BNP Paribas Arbitrage SA Purchases 13,279 Shares of Darden Restaurants Inc. (DRI)
BNP Paribas Arbitrage SA boosted its stake in shares of Darden Restaurants Inc. (NYSE:DRI) by 8.2% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 175,298 shares of the restaurant operator’s stock after buying an additional 13,279 shares during the period. BNP Paribas Arbitrage SA owned approximately 0.14% of Darden Restaurants worth $10,749,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of DRI. CENTRAL TRUST Co boosted its position in 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 during the period. 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 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 valued at $150,000 after buying an additional 195 shares during the period. M&R Capital Management Inc. purchased a new position in Darden Restaurants during the second quarter valued at approximately $158,000. Finally, First Manhattan Co. boosted its position in Darden Restaurants by 62.4% in the second quarter. First Manhattan Co. now owns 2,679 shares of the restaurant operator’s stock valued at $169,000 after buying an additional 1,029 shares during the period. 95.04% of the stock is owned by hedge funds and other institutional investors.
Darden Restaurants Inc. (NYSE:DRI) traded up 0.51% during trading on Friday, reaching $72.84. The company had a trading volume of 1,396,795 shares. Darden Restaurants Inc. has a one year low of $53.51 and a one year high of $72.85. The company has a market capitalization of $8.97 billion, a price-to-earnings ratio of 23.52 and a beta of 0.23. The company has a 50-day moving average price of $63.20 and a 200 day moving average price of $63.55.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, beating the 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 in the prior year, the company posted $0.68 EPS. Darden Restaurants’s revenue for the quarter was up 1.6% on a year-over-year basis. Analysts expect that Darden Restaurants Inc. will post $3.93 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th were issued a dividend of $0.56 per share. The ex-dividend date of this dividend was Wednesday, October 5th. This represents a $2.24 annualized dividend and a dividend yield of 3.08%. Darden Restaurants’s dividend payout ratio is currently 72.03%.
A number of equities research analysts recently commented on DRI shares. Raymond James Financial Inc. upgraded Darden Restaurants from an “underperform” rating to a “market perform” rating in a research report on Tuesday, October 18th. Stifel Nicolaus lowered Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 price target on the stock. in a research report on Tuesday, July 26th. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $70.00 price target on shares of Darden Restaurants in a research report on Wednesday, September 7th. Canaccord Genuity began coverage on Darden Restaurants in a research report on Monday, August 22nd. They issued a “buy” rating and a $74.00 price objective on the stock. Finally, Zacks Investment Research upgraded Darden Restaurants from a “sell” rating to a “hold” rating in a research report on Monday, September 12th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eleven have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $69.89.
In related news, SVP Danielle L. Kirgan sold 8,780 shares of the company’s stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $62.47, for a total value of $548,486.60. Following the sale, the senior vice president now owns 15,989 shares in the company, valued at approximately $998,832.83. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Danielle L. Kirgan sold 28,127 shares of the company’s stock in a transaction dated 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 completion of the sale, the senior vice president now owns 15,989 shares in the company, valued at approximately $998,832.83. The disclosure for this sale can be found here. 0.68% of the stock is currently owned by corporate insiders.
Darden Restaurants Company Profile
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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