Northpointe Capital LLC raised its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 76.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,296 shares of the restaurant operator’s stock after buying an additional 13,991 shares during the quarter. Northpointe Capital LLC’s holdings in Darden Restaurants were worth $3,923,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also bought and sold shares of DRI. Oregon Public Employees Retirement Fund grew its holdings in Darden Restaurants by 14,173.2% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 4,131,508 shares of the restaurant operator’s stock valued at $41,000 after buying an additional 4,102,562 shares during the period. Norges Bank purchased a new stake in shares of Darden Restaurants during the 4th quarter worth about $133,817,000. FMR LLC grew its holdings in shares of Darden Restaurants by 211.9% during the 4th quarter. FMR LLC now owns 1,547,369 shares of the restaurant operator’s stock worth $154,520,000 after purchasing an additional 1,051,240 shares during the period. American Century Companies Inc. grew its holdings in shares of Darden Restaurants by 274.3% during the 4th quarter. American Century Companies Inc. now owns 1,349,208 shares of the restaurant operator’s stock worth $134,732,000 after purchasing an additional 988,753 shares during the period. Finally, Vanguard Group Inc grew its holdings in shares of Darden Restaurants by 5.2% during the 3rd quarter. Vanguard Group Inc now owns 13,687,194 shares of the restaurant operator’s stock worth $1,521,879,000 after purchasing an additional 673,563 shares during the period. Institutional investors own 91.29% of the company’s stock.
In other news, SVP John W. Madonna sold 330 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $118.76, for a total value of $39,190.80. Following the completion of the transaction, the senior vice president now owns 1,680 shares of the company’s stock, valued at $199,516.80. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Eugene I. Lee, Jr. sold 73,152 shares of the stock in a transaction on Monday, March 25th. The stock was sold at an average price of $118.61, for a total value of $8,676,558.72. Following the completion of the transaction, the insider now directly owns 190,025 shares of the company’s stock, valued at approximately $22,538,865.25. The disclosure for this sale can be found here. In the last three months, insiders sold 75,047 shares of company stock valued at $8,879,918. Company insiders own 0.65% of the company’s stock.
A number of analysts have recently issued reports on DRI shares. Bank of America upgraded Darden Restaurants from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $113.00 to $120.00 in a report on Friday, January 11th. Buckingham Research started coverage on Darden Restaurants in a report on Friday, January 11th. They set a “buy” rating for the company. Maxim Group reiterated a “buy” rating and set a $122.00 target price on shares of Darden Restaurants in a report on Wednesday, January 16th. Gordon Haskett upgraded Darden Restaurants from an “underperform” rating to a “hold” rating in a report on Thursday, March 21st. Finally, BTIG Research cut Darden Restaurants from a “buy” rating to a “neutral” rating and set a $103.80 target price for the company. in a report on Wednesday, December 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have assigned a buy rating to the stock. Darden Restaurants has an average rating of “Buy” and an average price target of $128.13.
DRI traded down $0.70 during trading on Wednesday, reaching $115.04. 174,219 shares of the company were exchanged, compared to its average volume of 1,407,879. The company has a market cap of $14.23 billion, a P/E ratio of 23.92, a PEG ratio of 1.95 and a beta of 0.31. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.48 and a quick ratio of 0.33. Darden Restaurants, Inc. has a 52 week low of $84.37 and a 52 week high of $124.00.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $1.80 EPS for the quarter, topping the Zacks’ consensus estimate of $1.75 by $0.05. Darden Restaurants had a return on equity of 30.28% and a net margin of 8.08%. The firm had revenue of $2.25 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period in the prior year, the business earned $1.71 EPS. The firm’s revenue was up 5.5% on a year-over-year basis. As a group, research analysts anticipate that Darden Restaurants, Inc. will post 5.78 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a $0.75 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $3.00 annualized dividend and a dividend yield of 2.61%. Darden Restaurants’s payout ratio is 62.37%.
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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: Why investors pay attention to retained earnings
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