First Citizens Bank & Trust Co. raised its stake in shares of Darden Restaurants Inc. (NYSE:DRI) by 3.9% during the second quarter, Holdings Channel reports. The firm owned 155,031 shares of the restaurant operator’s stock after buying an additional 5,847 shares during the period. First Citizens Bank & Trust Co.’s holdings in Darden Restaurants were worth $9,820,000 as of its most recent filing with the SEC.
Other institutional investors have also modified their holdings of the company. State Street Corp increased its stake in Darden Restaurants by 0.6% in the first quarter. State Street Corp now owns 5,228,348 shares of the restaurant operator’s stock valued at $346,649,000 after buying an additional 32,258 shares in the last quarter. BlackRock Institutional Trust Company N.A. increased its stake in Darden Restaurants by 0.4% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 3,379,482 shares of the restaurant operator’s stock valued at $224,060,000 after buying an additional 14,628 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Darden Restaurants by 19.5% in the first quarter. JPMorgan Chase & Co. now owns 1,790,033 shares of the restaurant operator’s stock valued at $118,681,000 after buying an additional 292,221 shares in the last quarter. American Century Companies Inc. increased its stake in Darden Restaurants by 2.7% in the second quarter. American Century Companies Inc. now owns 1,396,798 shares of the restaurant operator’s stock valued at $88,473,000 after buying an additional 36,641 shares in the last quarter. Finally, BlackRock Group LTD increased its stake in Darden Restaurants by 5.2% in the first quarter. BlackRock Group LTD now owns 1,233,733 shares of the restaurant operator’s stock valued at $81,798,000 after buying an additional 60,947 shares in the last quarter. 94.57% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Darden Restaurants Inc. (NYSE:DRI) traded up 1.02% on Friday, hitting $61.57. The stock had a trading volume of 1,243,995 shares. The stock has a 50 day moving average of $61.92 and a 200-day moving average of $63.81. The stock has a market cap of $7.69 billion, a PE ratio of 19.88 and a beta of 0.41. Darden Restaurants Inc. has a 12 month low of $53.38 and a 12 month high of $68.68.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Tuesday, October 4th. The restaurant operator reported $0.88 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.82 by $0.06. Darden Restaurants had a return on equity of 24.97% and a net margin of 5.73%. The company earned $1.71 billion during the quarter. During the same period in the previous year, the firm earned $0.68 EPS. The business’s revenue was up 1.6% on a year-over-year basis. Equities research analysts anticipate that Darden Restaurants Inc. will post $3.92 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 10th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 3.68%. The ex-dividend date of this dividend is Wednesday, October 5th. Darden Restaurants’s payout ratio is currently 72.03%.
DRI has been the subject of several recent research reports. Deutsche Bank AG restated a “buy” rating and set a $76.00 price objective on shares of Darden Restaurants in a report on Tuesday, July 5th. BMO Capital Markets restated a “market perform” rating and set a $64.00 price objective (down previously from $66.00) on shares of Darden Restaurants in a report on Tuesday, July 5th. SunTrust Banks Inc. decreased their price objective on Darden Restaurants from $70.00 to $67.00 and set a “neutral” rating for the company in a report on Wednesday. Stifel Nicolaus downgraded Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 price objective for the company. in a report on Tuesday, July 26th. Finally, Zacks Investment Research upgraded Darden Restaurants from a “hold” rating to a “buy” rating and set a $76.00 price objective for the company in a report on Wednesday, June 15th. Three analysts have rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the company. Darden Restaurants presently has an average rating of “Hold” and an average price target of $69.89.
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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