Insider Selling: Darden Restaurants Inc. (DRI) SVP Sells 28,127 Shares of Stock
Darden Restaurants Inc. (NYSE:DRI) SVP Danielle L. Kirgan sold 28,127 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The stock was sold at an average price of $62.47, for a total transaction of $1,757,093.69. Following the sale, the senior vice president now owns 15,989 shares of the company’s stock, valued at approximately $998,832.83. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink.
Darden Restaurants Inc. (NYSE:DRI) traded up 0.64% on Wednesday, reaching $62.80. 1,386,264 shares of the company’s stock were exchanged. Darden Restaurants Inc. has a 1-year low of $53.38 and a 1-year high of $68.68. The stock’s 50 day moving average price is $61.94 and its 200 day moving average price is $63.68. The firm has a market capitalization of $7.73 billion, a price-to-earnings ratio of 20.28 and a beta of 0.41.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 EPS for the quarter, beating the Zacks’ consensus estimate of $0.82 by $0.06. Darden Restaurants had a net margin of 5.73% and a return on equity of 24.97%. The firm had revenue of $1.71 billion for the quarter. During the same quarter last year, the company earned $0.68 earnings per share. The company’s revenue was up 1.6% compared to the same quarter last year. On average, analysts expect that Darden Restaurants Inc. will post $3.92 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th will be given a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, October 5th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.57%. Darden Restaurants’s payout ratio is currently 72.03%.
Several analysts recently weighed in on the stock. Robert W. Baird reiterated a “neutral” rating and issued a $70.00 target price on shares of Darden Restaurants in a report on Tuesday, June 28th. Maxim Group reiterated a “buy” rating and issued a $74.00 target price (down previously from $77.00) on shares of Darden Restaurants in a report on Friday, July 1st. SunTrust Banks Inc. dropped their target price on shares of Darden Restaurants from $70.00 to $67.00 and set a “neutral” rating for the company in a report on Wednesday, October 5th. Zacks Investment Research downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday, July 1st. Finally, Wells Fargo & Co. reiterated a “market perform” rating and issued a $68.00 target price on shares of Darden Restaurants in a report on Wednesday, September 28th. Three analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have assigned a buy rating to the company’s stock. Darden Restaurants has a consensus rating of “Hold” and an average price target of $69.89.
Several hedge funds and other institutional investors have recently bought and sold shares of DRI. CENTRAL TRUST Co increased its stake in shares of Darden Restaurants by 16.5% in the second quarter. CENTRAL TRUST Co now owns 1,799 shares of the restaurant operator’s stock valued at $114,000 after buying an additional 255 shares in the last quarter. Krilogy Financial LLC boosted its position in 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 last quarter. 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 valued at $150,000 after buying an additional 195 shares during the last quarter. M&R Capital Management Inc. bought a new position in Darden Restaurants during the second quarter valued at approximately $158,000. Finally, Citizens Financial Group Inc RI boosted its position in Darden Restaurants by 320.0% in the first quarter. Citizens Financial Group Inc RI now owns 2,520 shares of the restaurant operator’s stock valued at $167,000 after buying an additional 1,920 shares during the last quarter. 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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