Darden Restaurants Inc. (DRI) Receives Sector Perform Rating from RBC Capital Markets
RBC Capital Markets reaffirmed their sector perform rating on shares of Darden Restaurants Inc. (NYSE:DRI) in a research note issued to investors on Friday morning. RBC Capital Markets currently has a $70.00 price objective on the restaurant operator’s stock.
DRI has been the topic of several other research reports. BTIG Research restated a buy rating and issued a $75.00 price target on shares of Darden Restaurants in a research note on Friday, July 1st. Oppenheimer Holdings Inc. restated an outperform rating and issued a $70.00 price target on shares of Darden Restaurants in a research note on Tuesday, June 28th. Zacks Investment Research downgraded Darden Restaurants from a buy rating to a hold rating in a research note on Friday, July 1st. Piper Jaffray Cos. restated an overweight rating and issued a $76.00 price target (down previously from $78.00) on shares of Darden Restaurants in a research note on Saturday, July 2nd. Finally, Wells Fargo & Co. downgraded Darden Restaurants from an outperform rating to a market perform rating and cut their price target for the stock from $72.00 to $68.00 in a research note on Wednesday, July 13th. Two investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eleven have issued a buy rating to the company. The company has an average rating of Hold and a consensus target price of $70.63.
Shares of Darden Restaurants (NYSE:DRI) opened at 61.32 on Friday. The firm has a 50-day moving average price of $62.04 and a 200-day moving average price of $63.97. The stock has a market capitalization of $7.74 billion, a P/E ratio of 21.16 and a beta of 0.41. Darden Restaurants has a 52-week low of $53.38 and a 52-week high of $68.97.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th will be given a dividend of $0.56 per share. The ex-dividend date is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.65%. Darden Restaurants’s payout ratio is 76.98%.
In other news, Director James P. Fogarty acquired 3,000 shares of the business’s stock in a transaction dated Thursday, July 7th. The stock was purchased at an average price 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 approximately $486,813. The acquisition was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.69% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the stock. Commonwealth Equity Services Inc raised its position in shares of Darden Restaurants by 22.3% in the first quarter. Commonwealth Equity Services Inc now owns 22,808 shares of the restaurant operator’s stock worth $1,512,000 after buying an additional 4,156 shares during the last quarter. Aperio Group LLC raised its position in shares of Darden Restaurants by 29.8% in the first quarter. Aperio Group LLC now owns 47,906 shares of the restaurant operator’s stock worth $3,176,000 after buying an additional 10,988 shares during the last quarter. Virginia Retirement System purchased a new position in shares of Darden Restaurants during the first quarter worth $5,375,000. CIBC World Markets Inc. raised its position in shares of Darden Restaurants by 12.2% in the first quarter. CIBC World Markets Inc. now owns 60,355 shares of the restaurant operator’s stock worth $4,002,000 after buying an additional 6,547 shares during the last quarter. Finally, Prudential Financial Inc. raised its position in shares of Darden Restaurants by 26.0% in the first quarter. Prudential Financial Inc. now owns 182,051 shares of the restaurant operator’s stock worth $12,070,000 after buying an additional 37,547 shares during the last quarter. Hedge funds and other institutional investors own 94.57% 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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