State of New Jersey Common Pension Fund D raised its position in shares of Darden Restaurants (NYSE:DRI) by 50.0% in the first quarter, HoldingsChannel reports. The firm owned 60,000 shares of the restaurant operator’s stock after buying an additional 20,000 shares during the period. State of New Jersey Common Pension Fund D’s holdings in Darden Restaurants were worth $5,115,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Neuberger Berman Group LLC boosted its stake in Darden Restaurants by 3.7% during the 1st quarter. Neuberger Berman Group LLC now owns 33,457 shares of the restaurant operator’s stock valued at $2,852,000 after purchasing an additional 1,207 shares in the last quarter. Stevens Capital Management LP boosted its stake in Darden Restaurants by 92.0% during the 1st quarter. Stevens Capital Management LP now owns 125,064 shares of the restaurant operator’s stock valued at $10,662,000 after purchasing an additional 59,941 shares in the last quarter. Pendal Group Ltd boosted its stake in Darden Restaurants by 18,651.3% during the 1st quarter. Pendal Group Ltd now owns 186,013 shares of the restaurant operator’s stock valued at $15,858,000 after purchasing an additional 185,021 shares in the last quarter. Quantitative Systematic Strategies LLC bought a new position in Darden Restaurants during the 1st quarter valued at $306,000. Finally, Campbell & CO Investment Adviser LLC bought a new position in Darden Restaurants during the 1st quarter valued at $512,000. 89.61% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on DRI. ValuEngine lowered Darden Restaurants from a “hold” rating to a “sell” rating in a research note on Tuesday. Stifel Nicolaus reduced their price objective on Darden Restaurants from $105.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, March 23rd. BMO Capital Markets reduced their price objective on Darden Restaurants from $99.00 to $97.00 and set a “market perform” rating for the company in a research note on Thursday, March 22nd. Mizuho began coverage on Darden Restaurants in a research note on Thursday, March 15th. They set a “buy” rating and a $105.00 price objective for the company. Finally, Barclays reduced their price objective on Darden Restaurants from $116.00 to $105.00 and set an “overweight” rating for the company in a research note on Friday, March 23rd. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $98.43.
Shares of Darden Restaurants opened at $86.22 on Tuesday, MarketBeat reports. The firm has a market capitalization of $10.51 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 1.63 and a beta of 0.22. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.44. Darden Restaurants has a 12 month low of $76.27 and a 12 month high of $100.11.
Darden Restaurants (NYSE:DRI) last issued its earnings results on Thursday, March 22nd. The restaurant operator reported $1.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.64 by $0.07. The business had revenue of $2.13 billion during the quarter, compared to analysts’ expectations of $2.15 billion. Darden Restaurants had a return on equity of 28.12% and a net margin of 6.92%. Darden Restaurants’s revenue was up 13.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.32 earnings per share. analysts predict that Darden Restaurants will post 4.77 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th were given a $0.63 dividend. The ex-dividend date of this dividend was Monday, April 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.92%. Darden Restaurants’s dividend payout ratio (DPR) is presently 62.69%.
Darden Restaurants Company 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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