Nomura Asset Management Co. Ltd. lessened its holdings in Darden Restaurants (NYSE:DRI) by 24.6% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 23,806 shares of the restaurant operator’s stock after selling 7,765 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in Darden Restaurants were worth $2,286,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Cerebellum GP LLC bought a new position in shares of Darden Restaurants in the 4th quarter worth approximately $126,000. Grove Bank & Trust raised its stake in Darden Restaurants by 155.6% during the 3rd quarter. Grove Bank & Trust now owns 1,840 shares of the restaurant operator’s stock worth $145,000 after acquiring an additional 1,120 shares during the period. Cetera Advisor Networks LLC bought a new stake in Darden Restaurants during the 4th quarter worth approximately $200,000. Texas Yale Capital Corp. bought a new stake in Darden Restaurants during the 4th quarter worth approximately $205,000. Finally, Ifrah Financial Services Inc. bought a new stake in Darden Restaurants during the 4th quarter worth approximately $208,000. Hedge funds and other institutional investors own 90.49% of the company’s stock.
Shares of DRI stock traded up $0.19 on Friday, reaching $86.86. The company’s stock had a trading volume of 1,757,619 shares, compared to its average volume of 1,861,568. Darden Restaurants has a 1 year low of $76.27 and a 1 year high of $100.11. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.25 and a current ratio of 0.39. The firm has a market cap of $10,706.67, a PE ratio of 21.61, a price-to-earnings-growth ratio of 1.66 and a beta of 0.23.
Darden Restaurants (NYSE:DRI) last posted its earnings results on Thursday, March 22nd. The restaurant operator reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.07. Darden Restaurants had a net margin of 6.92% and a return on equity of 28.12%. The firm had revenue of $2.13 billion during the quarter, compared to analyst estimates of $2.15 billion. During the same period last year, the firm posted $1.32 earnings per share. Darden Restaurants’s revenue for the quarter was up 13.3% compared to the same quarter last year. equities analysts predict that Darden Restaurants will post 4.77 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date is Monday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is presently 62.69%.
A number of equities research analysts have commented on the stock. 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, January 11th. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $111.00 target price on the stock in a research note on Monday, January 8th. Jefferies Group raised their target price on shares of Darden Restaurants from $82.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, December 20th. Mizuho assumed coverage on shares of Darden Restaurants in a research note on Thursday, March 15th. They set a “buy” rating and a $105.00 target price on the stock. Finally, Barclays restated an “overweight” rating and set a $116.00 target price (up previously from $108.00) on shares of Darden Restaurants in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and fourteen have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $98.43.
In related news, insider Eugene I. Lee, Jr. sold 59,783 shares of the firm’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $96.80, for a total value of $5,786,994.40. Following the completion of the transaction, the insider now directly owns 164,396 shares of the company’s stock, valued at $15,913,532.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Ricardo Cardenas sold 10,783 shares of Darden Restaurants stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $97.17, for a total transaction of $1,047,784.11. Following the transaction, the chief financial officer now directly owns 20,046 shares of the company’s stock, valued at $1,947,869.82. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,866 shares of company stock valued at $7,252,094. 0.63% of the stock is currently owned by insiders.
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Darden Restaurants Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of June 27, 2017, it owned and operated approximately 1,700 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V's brands.
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