British Airways Pensions Investment Management Ltd lessened its position in Darden Restaurants, Inc. (NYSE:DRI) by 3.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 149,258 shares of the restaurant operator’s stock after selling 4,832 shares during the quarter. British Airways Pensions Investment Management Ltd’s holdings in Darden Restaurants were worth $16,593,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. Virginia Retirement Systems ET AL raised its holdings in Darden Restaurants by 16.7% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 147,000 shares of the restaurant operator’s stock worth $16,345,000 after acquiring an additional 21,000 shares during the period. HL Financial Services LLC raised its holdings in Darden Restaurants by 8.3% in the 3rd quarter. HL Financial Services LLC now owns 41,676 shares of the restaurant operator’s stock worth $4,634,000 after acquiring an additional 3,184 shares during the period. Advisory Services Network LLC raised its holdings in Darden Restaurants by 108.3% in the 3rd quarter. Advisory Services Network LLC now owns 5,641 shares of the restaurant operator’s stock worth $628,000 after acquiring an additional 2,933 shares during the period. WESPAC Advisors LLC bought a new position in Darden Restaurants in the 3rd quarter worth $707,000. Finally, Stratos Wealth Partners LTD. bought a new position in Darden Restaurants in the 3rd quarter worth $149,000. Hedge funds and other institutional investors own 89.43% of the company’s stock.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 60,688 shares of the business’s stock in a transaction dated Wednesday, September 26th. The shares were sold at an average price of $112.63, for a total value 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 $16,619,795.43. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO David C. George sold 55,671 shares of the business’s stock in a transaction dated Thursday, October 4th. The stock was sold at an average price of $108.24, for a total transaction of $6,025,829.04. Following the completion of 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 owned by insiders.
DRI has been the topic of several research analyst reports. Robert W. Baird lowered shares of Darden Restaurants from an “outperform” rating to a “neutral” rating in a research report on Monday, September 10th. Morgan Stanley raised their price target on shares of Darden Restaurants from $103.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 13th. Argus raised their price target on shares of Darden Restaurants to $240.00 and gave the stock a “buy” rating in a research report on Thursday, September 13th. Goldman Sachs Group upgraded shares of Darden Restaurants from a “neutral” rating to a “buy” rating and raised their price target for the stock from $106.00 to $130.00 in a research report on Tuesday, September 11th. They noted that the move was a valuation call. Finally, Maxim Group restated a “hold” rating and issued a $112.00 price target on shares of Darden Restaurants in a research report on Thursday, September 20th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $119.04.
NYSE:DRI opened at $106.34 on Tuesday. The stock has a market capitalization of $13.07 billion, a price-to-earnings ratio of 22.11, a PEG ratio of 2.00 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. The company has a current ratio of 0.41, a quick ratio of 0.26 and a debt-to-equity ratio of 0.41.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, September 20th. The restaurant operator reported $1.34 EPS for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.10. The firm had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.03 billion. Darden Restaurants had a net margin of 7.84% and a return on equity of 30.32%. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.99 earnings per share. Research analysts predict that Darden Restaurants, Inc. will post 5.62 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were given a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, October 9th. This represents a $3.00 dividend on an annualized basis and a yield of 2.82%. Darden Restaurants’s dividend payout ratio (DPR) is presently 26.20%.
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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 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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