Alpine Global Management LLC bought a new position in Darden Restaurants, Inc. (NYSE:DRI) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 7,782 shares of the restaurant operator’s stock, valued at approximately $848,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Darden Restaurants by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 14,961,350 shares of the restaurant operator’s stock worth $1,821,245,000 after acquiring an additional 559,649 shares during the last quarter. BlackRock Inc. grew its position in Darden Restaurants by 23.3% during the 2nd quarter. BlackRock Inc. now owns 13,792,587 shares of the restaurant operator’s stock worth $1,678,972,000 after acquiring an additional 2,605,688 shares during the last quarter. State Street Corp grew its position in Darden Restaurants by 0.6% during the 3rd quarter. State Street Corp now owns 5,852,155 shares of the restaurant operator’s stock worth $691,842,000 after acquiring an additional 32,745 shares during the last quarter. Bank of America Corp DE grew its position in Darden Restaurants by 2.9% during the 2nd quarter. Bank of America Corp DE now owns 4,926,013 shares of the restaurant operator’s stock worth $599,643,000 after acquiring an additional 139,204 shares during the last quarter. Finally, Victory Capital Management Inc. grew its position in Darden Restaurants by 12.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,908,120 shares of the restaurant operator’s stock worth $232,275,000 after acquiring an additional 217,841 shares during the last quarter. 90.12% of the stock is owned by institutional investors and hedge funds.
In other news, SVP Douglas J. Milanes sold 791 shares of the firm’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $113.32, for a total value of $89,636.12. Following the transaction, the senior vice president now directly owns 6,002 shares in the company, valued at approximately $680,146.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles M. Sonsteby purchased 1,500 shares of Darden Restaurants stock in a transaction dated Tuesday, December 31st. The stock was bought at an average price of $112.26 per share, for a total transaction of $168,390.00. 0.47% of the stock is currently owned by company insiders.
Shares of DRI opened at $113.01 on Friday. The firm has a market capitalization of $13.76 billion, a price-to-earnings ratio of 19.42, a PEG ratio of 1.93 and a beta of 0.31. The company has a debt-to-equity ratio of 2.30, a quick ratio of 0.21 and a current ratio of 0.34. The business’s fifty day moving average price is $113.89 and its two-hundred day moving average price is $117.43. Darden Restaurants, Inc. has a 52 week low of $104.25 and a 52 week high of $128.41.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Thursday, December 19th. The restaurant operator reported $1.12 EPS for the quarter, beating the Zacks’ consensus estimate of $1.07 by $0.05. The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.06 billion. Darden Restaurants had a return on equity of 32.25% and a net margin of 7.23%. The business’s quarterly revenue was up 4.2% compared to the same quarter last year. During the same period last year, the company earned $0.92 EPS. As a group, research analysts forecast that Darden Restaurants, Inc. will post 6.38 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a $0.88 dividend. The ex-dividend date of this dividend is Thursday, January 9th. This represents a $3.52 dividend on an annualized basis and a yield of 3.11%. Darden Restaurants’s payout ratio is 60.48%.
A number of equities research analysts recently commented on DRI shares. Deutsche Bank decreased their price target on Darden Restaurants from $123.00 to $118.00 and set a “hold” rating on the stock in a research report on Friday, December 20th. Stephens decreased their price target on Darden Restaurants from $125.00 to $115.00 and set an “equal weight” rating on the stock in a research report on Friday, December 20th. Royal Bank of Canada started coverage on Darden Restaurants in a research report on Tuesday, December 10th. They set an “outperform” rating and a $135.00 price target on the stock. Barclays decreased their price target on Darden Restaurants from $130.00 to $126.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Finally, Wedbush restated a “hold” rating and set a $125.00 price target on shares of Darden Restaurants in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $127.62.
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.
Further Reading: Correction
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