Nomura Asset Management Co. Ltd. cut its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 18.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 31,571 shares of the restaurant operator’s stock after selling 7,287 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Darden Restaurants were worth $2,486,000 at the end of the most recent quarter.
Several other institutional investors also recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Darden Restaurants by 2.7% during the second quarter. BlackRock Inc. now owns 11,779,249 shares of the restaurant operator’s stock valued at $1,065,316,000 after buying an additional 314,996 shares in the last quarter. State Street Corp grew its holdings in shares of Darden Restaurants by 0.3% during the second quarter. State Street Corp now owns 5,479,782 shares of the restaurant operator’s stock valued at $495,583,000 after buying an additional 14,883 shares in the last quarter. Wells Fargo & Company MN grew its holdings in shares of Darden Restaurants by 2.2% during the third quarter. Wells Fargo & Company MN now owns 3,317,326 shares of the restaurant operator’s stock valued at $261,339,000 after buying an additional 72,824 shares in the last quarter. APG Asset Management N.V. grew its holdings in shares of Darden Restaurants by 34.4% during the third quarter. APG Asset Management N.V. now owns 2,361,712 shares of the restaurant operator’s stock valued at $186,056,000 after buying an additional 604,364 shares in the last quarter. Finally, HS Management Partners LLC purchased a new position in shares of Darden Restaurants during the third quarter valued at $157,044,000. 91.94% of the stock is currently owned by institutional investors.
A number of research analysts have recently weighed in on DRI shares. Credit Suisse Group lowered their price target on Darden Restaurants from $85.00 to $82.00 and set a “neutral” rating on the stock in a report on Wednesday, September 27th. SunTrust Banks set a $94.00 price target on Darden Restaurants and gave the company a “hold” rating in a report on Monday. Stifel Nicolaus started coverage on Darden Restaurants in a report on Monday, October 2nd. They set a “buy” rating and a $92.00 price target on the stock. Maxim Group reiterated a “hold” rating and set a $90.00 price target on shares of Darden Restaurants in a report on Thursday, September 21st. Finally, Robert W. Baird reiterated a “hold” rating and set a $94.00 price target on shares of Darden Restaurants in a report on Tuesday, September 19th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $88.73.
Shares of Darden Restaurants, Inc. (NYSE:DRI) traded up $0.14 during midday trading on Tuesday, reaching $86.55. The company’s stock had a trading volume of 2,067,200 shares, compared to its average volume of 1,602,675. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.45. Darden Restaurants, Inc. has a 1 year low of $71.01 and a 1 year high of $95.22. The stock has a market capitalization of $10,686.61, a P/E ratio of 20.92, a P/E/G ratio of 1.89 and a beta of 0.22.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.99. The company had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.93 billion. Darden Restaurants had a return on equity of 26.06% and a net margin of 6.60%. The firm’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.88 EPS. equities research analysts forecast that Darden Restaurants, Inc. will post 4.43 EPS for the current fiscal year.
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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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