USS Investment Management Ltd Decreases Position in Darden Restaurants, Inc. (DRI)
USS Investment Management Ltd reduced its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 3.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,500 shares of the restaurant operator’s stock after selling 2,500 shares during the period. USS Investment Management Ltd owned about 0.06% of Darden Restaurants worth $6,829,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of DRI. American International Group Inc. raised its stake in Darden Restaurants by 1.3% in the first quarter. American International Group Inc. now owns 6,198,698 shares of the restaurant operator’s stock valued at $518,645,000 after buying an additional 77,248 shares during the period. BlackRock Inc. raised its stake 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 valued at $959,215,000 after buying an additional 11,220,403 shares during the period. Wedbush Securities Inc. raised its stake in Darden Restaurants by 0.5% in the second quarter. Wedbush Securities Inc. now owns 3,195 shares of the restaurant operator’s stock valued at $289,000 after buying an additional 15 shares during the period. Karp Capital Management Corp acquired a new stake in Darden Restaurants during the first quarter valued at about $11,342,000. Finally, Cornerstone Capital Management Holdings LLC. raised its stake in Darden Restaurants by 982.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 449,559 shares of the restaurant operator’s stock valued at $37,613,000 after buying an additional 408,013 shares during the period. 95.49% of the stock is currently owned by institutional investors.
Shares of Darden Restaurants, Inc. (NYSE DRI) opened at 83.68 on Friday. The stock has a market cap of $10.49 billion, a PE ratio of 22.00 and a beta of 0.27. Darden Restaurants, Inc. has a 12 month low of $60.16 and a 12 month high of $95.22. The firm’s 50-day moving average is $85.54 and its 200 day moving average is $83.95.
Darden Restaurants (NYSE:DRI) last announced its earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. Darden Restaurants had a return on equity of 24.69% and a net margin of 6.48%. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period last year, the business posted $1.10 EPS. Darden Restaurants’s revenue for the quarter was up 8.1% on a year-over-year basis. On average, equities analysts predict that Darden Restaurants, Inc. will post $4.47 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 3.01%. This is a boost from Darden Restaurants’s previous quarterly dividend of $0.56. The ex-dividend date was Thursday, July 6th. Darden Restaurants’s dividend payout ratio (DPR) is 66.14%.
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A number of analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday, June 23rd. Oppenheimer Holdings, Inc. upped their target price on shares of Darden Restaurants in a report on Monday, June 26th. Robert W. Baird reaffirmed a “neutral” rating and set a $90.00 target price (up previously from $85.00) on shares of Darden Restaurants in a report on Monday, June 19th. BidaskClub lowered shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Finally, Canaccord Genuity reaffirmed a “buy” rating and set a $102.00 target price on shares of Darden Restaurants in a report on Friday, June 9th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and five have assigned a buy rating to the company. Darden Restaurants presently has an average rating of “Hold” and an average target price of $85.18.
In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of the firm’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 transaction, the insider now directly owns 165,062 shares in the company, valued at approximately $15,116,377.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company 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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