Allianz Asset Management GmbH decreased its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 61.4% during the third quarter, Holdings Channel reports. The institutional investor owned 158,561 shares of the restaurant operator’s stock after selling 251,848 shares during the period. Allianz Asset Management GmbH’s holdings in Darden Restaurants were worth $17,630,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of Darden Restaurants by 15.6% in the third quarter. BlackRock Inc. now owns 12,775,361 shares of the restaurant operator’s stock valued at $1,420,492,000 after purchasing an additional 1,720,934 shares during the period. Morgan Stanley boosted its holdings in shares of Darden Restaurants by 100.8% in the second quarter. Morgan Stanley now owns 1,520,183 shares of the restaurant operator’s stock valued at $162,751,000 after purchasing an additional 763,239 shares during the period. Millennium Management LLC boosted its holdings 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 valued at $137,836,000 after purchasing an additional 958,040 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Darden Restaurants by 0.8% in the third quarter. Robeco Institutional Asset Management B.V. now owns 1,238,763 shares of the restaurant operator’s stock valued at $137,741,000 after purchasing an additional 9,607 shares during the period. Finally, Schwab Charles Investment Management Inc. boosted its holdings in shares of Darden Restaurants by 5.6% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,012,324 shares of the restaurant operator’s stock valued at $108,380,000 after purchasing an additional 53,292 shares during the period. 90.52% of the stock is currently owned by hedge funds and other institutional investors.
In other Darden Restaurants news, COO David C. George sold 55,671 shares of the company’s stock in a transaction on 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 sale, the chief operating officer now owns 95,236 shares in the company, valued at $10,308,344.64. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Eugene I. Lee, Jr. sold 60,688 shares of the company’s stock in a transaction on 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 owns 147,561 shares of the company’s stock, valued at approximately $16,619,795.43. The disclosure for this sale can be found here. 0.65% of the stock is owned by corporate insiders.
Darden Restaurants stock opened at $104.83 on Friday. The company has a quick ratio of 0.26, a current ratio of 0.41 and a debt-to-equity ratio of 0.41. The firm has a market cap of $13.37 billion, a price-to-earnings ratio of 21.79, a P/E/G ratio of 2.05 and a beta of 0.17. Darden Restaurants, Inc. has a twelve month low of $82.38 and a twelve month high of $124.00.
Darden Restaurants (NYSE:DRI) last posted its earnings results on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. The company had revenue of $2.06 billion during the quarter, compared to analyst estimates of $2.03 billion. Darden Restaurants had a return on equity of 30.32% and a net margin of 7.84%. Darden Restaurants’s revenue was up 6.5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.99 earnings per share. Analysts anticipate that Darden Restaurants, Inc. will post 5.62 earnings per share for the current fiscal year.
A number of analysts recently issued reports on DRI shares. Maxim Group reiterated a “hold” rating and issued a $112.00 price target on shares of Darden Restaurants in a report on Thursday, September 20th. Wells Fargo & Co boosted their price target on Darden Restaurants from $108.00 to $109.00 and gave the company a “market perform” rating in a report on Thursday. Zacks Investment Research upgraded Darden Restaurants from a “hold” rating to a “buy” rating and set a $125.00 price target for the company in a report on Monday, November 19th. BMO Capital Markets lowered Darden Restaurants from a “market perform” rating to an “underperform” rating and lowered their price target for the company from $105.00 to $96.00 in a report on Monday, September 24th. Finally, Stifel Nicolaus boosted their price target on Darden Restaurants from $115.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $119.84.
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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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