Retirement Systems of Alabama cut its stake in Darden Restaurants Inc. (NYSE:DRI) by 0.7% during the second quarter, Holdings Channel reports. The firm owned 58,146 shares of the restaurant operator’s stock after selling 432 shares during the period. Retirement Systems of Alabama’s holdings in Darden Restaurants were worth $3,683,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Bank of Montreal Can purchased a new stake in Darden Restaurants during the second quarter valued at about $53,974,000. NN Investment Partners Holdings N.V. raised its stake in Darden Restaurants by 837.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 661,872 shares of the restaurant operator’s stock valued at $41,921,000 after buying an additional 591,232 shares during the period. UBS Asset Management Americas Inc. raised its stake in Darden Restaurants by 105.5% in the first quarter. UBS Asset Management Americas Inc. now owns 627,126 shares of the restaurant operator’s stock valued at $41,579,000 after buying an additional 321,896 shares during the period. Panagora Asset Management Inc. raised its stake in Darden Restaurants by 2,413.3% in the first quarter. Panagora Asset Management Inc. now owns 250,097 shares of the restaurant operator’s stock valued at $16,581,000 after buying an additional 240,146 shares during the period. Finally, Riverhead Capital Management LLC raised its stake in Darden Restaurants by 33.5% in the first quarter. Riverhead Capital Management LLC now owns 630,391 shares of the restaurant operator’s stock valued at $41,796,000 after buying an additional 158,310 shares during the period. Hedge funds and other institutional investors own 94.45% of the company’s stock.
Shares of Darden Restaurants Inc. (NYSE:DRI) traded up 0.55% during mid-day trading on Monday, reaching $62.57. 1,814,282 shares of the company’s stock traded hands. The firm has a market cap of $7.70 billion, a price-to-earnings ratio of 20.20 and a beta of 0.41. The firm’s 50-day moving average is $61.94 and its 200 day moving average is $63.57. Darden Restaurants Inc. has a one year low of $53.38 and a one year high of $68.68.
Darden Restaurants (NYSE:DRI) last issued its earnings results on Tuesday, October 4th. The restaurant operator reported $0.88 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.82 by $0.06. The firm had revenue of $1.71 billion for the quarter. Darden Restaurants had a net margin of 5.73% and a return on equity of 24.97%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same period last year, the business earned $0.68 EPS. Analysts predict that Darden Restaurants Inc. will post $3.92 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Investors of record on Monday, October 10th will be issued a $0.56 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $2.24 annualized dividend and a yield of 3.58%. Darden Restaurants’s dividend payout ratio (DPR) is 72.03%.
DRI has been the subject of several analyst reports. Wells Fargo & Co. lowered shares of Darden Restaurants from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $72.00 to $68.00 in a report on Wednesday, July 13th. Stifel Nicolaus lowered shares of Darden Restaurants from a “hold” rating to a “sell” rating and set a $53.00 target price for the company. in a report on Tuesday, July 26th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $76.00 price objective (down previously from $78.00) on shares of Darden Restaurants in a report on Saturday, July 2nd. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $70.00 price objective on shares of Darden Restaurants in a report on Wednesday, September 7th. Finally, Canaccord Genuity began coverage on shares of Darden Restaurants in a report on Monday, August 22nd. They set a “buy” rating and a $74.00 price objective for the company. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $69.89.
In related news, SVP Danielle L. Kirgan sold 8,780 shares of the firm’s stock in a transaction that occurred on Tuesday, October 11th. The shares were sold at an average price of $62.47, for a total value of $548,486.60. Following the sale, the senior vice president now owns 15,989 shares of the company’s stock, valued at $998,832.83. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Danielle L. Kirgan sold 28,127 shares of the firm’s stock in a transaction that occurred on Monday, October 10th. The shares were sold at an average price of $62.47, for a total transaction of $1,757,093.69. Following the completion of the sale, the senior vice president now directly owns 15,989 shares in the company, valued at approximately $998,832.83. The disclosure for this sale can be found here. 0.69% of the stock is currently owned by corporate insiders.
About Darden Restaurants
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).