Darden Restaurants, Inc. (DRI) Position Lessened by Korea Investment CORP

Korea Investment CORP lessened its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 63.0% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 22,836 shares of the restaurant operator’s stock after selling 38,895 shares during the period. Korea Investment CORP’s holdings in Darden Restaurants were worth $2,539,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Stratos Wealth Partners LTD. purchased a new stake in shares of Darden Restaurants in the third quarter worth $149,000. Harvest Fund Management Co. Ltd raised its position in shares of Darden Restaurants by 171.8% in the third quarter. Harvest Fund Management Co. Ltd now owns 1,571 shares of the restaurant operator’s stock worth $175,000 after buying an additional 993 shares in the last quarter. Smithfield Trust Co. raised its position in shares of Darden Restaurants by 537.3% in the third quarter. Smithfield Trust Co. now owns 1,625 shares of the restaurant operator’s stock worth $181,000 after buying an additional 1,370 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in Darden Restaurants by 92.9% during the second quarter. Moneta Group Investment Advisors LLC now owns 1,640 shares of the restaurant operator’s stock valued at $176,000 after purchasing an additional 790 shares in the last quarter. Finally, Dumont & Blake Investment Advisors LLC purchased a new stake in Darden Restaurants during the third quarter valued at about $203,000. Institutional investors own 90.52% of the company’s stock.

Shares of NYSE:DRI opened at $107.75 on Thursday. Darden Restaurants, Inc. has a 12-month low of $82.38 and a 12-month high of $124.00. The stock has a market cap of $13.37 billion, a PE ratio of 22.40, a P/E/G ratio of 2.05 and a beta of 0.17. 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 announced its quarterly earnings data on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.24 by $0.10. Darden Restaurants had a return on equity of 30.32% and a net margin of 7.84%. The firm had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the firm earned $0.99 earnings per share. The company’s revenue for the quarter was up 6.5% compared to the same quarter last year. As a group, analysts anticipate that Darden Restaurants, Inc. will post 5.62 EPS for the current year.

A number of equities research analysts have weighed in on the company. Gordon Haskett assumed coverage on Darden Restaurants in a research report on Thursday, October 18th. They set an “underperform” rating and a $94.00 price target on the stock. Zacks Investment Research downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Friday, November 16th. Robert W. Baird downgraded Darden Restaurants from an “outperform” rating to a “neutral” rating in a research report on Monday, September 10th. SunTrust Banks raised their price target on Darden Restaurants to $137.00 and gave the company a “buy” rating in a research report on Friday, September 21st. Finally, Loop Capital assumed coverage on Darden Restaurants in a research report on Wednesday, October 24th. They set a “buy” rating and a $130.00 price target on the stock. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and seventeen have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $119.52.

In related news, insider Eugene I. Lee, Jr. sold 60,688 shares of the firm’s stock in a transaction dated Wednesday, September 26th. The stock was sold at an average price of $112.63, for a total value of $6,835,289.44. Following the sale, the insider now directly owns 147,561 shares of the company’s stock, valued at $16,619,795.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO David C. George sold 55,671 shares of the firm’s stock in a transaction dated Thursday, October 4th. The stock was sold at an average price of $108.24, for a total value of $6,025,829.04. Following the completion of the sale, the chief operating officer now directly owns 95,236 shares in the company, 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.

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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.

Further Reading: Earnings Per Share

Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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