Hennessy Advisors Inc. cut its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 7.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 26,500 shares of the restaurant operator’s stock after selling 2,000 shares during the quarter. Hennessy Advisors Inc.’s holdings in Darden Restaurants were worth $2,397,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the company. Honkamp Krueger Financial Services Inc. increased its holdings in shares of Darden Restaurants by 0.3% during the second quarter. Honkamp Krueger Financial Services Inc. now owns 2,788 shares of the restaurant operator’s stock valued at $252,000 after acquiring an additional 9 shares in the last quarter. Wedbush Securities Inc. boosted its position in shares of Darden Restaurants by 0.4% during the first quarter. Wedbush Securities Inc. now owns 3,180 shares of the restaurant operator’s stock valued at $266,000 after buying an additional 13 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in shares of Darden Restaurants by 0.3% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 9,238 shares of the restaurant operator’s stock valued at $835,000 after buying an additional 28 shares during the last quarter. Farmers & Merchants Trust Co of Chambersburg PA boosted its position in shares of Darden Restaurants by 0.3% during the second quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 9,630 shares of the restaurant operator’s stock valued at $871,000 after buying an additional 30 shares during the last quarter. Finally, Ronald Blue & Co. LLC boosted its position in shares of Darden Restaurants by 1.0% during the second quarter. Ronald Blue & Co. LLC now owns 3,106 shares of the restaurant operator’s stock valued at $281,000 after buying an additional 30 shares during the last quarter. Hedge funds and other institutional investors own 88.76% of the company’s stock.

Shares of Darden Restaurants, Inc. (DRI) opened at 78.55 on Monday. The firm has a market cap of $9.85 billion, a PE ratio of 20.65 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 company has a 50 day moving average price of $83.29 and a 200 day moving average price of $84.32.

Darden Restaurants (NYSE:DRI) last posted its earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.86 billion. During the same quarter in the prior year, the company earned $1.10 EPS. Darden Restaurants’s revenue was up 8.1% on a year-over-year basis. On average, analysts forecast that Darden Restaurants, Inc. will post $4.47 earnings per share for the current fiscal year.

In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of the company’s stock in a transaction that occurred on Thursday, June 29th. The stock was sold at an average price of $91.58, for a total value of $8,528,387.50. Following the sale, the insider now owns 165,062 shares of the company’s stock, valued at approximately $15,116,377.96. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.63% of the stock is currently owned by corporate insiders.

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Several research analysts have issued reports on DRI shares. Zacks Investment Research cut Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. ValuEngine raised Darden Restaurants from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Oppenheimer Holdings, Inc. lifted their target price on Darden Restaurants in a research note on Monday, June 26th. Robert W. Baird reissued a “neutral” rating and set a $90.00 target price (up previously from $85.00) on shares of Darden Restaurants in a research note on Monday, June 19th. Finally, BidaskClub downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Monday, July 31st. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $85.18.

Darden Restaurants 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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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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