Moody National Bank Trust Division raised its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 893.6% in the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 111,597 shares of the restaurant operator’s stock after purchasing an additional 100,365 shares during the quarter. Moody National Bank Trust Division owned 0.09% of Darden Restaurants worth $12,409,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Schroder Investment Management Group increased its stake in Darden Restaurants by 94.3% during the 2nd quarter. Schroder Investment Management Group now owns 175,802 shares of the restaurant operator’s stock valued at $18,987,000 after purchasing an additional 85,321 shares in the last quarter. Millennium Management LLC grew its stake in shares of Darden Restaurants by 290.8% in the second quarter. Millennium Management LLC now owns 1,287,465 shares of the restaurant operator’s stock worth $137,836,000 after acquiring an additional 958,040 shares during the period. Carillon Tower Advisers Inc. grew its stake in shares of Darden Restaurants by 339.4% in the second quarter. Carillon Tower Advisers Inc. now owns 246,050 shares of the restaurant operator’s stock worth $26,342,000 after acquiring an additional 190,050 shares during the period. Gradient Investments LLC grew its stake in shares of Darden Restaurants by 4.7% in the second quarter. Gradient Investments LLC now owns 98,594 shares of the restaurant operator’s stock worth $10,556,000 after acquiring an additional 4,393 shares during the period. Finally, Raymond James & Associates grew its stake in shares of Darden Restaurants by 200.7% in the second quarter. Raymond James & Associates now owns 76,117 shares of the restaurant operator’s stock worth $8,149,000 after acquiring an additional 50,806 shares during the period. Institutional investors and hedge funds own 89.28% of the company’s stock.
DRI opened at $105.92 on Thursday. The company has a current ratio of 0.41, a quick ratio of 0.26 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $13.41 billion, a P/E ratio of 22.02, a price-to-earnings-growth ratio of 2.06 and a beta of 0.17. Darden Restaurants, Inc. has a 12-month low of $79.18 and a 12-month high of $124.00.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. The company had revenue of $2.06 billion for the quarter, compared to the consensus estimate of $2.03 billion. Darden Restaurants had a net margin of 7.84% and a return on equity of 30.32%. The firm’s revenue was up 6.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.99 earnings per share. On average, equities research analysts predict that Darden Restaurants, Inc. will post 5.62 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Tuesday, October 9th. Darden Restaurants’s payout ratio is 26.20%.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 60,688 shares of Darden Restaurants stock in a transaction that occurred on Wednesday, September 26th. The shares were sold at an average price of $112.63, for a total transaction of $6,835,289.44. Following the transaction, the insider now owns 147,561 shares of the company’s stock, valued at $16,619,795.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO David C. George sold 55,671 shares of Darden Restaurants stock in a transaction that occurred on Thursday, October 4th. The shares were sold at an average price of $108.24, for a total transaction of $6,025,829.04. Following the transaction, the chief operating officer now directly owns 95,236 shares in the company, valued at approximately $10,308,344.64. The disclosure for this sale can be found here. Company insiders own 0.65% of the company’s stock.
A number of analysts have recently commented on DRI shares. Maxim Group reiterated a “hold” rating and issued a $112.00 price target on shares of Darden Restaurants in a research note on Thursday, September 20th. BMO Capital Markets lowered shares of Darden Restaurants from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $105.00 to $96.00 in a research note on Monday, September 24th. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $126.00 price target for the company in a research note on Monday, July 16th. Barclays lifted their price target on shares of Darden Restaurants from $117.00 to $121.00 and gave the stock a “$112.15” rating in a research note on Wednesday, July 18th. Finally, Stifel Nicolaus lifted their price target on shares of Darden Restaurants from $115.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, September 5th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have assigned a buy rating to the stock. Darden Restaurants currently has a consensus rating of “Buy” and a consensus price target of $119.04.
Darden Restaurants Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.
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