69% of the stock is owned by insiders.
Several institutional investors have recently modified their holdings of DRI. Krilogy Financial LLC boosted its position in shares of Darden Restaurants by 1.6% in the second quarter. Krilogy Financial LLC now owns 2,133 shares of the restaurant operator’s stock valued at $135,000 after buying an additional 33 shares during the period. Pacer Advisors Inc. boosted its position in Darden Restaurants by 9.0% in the second quarter. Pacer Advisors Inc. now owns 2,369 shares of the restaurant operator’s stock worth $150,000 after buying an additional 195 shares during the last quarter. Meiji Yasuda Life Insurance Co acquired a new position in Darden Restaurants during the second quarter worth $220,000. Thrivent Financial for Lutherans boosted its position in Darden Restaurants by 4.8% in the second quarter. Thrivent Financial for Lutherans now owns 3,737 shares of the restaurant operator’s stock worth $237,000 after buying an additional 170 shares during the last quarter. Finally, Nomura Holdings Inc. boosted its position in Darden Restaurants by 19.4% in the second quarter. Nomura Holdings Inc. now owns 4,200 shares of the restaurant operator’s stock worth $267,000 after buying an additional 683 shares during the last quarter. 94.57% of the stock is owned by institutional investors and hedge funds.
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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