First Manhattan Co. held its position in shares of Darden Restaurants, Inc. (NYSE:DRI) during the second quarter, Holdings Channel reports. The institutional investor owned 2,229 shares of the restaurant operator’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Darden Restaurants were worth $201,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Farmers & Merchants Investments Inc. increased its position in shares of Darden Restaurants by 255.5% in the second quarter. Farmers & Merchants Investments Inc. now owns 1,422 shares of the restaurant operator’s stock worth $129,000 after buying an additional 1,022 shares during the period. Huntington National Bank increased its position in shares of Darden Restaurants by 4.6% in the second quarter. Huntington National Bank now owns 1,578 shares of the restaurant operator’s stock worth $143,000 after buying an additional 70 shares during the period. Van ECK Associates Corp increased its position in shares of Darden Restaurants by 4.6% in the first quarter. Van ECK Associates Corp now owns 1,625 shares of the restaurant operator’s stock worth $136,000 after buying an additional 71 shares during the period. Ledyard National Bank increased its position in shares of Darden Restaurants by 399.4% in the first quarter. Ledyard National Bank now owns 1,638 shares of the restaurant operator’s stock worth $137,000 after buying an additional 1,310 shares during the period. Finally, Sippican Capital Advisors bought a new position in shares of Darden Restaurants during the second quarter worth $211,000. Institutional investors own 95.48% of the company’s stock.
Darden Restaurants, Inc. (DRI) opened at 82.53 on Friday. The stock has a market capitalization of $10.35 billion, a PE ratio of 21.70 and a beta of 0.27. Darden Restaurants, Inc. has a 1-year low of $60.16 and a 1-year high of $95.22. The company’s 50-day moving average is $87.54 and its 200 day moving average is $83.10.
Darden Restaurants (NYSE:DRI) last posted its earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.03. Darden Restaurants had a net margin of 6.68% and a return on equity of 26.18%. The firm had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.86 billion. During the same period in the previous year, the business posted $1.10 EPS. The business’s revenue was up 8.1% compared to the same quarter last year. Equities analysts predict that Darden Restaurants, Inc. will post $4.47 earnings per share for the current 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 is a boost from Darden Restaurants’s previous quarterly dividend of $0.56. This represents a $2.52 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Thursday, July 6th. Darden Restaurants’s payout ratio is currently 66.14%.
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A number of research analysts recently weighed in on the stock. BidaskClub downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Jefferies Group LLC increased their price objective on shares of Darden Restaurants from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, June 28th. BMO Capital Markets increased their price objective on shares of Darden Restaurants from $85.00 to $87.00 and gave the company a “market perform” rating in a research report on Friday, June 30th. Goldman Sachs Group, Inc. (The) restated a “neutral” rating and set a $87.00 price objective (up previously from $81.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Finally, J P Morgan Chase & Co restated a “neutral” rating and set a $93.00 price objective (up previously from $82.00) on shares of Darden Restaurants in a research report on Wednesday, June 28th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have issued a buy rating to the stock. Darden Restaurants has a consensus rating of “Hold” and a consensus price target of $84.78.
In related news, insider Eugene I. Lee, Jr. sold 93,125 shares of the business’s stock in a transaction on Thursday, June 29th. The shares were sold at an average price of $91.58, for a total value of $8,528,387.50. Following the completion of the transaction, the insider now directly owns 165,062 shares in the company, valued at approximately $15,116,377.96. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.68% 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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