Smith Salley & Associates cut its position in Darden Restaurants, Inc. (NYSE:DRI) by 12.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,057 shares of the restaurant operator’s stock after selling 300 shares during the period. Smith Salley & Associates’ holdings in Darden Restaurants were worth $205,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Schroder Investment Management Group increased its holdings in Darden Restaurants by 94.3% in the 2nd quarter. Schroder Investment Management Group now owns 175,802 shares of the restaurant operator’s stock worth $18,987,000 after buying an additional 85,321 shares in the last quarter. DNB Asset Management AS boosted its position in Darden Restaurants by 4.4% in the third quarter. DNB Asset Management AS now owns 14,233 shares of the restaurant operator’s stock worth $1,583,000 after purchasing an additional 600 shares during the last quarter. Iberiabank Corp purchased a new position in Darden Restaurants in the third quarter worth about $216,000. Bank of Montreal Can boosted its position in Darden Restaurants by 33.5% in the third quarter. Bank of Montreal Can now owns 445,093 shares of the restaurant operator’s stock worth $49,489,000 after purchasing an additional 111,587 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. purchased a new position in Darden Restaurants in the third quarter worth about $22,353,000. 93.49% of the stock is currently owned by institutional investors and hedge funds.
Shares of DRI opened at $109.41 on Monday. The company has a market cap of $13.51 billion, a P/E ratio of 22.75, a price-to-earnings-growth ratio of 1.92 and a beta of 0.29. Darden Restaurants, Inc. has a 12-month low of $82.38 and a 12-month high of $124.00. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.25 and a current ratio of 0.41.
Darden Restaurants (NYSE:DRI) last issued its earnings results on Tuesday, December 18th. The restaurant operator reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.91 by $0.01. The company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $1.98 billion. Darden Restaurants had a return on equity of 30.48% and a net margin of 8.12%. The firm’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter last year, the company earned $0.73 EPS. On average, equities analysts expect that Darden Restaurants, Inc. will post 5.69 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, February 1st. Shareholders of record on Thursday, January 10th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend was Wednesday, January 9th. Darden Restaurants’s payout ratio is 13.10%.
In other Darden Restaurants news, Director William S. Simon sold 1,565 shares of Darden Restaurants stock in a transaction that occurred on Friday, February 1st. The stock was sold at an average price of $104.90, for a total value of $164,168.50. Following the sale, the director now owns 10,248 shares of the company’s stock, valued at approximately $1,075,015.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 0.65% of the company’s stock.
Several brokerages have issued reports on DRI. BTIG Research cut Darden Restaurants from a “buy” rating to a “neutral” rating and set a $103.80 target price on the stock. in a research report on Wednesday, December 19th. Zacks Investment Research raised Darden Restaurants from a “hold” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Monday, November 19th. ValuEngine raised Darden Restaurants from a “hold” rating to a “buy” rating in a research report on Tuesday, December 18th. Gordon Haskett began coverage on Darden Restaurants in a research report on Thursday, October 18th. They issued an “underperform” rating and a $94.00 target price on the stock. Finally, Wells Fargo & Co raised their target price on Darden Restaurants from $108.00 to $109.00 and gave the stock a “market perform” rating in a research report on Thursday, December 6th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $121.35.
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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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