Chemical Bank increased its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 42.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,182 shares of the restaurant operator’s stock after purchasing an additional 4,247 shares during the period. Chemical Bank’s holdings in Darden Restaurants were worth $1,577,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of DRI. Stratos Wealth Partners LTD. purchased a new position in Darden Restaurants during the third quarter worth about $149,000. Harvest Fund Management Co. Ltd raised its holdings in Darden Restaurants by 171.8% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,571 shares of the restaurant operator’s stock worth $175,000 after purchasing an additional 993 shares in the last quarter. Moneta Group Investment Advisors LLC raised its holdings 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 worth $176,000 after purchasing an additional 790 shares in the last quarter. Smithfield Trust Co. raised its holdings in Darden Restaurants by 537.3% during the third quarter. Smithfield Trust Co. now owns 1,625 shares of the restaurant operator’s stock worth $181,000 after purchasing an additional 1,370 shares in the last quarter. Finally, Doyle Wealth Management purchased a new position in Darden Restaurants during the second quarter worth about $202,000. 89.43% of the stock is owned by hedge funds and other institutional investors.
A number of brokerages have issued reports on DRI. Canaccord Genuity increased their target price on shares of Darden Restaurants from $120.00 to $125.00 and gave the company a “buy” rating in a report on Friday, September 21st. Zacks Investment Research raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a report on Friday, October 5th. Maxim Group cut shares of Darden Restaurants from a “buy” rating to a “hold” rating and set a $112.00 target price for the company. in a report on Monday, July 16th. They noted that the move was a valuation call. Mizuho increased their target price on shares of Darden Restaurants from $115.00 to $125.00 and gave the company a “buy” rating in a report on Friday, September 21st. Finally, SunTrust Banks increased their target price on shares of Darden Restaurants to $137.00 and gave the company a “buy” rating in a report on Friday, September 21st. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. Darden Restaurants currently has a consensus rating of “Buy” and a consensus price target of $119.04.
DRI stock opened at $112.24 on Friday. The company has a market capitalization of $13.73 billion, a PE ratio of 21.40, a price-to-earnings-growth ratio of 2.10 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 consensus estimate of $1.24 by $0.10. The business 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 quarterly revenue was up 6.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.99 earnings per share. Equities analysts anticipate that Darden Restaurants, Inc. will post 5.62 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Stockholders 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 annualized dividend and a dividend yield of 2.67%. Darden Restaurants’s dividend payout ratio is presently 26.20%.
Darden Restaurants Company 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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