Fmr LLC Has $74 Million Stake in Darden Restaurants, Inc. (NYSE:DRI)

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FMR LLC lifted its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 15.2% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 691,196 shares of the restaurant operator’s stock after buying an additional 90,947 shares during the period. FMR LLC owned about 0.56% of Darden Restaurants worth $74,000,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Lord Abbett & CO. LLC bought a new stake in shares of Darden Restaurants in the 1st quarter valued at about $43,827,000. BlackRock Inc. grew its position in shares of Darden Restaurants by 3.8% in the 2nd quarter. BlackRock Inc. now owns 11,054,427 shares of the restaurant operator’s stock valued at $1,183,487,000 after buying an additional 401,736 shares during the last quarter. Millennium Management LLC grew its position in shares of Darden Restaurants by 1,999.7% in the 1st quarter. Millennium Management LLC now owns 329,425 shares of the restaurant operator’s stock valued at $28,083,000 after buying an additional 313,736 shares during the last quarter. Scout Investments Inc. grew its position in shares of Darden Restaurants by 313.6% in the 2nd quarter. Scout Investments Inc. now owns 384,192 shares of the restaurant operator’s stock valued at $41,132,000 after buying an additional 291,302 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in shares of Darden Restaurants by 12.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,621,385 shares of the restaurant operator’s stock valued at $280,646,000 after buying an additional 288,019 shares during the last quarter. 89.50% of the stock is owned by institutional investors.

DRI stock traded up $2.71 during trading on Friday, reaching $106.76. 1,669,483 shares of the stock were exchanged, compared to its average volume of 1,525,153. Darden Restaurants, Inc. has a twelve month low of $78.83 and a twelve month high of $124.00. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.26 and a current ratio of 0.41. The company has a market cap of $13.74 billion, a P/E ratio of 22.20, a price-to-earnings-growth ratio of 2.11 and a beta of 0.17.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. The business had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.03 billion. Darden Restaurants had a return on equity of 30.32% and a net margin of 7.84%. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.99 EPS. Equities analysts predict that Darden Restaurants, Inc. will post 5.63 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 2.81%. The ex-dividend date is Tuesday, October 9th. Darden Restaurants’s dividend payout ratio (DPR) is presently 26.20%.

A number of equities research analysts have commented on the company. Zacks Investment Research upgraded Darden Restaurants from a “hold” rating to a “buy” rating and set a $121.00 price target on the stock in a research report on Friday, October 5th. Citigroup cut their target price on Darden Restaurants from $128.00 to $125.00 and set a “buy” rating on the stock in a research report on Thursday, October 4th. BMO Capital Markets lowered Darden Restaurants from a “market perform” rating to an “underperform” rating and cut their target price for the company from $105.00 to $96.00 in a research report on Monday, September 24th. SunTrust Banks upped their target price on Darden Restaurants to $137.00 and gave the company a “buy” rating in a research report on Friday, September 21st. Finally, Canaccord Genuity upped their target price on Darden Restaurants from $120.00 to $125.00 and gave the company a “buy” rating in a research report on Friday, September 21st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. Darden Restaurants currently has a consensus rating of “Buy” and a consensus target price of $119.65.

In other news, SVP Douglas J. Milanes sold 2,186 shares of the stock in a transaction that occurred on Monday, July 23rd. The stock was sold at an average price of $111.06, for a total value of $242,777.16. Following the completion of the sale, the senior vice president now directly owns 792 shares of the company’s stock, valued at $87,959.52. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Eugene I. Lee, Jr. sold 60,688 shares of the stock in a transaction that occurred on Wednesday, September 26th. The stock was sold at an average price of $112.63, for a total value of $6,835,289.44. Following the completion of the sale, the insider now directly owns 147,561 shares of the company’s stock, valued at $16,619,795.43. The disclosure for this sale can be found here. Over the last three months, insiders sold 118,545 shares of company stock valued at $13,103,896. Company insiders own 0.65% of the company’s stock.

Darden Restaurants Company Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

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

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