Smith Salley & Associates decreased its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 18.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,357 shares of the restaurant operator’s stock after selling 525 shares during the period. Smith Salley & Associates’ holdings in Darden Restaurants were worth $213,000 at the end of the most recent quarter.
Several other large investors also recently bought and sold shares of DRI. Vanguard Group Inc. increased its position in shares of Darden Restaurants by 3.6% in the first quarter. Vanguard Group Inc. now owns 14,211,162 shares of the restaurant operator’s stock valued at $1,189,048,000 after buying an additional 487,366 shares in the last quarter. 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 valued at $959,215,000 after buying an additional 11,220,403 shares during the period. American International Group Inc. increased its position 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. Ameriprise Financial Inc. increased its position in Darden Restaurants by 3.0% in the first quarter. Ameriprise Financial Inc. now owns 3,734,166 shares of the restaurant operator’s stock valued at $312,519,000 after buying an additional 110,515 shares during the period. Finally, 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 valued at $270,196,000 after buying an additional 894,403 shares during the period. Hedge funds and other institutional investors own 95.48% of the company’s stock.
Darden Restaurants, Inc. (NYSE:DRI) traded down 2.32% during trading on Tuesday, reaching $81.83. 2,403,273 shares of the company’s stock traded hands. 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 of $88.32 and a 200 day moving average of $82.83. The stock has a market capitalization of $10.26 billion, a P/E ratio of 21.52 and a beta of 0.27.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.03. The company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.86 billion. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. Darden Restaurants’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the prior year, the business earned $1.10 earnings per share. On average, equities research analysts expect that Darden Restaurants, Inc. will post $4.47 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 3.08%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Thursday, July 6th. Darden Restaurants’s dividend payout ratio is presently 66.14%.
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A number of brokerages recently commented on DRI. BidaskClub lowered shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Raymond James Financial, Inc. reaffirmed a “market perform” rating on shares of Darden Restaurants in a research report on Monday, July 24th. Zacks Investment Research downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Bank of America Corporation increased their price objective on shares of Darden Restaurants from $80.00 to $85.00 and gave the company an “underperform” rating in a research note on Friday, June 30th. Finally, BMO Capital Markets lifted their price objective on shares of Darden Restaurants from $85.00 to $87.00 and gave the stock a “market perform” rating in a research note on Friday, June 30th. Two investment 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 an average price target of $84.78.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of the stock in a transaction on 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 $15,116,377.96. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.69% of the company’s stock.
Darden Restaurants Company 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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