California State Teachers Retirement System Lowers Stake in Darden Restaurants, Inc. (DRI)

California State Teachers Retirement System lowered its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 8.2% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 208,203 shares of the restaurant operator’s stock after selling 18,489 shares during the period. California State Teachers Retirement System owned about 0.17% of Darden Restaurants worth $16,402,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Janus Henderson Group PLC raised its stake in Darden Restaurants by 3,640.4% during the second quarter. Janus Henderson Group PLC now owns 737,685 shares of the restaurant operator’s stock worth $66,717,000 after buying an additional 717,963 shares during the last quarter. APG Asset Management N.V. raised its stake in 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 worth $186,056,000 after buying an additional 604,364 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Darden Restaurants by 66.8% during the second quarter. Robeco Institutional Asset Management B.V. now owns 1,275,399 shares of the restaurant operator’s stock worth $115,348,000 after buying an additional 510,969 shares during the last quarter. BlackRock Inc. raised its stake in Darden Restaurants by 2.7% during the second quarter. BlackRock Inc. now owns 11,779,249 shares of the restaurant operator’s stock worth $1,065,316,000 after buying an additional 314,996 shares during the last quarter. Finally, Balyasny Asset Management LLC raised its stake in Darden Restaurants by 281.8% during the second quarter. Balyasny Asset Management LLC now owns 181,814 shares of the restaurant operator’s stock worth $16,443,000 after buying an additional 281,814 shares during the last quarter. 91.45% of the stock is owned by hedge funds and other institutional investors.

A number of brokerages recently weighed in on DRI. SunTrust Banks set a $104.00 target price on shares of Darden Restaurants and gave the stock a “hold” rating in a research note on Thursday. Credit Suisse Group reissued a “hold” rating and set a $95.00 target price on shares of Darden Restaurants in a research note on Friday. Stephens reissued an “equal weight” rating and set a $95.00 target price on shares of Darden Restaurants in a research note on Tuesday, September 26th. Oppenheimer reissued a “buy” rating and set a $100.00 target price on shares of Darden Restaurants in a research note on Wednesday, September 20th. Finally, Jefferies Group reissued a “hold” rating and set a $82.00 target price (down previously from $90.00) on shares of Darden Restaurants in a research note on Wednesday, September 27th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $95.32.

In other news, CFO Ricardo Cardenas sold 10,783 shares of Darden Restaurants stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $97.17, for a total transaction of $1,047,784.11. Following the completion of the transaction, the chief financial officer now directly owns 20,046 shares in the company, valued at $1,947,869.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eugene I. Lee, Jr. sold 59,783 shares of Darden Restaurants stock in a transaction dated Wednesday, January 10th. The shares were sold at an average price of $96.80, for a total transaction of $5,786,994.40. Following the transaction, the insider now owns 164,396 shares of the company’s stock, valued at $15,913,532.80. The disclosure for this sale can be found here. Insiders have sold 74,866 shares of company stock valued at $7,252,094 over the last quarter. Corporate insiders own 0.63% of the company’s stock.

Darden Restaurants, Inc. (DRI) opened at $98.02 on Friday. The stock has a market cap of $12,056.90, a PE ratio of 25.13, a PEG ratio of 1.89 and a beta of 0.20. Darden Restaurants, Inc. has a twelve month low of $71.43 and a twelve month high of $100.11. The company has a current ratio of 0.34, a quick ratio of 0.20 and a debt-to-equity ratio of 0.47.

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.57%. The ex-dividend date is Tuesday, January 9th. Darden Restaurants’s dividend payout ratio is currently 64.62%.

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Darden Restaurants 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).

Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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