Darden Restaurants Inc. (NYSE:DRI) declared a quarterly dividend on Thursday, September 29th. Shareholders of record on Monday, October 10th will be given a dividend of 0.56 per share by the restaurant operator on Tuesday, November 1st. This represents a $2.24 dividend on an annualized basis and a dividend yield of 3.65%. The ex-dividend date is Wednesday, October 5th.
Darden Restaurants (NYSE:DRI) opened at 61.36 on Tuesday. The stock has a market cap of $7.74 billion, a PE ratio of 21.17 and a beta of 0.41. The firm has a 50 day moving average of $62.00 and a 200-day moving average of $63.88. Darden Restaurants has a 52-week low of $53.38 and a 52-week high of $68.83.
In other Darden Restaurants news, Director James P. Fogarty bought 3,000 shares of the business’s stock in a transaction on Thursday, July 7th. The shares were acquired at an average price of $61.70 per share, with a total value of $185,100.00. Following the transaction, the director now owns 7,890 shares of the company’s stock, valued at approximately $486,813. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.69% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. WBI Investments Inc. acquired a new position in Darden Restaurants during the second quarter worth approximately $57,165,000. BlackRock Fund Advisors increased its position in shares of Darden Restaurants by 12.2% in the second quarter. BlackRock Fund Advisors now owns 4,646,824 shares of the restaurant operator’s stock worth $294,330,000 after buying an additional 505,377 shares during the last quarter. Korea Investment CORP increased its position in shares of Darden Restaurants by 1,228.0% in the second quarter. Korea Investment CORP now owns 413,000 shares of the restaurant operator’s stock worth $26,159,000 after buying an additional 381,900 shares during the last quarter. Bessemer Group Inc. increased its position in shares of Darden Restaurants by 35.3% in the second quarter. Bessemer Group Inc. now owns 915,255 shares of the restaurant operator’s stock worth $57,972,000 after buying an additional 238,946 shares during the last quarter. Finally, APG Asset Management N.V. increased its position in shares of Darden Restaurants by 22.5% in the second quarter. APG Asset Management N.V. now owns 1,290,776 shares of the restaurant operator’s stock worth $81,758,000 after buying an additional 237,000 shares during the last quarter. 94.57% of the stock is currently owned by institutional investors and hedge funds.
Several research firms recently weighed in on DRI. Zacks Investment Research raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $76.00 target price for the company in a research note on Wednesday, June 15th. Tigress Financial raised shares of Darden Restaurants from a “neutral” rating to a “buy” rating in a research note on Thursday, June 23rd. Robert W. Baird reaffirmed a “neutral” rating and set a $70.00 target price on shares of Darden Restaurants in a research note on Tuesday, June 28th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $70.00 target price on shares of Darden Restaurants in a research note on Tuesday, June 28th. Finally, Oppenheimer Holdings Inc. reaffirmed an “outperform” rating and set a $70.00 target price on shares of Darden Restaurants in a research note on Tuesday, June 28th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $70.63.
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).
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