15,954 Shares in Darden Restaurants, Inc. (DRI) Acquired by Highstreet Asset Management Inc.
Highstreet Asset Management Inc. bought a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 15,954 shares of the restaurant operator’s stock, valued at approximately $1,444,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its position in Darden Restaurants by 4,601.4% in the first quarter. BlackRock Inc. now owns 11,464,253 shares of the restaurant operator’s stock worth $959,215,000 after buying an additional 11,220,403 shares during the last quarter. Wells Fargo & Company MN increased its position in Darden Restaurants by 38.3% in the first quarter. Wells Fargo & Company MN now owns 3,229,308 shares of the restaurant operator’s stock worth $270,196,000 after buying an additional 894,403 shares during the last quarter. American Century Companies Inc. increased its position in Darden Restaurants by 42.3% in the first quarter. American Century Companies Inc. now owns 2,076,378 shares of the restaurant operator’s stock worth $173,731,000 after buying an additional 617,269 shares during the last quarter. Vanguard Group Inc. increased its position in Darden Restaurants by 3.6% in the first quarter. Vanguard Group Inc. now owns 14,211,162 shares of the restaurant operator’s stock worth $1,189,048,000 after buying an additional 487,366 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in Darden Restaurants by 55.0% in the first quarter. UBS Asset Management Americas Inc. now owns 1,250,125 shares of the restaurant operator’s stock worth $104,598,000 after buying an additional 443,669 shares during the last quarter. Institutional investors own 95.49% of the company’s stock.
Shares of Darden Restaurants, Inc. (NYSE DRI) opened at 84.39 on Thursday. Darden Restaurants, Inc. has a one year low of $60.16 and a one year high of $95.22. The company has a market cap of $10.58 billion, a P/E ratio of 22.19 and a beta of 0.27. The company’s 50-day moving average price is $86.77 and its 200 day moving average price is $83.46.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same quarter in the previous year, the business earned $1.10 earnings per share. The company’s revenue was up 8.1% on a year-over-year basis. On average, equities research analysts anticipate that Darden Restaurants, Inc. will post $4.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were issued a $0.63 dividend. The ex-dividend date was Thursday, July 6th. This represents a $2.52 annualized dividend and a dividend yield of 2.99%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. Darden Restaurants’s payout ratio is presently 66.14%.
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A number of analysts recently weighed in on the stock. Bank of America Corporation set a $80.00 price target on shares of Darden Restaurants and gave the company a “buy” rating in a research report on Monday, June 26th. Oppenheimer Holdings, Inc. increased their price target on shares of Darden Restaurants in a research report on Monday, June 26th. Canaccord Genuity reiterated a “buy” rating and issued a $102.00 price target on shares of Darden Restaurants in a research report on Friday, June 9th. Zacks Investment Research raised Darden Restaurants from a “hold” rating to a “buy” rating and set a $100.00 target price for the company in a research note on Tuesday, July 11th. Finally, Raymond James Financial, Inc. reissued a “market perform” rating on shares of Darden Restaurants in a research note on Monday, July 24th. Two research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $84.78.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of the business’s stock in a transaction dated Thursday, June 29th. The stock was sold at an average price of $91.58, for a total transaction of $8,528,387.50. Following the completion of the sale, the insider now owns 165,062 shares of the company’s stock, valued at $15,116,377.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.63% 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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