Systematic Financial Management LP Acquires Shares of 179,145 Darden Restaurants, Inc. (DRI)
Systematic Financial Management LP acquired a new stake in Darden Restaurants, Inc. (NYSE:DRI) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 179,145 shares of the restaurant operator’s stock, valued at approximately $17,202,000.
Other hedge funds have also added to or reduced their stakes in the company. Moisand Fitzgerald Tamayo LLC acquired a new stake in shares of Darden Restaurants in the 3rd quarter valued at $115,000. Cerebellum GP LLC acquired a new stake in shares of Darden Restaurants in the 4th quarter valued at $126,000. Grove Bank & Trust lifted its stake in shares of Darden Restaurants by 155.6% in the 3rd quarter. Grove Bank & Trust now owns 1,840 shares of the restaurant operator’s stock valued at $145,000 after purchasing an additional 1,120 shares during the last quarter. Cetera Advisor Networks LLC acquired a new stake in shares of Darden Restaurants in the 4th quarter valued at $200,000. Finally, Texas Yale Capital Corp. acquired a new stake in shares of Darden Restaurants in the 4th quarter valued at $205,000. 85.05% of the stock is owned by institutional investors and hedge funds.
Several research firms recently issued reports on DRI. Barclays reaffirmed an “overweight” rating and issued a $116.00 price objective (up previously from $108.00) on shares of Darden Restaurants in a research note on Tuesday, January 16th. BMO Capital Markets set a $99.00 price objective on shares of Darden Restaurants and gave the company a “hold” rating in a research note on Friday, January 12th. Credit Suisse Group reaffirmed a “hold” rating and issued a $95.00 price objective on shares of Darden Restaurants in a research note on Friday, January 12th. SunTrust Banks set a $104.00 price objective on shares of Darden Restaurants and gave the company a “hold” rating in a research note on Thursday, January 11th. Finally, Maxim Group reissued a “buy” rating and set a $112.00 target price (up previously from $103.00) on shares of Darden Restaurants in a research report on Tuesday, January 9th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and ten have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $96.95.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Tuesday, December 19th. The restaurant operator reported $0.73 EPS for the quarter, beating the Zacks’ consensus estimate of $0.70 by $0.03. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.85 billion. Darden Restaurants had a net margin of 6.46% and a return on equity of 26.24%. sell-side analysts forecast that Darden Restaurants, Inc. will post 4.76 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were given a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.66%. The ex-dividend date was Tuesday, January 9th. Darden Restaurants’s dividend payout ratio is currently 64.62%.
In other news, CFO Ricardo Cardenas sold 10,783 shares of the company’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $97.17, for a total transaction of $1,047,784.11. Following the completion of the transaction, the chief financial officer now owns 20,046 shares of the company’s stock, valued at $1,947,869.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eugene I. Lee, Jr. sold 59,783 shares of the company’s stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $96.80, for a total transaction of $5,786,994.40. Following the transaction, the insider now directly owns 164,396 shares of the company’s stock, valued at approximately $15,913,532.80. The disclosure for this sale can be found here. Insiders have sold 74,866 shares of company stock valued at $7,252,094 in the last ninety days. 0.63% of the stock is owned by company insiders.
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).
Want to see what other hedge funds are holding DRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Darden Restaurants, Inc. (NYSE:DRI).
Receive News & Ratings for Darden Restaurants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Darden Restaurants and related companies with MarketBeat.com's FREE daily email newsletter.