M&R Capital Management Inc. purchased a new stake in shares of Darden Restaurants, Inc. (NYSE:DRI) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,300 shares of the restaurant operator’s stock, valued at approximately $108,000.
A number of other institutional investors have also recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in Darden Restaurants by 3.6% during the 1st quarter. Vanguard Group Inc. now owns 14,211,162 shares of the restaurant operator’s stock valued at $1,189,048,000 after purchasing an additional 487,366 shares during the last quarter. BlackRock Inc. grew its stake in Darden Restaurants by 2.7% during the 2nd quarter. BlackRock Inc. now owns 11,779,249 shares of the restaurant operator’s stock valued at $1,065,316,000 after purchasing an additional 314,996 shares during the last quarter. State Street Corp grew its stake in Darden Restaurants by 0.3% during the 2nd quarter. State Street Corp now owns 5,479,782 shares of the restaurant operator’s stock valued at $495,583,000 after purchasing an additional 14,883 shares during the last quarter. Wells Fargo & Company MN grew its stake in Darden Restaurants by 0.5% during the 2nd quarter. Wells Fargo & Company MN now owns 3,244,502 shares of the restaurant operator’s stock valued at $293,433,000 after purchasing an additional 15,194 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in Darden Restaurants by 6.8% during the 1st quarter. Geode Capital Management LLC now owns 1,560,672 shares of the restaurant operator’s stock valued at $130,440,000 after purchasing an additional 99,787 shares during the last quarter. Institutional investors and hedge funds own 89.85% of the company’s stock.
DRI has been the topic of several research analyst reports. J P Morgan Chase & Co reiterated a “neutral” rating and set a $93.00 price target (up previously from $82.00) on shares of Darden Restaurants in a research note on Wednesday, June 28th. Credit Suisse Group dropped their price target on Darden Restaurants from $85.00 to $82.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 27th. BMO Capital Markets boosted their price target on Darden Restaurants from $85.00 to $87.00 and gave the company a “market perform” rating in a research note on Friday, June 30th. Stifel Nicolaus initiated coverage on Darden Restaurants in a research note on Monday, October 2nd. They set a “buy” rating and a $92.00 price target on the stock. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $86.00 price target (up previously from $83.00) on shares of Darden Restaurants in a research note on Thursday, June 22nd. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and eleven have given a buy rating to the company’s stock. Darden Restaurants has an average rating of “Hold” and an average target price of $87.82.
Darden Restaurants (NYSE:DRI) last posted its earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.99. Darden Restaurants had a return on equity of 26.06% and a net margin of 6.60%. The firm had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.93 billion. During the same quarter in the prior year, the company earned $0.88 EPS. Darden Restaurants’s revenue was up 12.9% on a year-over-year basis.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be paid a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 3.18%. The ex-dividend date of this dividend is Friday, October 6th. Darden Restaurants’s payout ratio is currently 65.12%.
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Darden Restaurants Profile
Darden Restaurants, Inc is a full-service restaurant company. The Company owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company’s segments include Olive Garden, LongHorn Steakhouse, Fine Dining (which includes The Capital Grille, and Eddie V’s Prime Seafood and Wildfish Seafood Grille (Eddie V’s)) and Other Business (which includes Yard House, Seasons 52, Bahama Breeze, consumer-packaged goods and franchise revenues).
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