Xact Kapitalforvaltning AB decreased its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 20.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,018 shares of the restaurant operator’s stock after selling 2,545 shares during the quarter. Xact Kapitalforvaltning AB’s holdings in Darden Restaurants were worth $1,114,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in DRI. Moneta Group Investment Advisors LLC grew its stake in Darden Restaurants by 92.9% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,640 shares of the restaurant operator’s stock valued at $176,000 after buying an additional 790 shares during the last quarter. Doyle Wealth Management acquired a new position in Darden Restaurants in the 2nd quarter valued at $202,000. Summit Securities Group LLC acquired a new position in Darden Restaurants in the 2nd quarter valued at $203,000. Dumont & Blake Investment Advisors LLC acquired a new position in Darden Restaurants in the 3rd quarter valued at $203,000. Finally, Pillar Pacific Capital Management LLC acquired a new position in Darden Restaurants in the 2nd quarter valued at $204,000. Institutional investors own 89.43% of the company’s stock.
In related news, insider Eugene I. Lee, Jr. sold 60,688 shares of Darden Restaurants stock in a transaction dated 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 completion of the transaction, the insider now directly owns 147,561 shares of the company’s stock, valued at approximately $16,619,795.43. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO David C. George sold 55,671 shares of Darden Restaurants stock in a transaction dated 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 of the company’s stock, valued at $10,308,344.64. The disclosure for this sale can be found here. 0.65% of the stock is currently owned by company insiders.
A number of research firms recently issued reports on DRI. Piper Jaffray Companies reiterated an “overweight” rating and issued a $120.00 target price on shares of Darden Restaurants in a research note on Monday, July 23rd. Gordon Haskett began coverage on shares of Darden Restaurants in a research note on Thursday, October 18th. They issued an “underperform” rating and a $94.00 target price on the stock. Robert W. Baird lowered shares of Darden Restaurants from an “outperform” rating to a “neutral” rating in a research note on Monday, September 10th. SunTrust Banks raised their target price on shares of Darden Restaurants to $137.00 and gave the company a “buy” rating in a research note on Friday, September 21st. Finally, Loop Capital began coverage on shares of Darden Restaurants in a research note on Wednesday, October 24th. They issued a “buy” rating and a $130.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $119.04.
Shares of Darden Restaurants stock opened at $105.30 on Monday. The company has a quick ratio of 0.26, a current ratio of 0.41 and a debt-to-equity ratio of 0.41. Darden Restaurants, Inc. has a fifty-two week low of $79.18 and a fifty-two week high of $124.00. The firm has a market capitalization of $13.07 billion, a price-to-earnings ratio of 21.89, a P/E/G ratio of 2.00 and a beta of 0.17.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.24 by $0.10. The firm had revenue of $2.06 billion during 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 business’s revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.99 EPS. On average, equities research analysts expect that Darden Restaurants, Inc. will post 5.62 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th were issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date of this dividend was Tuesday, October 9th. Darden Restaurants’s payout ratio is 26.20%.
Darden Restaurants Company 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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