OppenheimerFunds Inc. grew its holdings in shares of Darden Restaurants (NYSE:DRI) by 11.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,080 shares of the restaurant operator’s stock after purchasing an additional 1,325 shares during the period. OppenheimerFunds Inc.’s holdings in Darden Restaurants were worth $1,256,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of DRI. Cerebellum GP LLC purchased a new stake in Darden Restaurants during the fourth quarter worth about $126,000. Grove Bank & Trust increased its stake in Darden Restaurants by 155.6% during the third quarter. Grove Bank & Trust now owns 1,840 shares of the restaurant operator’s stock worth $145,000 after purchasing an additional 1,120 shares during the period. Cetera Advisor Networks LLC purchased a new stake in Darden Restaurants during the fourth quarter worth about $200,000. Texas Yale Capital Corp. purchased a new stake in Darden Restaurants during the fourth quarter worth about $205,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Darden Restaurants during the third quarter worth about $208,000. Institutional investors own 90.49% of the company’s stock.
A number of brokerages have issued reports on DRI. UBS upgraded shares of Darden Restaurants from a “market perform” rating to an “outperform” rating in a research note on Monday. BMO Capital Markets cut their price target on shares of Darden Restaurants from $99.00 to $97.00 and set a “market perform” rating on the stock in a research note on Thursday, March 22nd. Deutsche Bank cut their price target on shares of Darden Restaurants from $99.00 to $96.00 and set a “hold” rating on the stock in a research note on Friday, March 23rd. Stifel Nicolaus cut their price target on shares of Darden Restaurants from $105.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, March 23rd. Finally, Barclays cut their price target on shares of Darden Restaurants from $116.00 to $105.00 and set an “overweight” rating on the stock in a research note on Friday, March 23rd. One investment analyst has rated the stock with a sell rating, thirteen have assigned a hold rating and fourteen have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $98.43.
In related news, insider Eugene I. Lee, Jr. sold 59,783 shares of the company’s stock in a transaction that occurred on Wednesday, January 10th. The stock was 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Douglas J. Milanes sold 4,300 shares of the stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $97.05, for a total value of $417,315.00. Following the completion of the sale, the senior vice president now directly owns 7,513 shares of the company’s stock, valued at $729,136.65. The disclosure for this sale can be found here. Insiders sold 74,866 shares of company stock valued at $7,252,094 over the last ninety days. 0.63% of the stock is currently owned by corporate insiders.
DRI 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 1,623,785. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $10,727.67, a price-to-earnings ratio of 21.61, a price-to-earnings-growth ratio of 1.67 and a beta of 0.23. Darden Restaurants has a fifty-two week low of $76.27 and a fifty-two week high of $100.11.
Darden Restaurants (NYSE:DRI) last announced its quarterly earnings results on Thursday, March 22nd. The restaurant operator reported $1.71 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.64 by $0.07. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.15 billion. Darden Restaurants had a return on equity of 28.12% and a net margin of 6.92%. The firm’s quarterly revenue was up 13.3% compared to the same quarter last year. During the same period in the prior year, the company posted $1.32 earnings per share. equities analysts anticipate that Darden Restaurants will post 4.77 EPS for the current fiscal year.
The firm also recently declared 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 yield of 2.90%. The ex-dividend date is Monday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is 62.69%.
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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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