Darden Restaurants Inc. (DRI) Position Lowered by LS Investment Advisors LLC
LS Investment Advisors LLC reduced its position in shares of Darden Restaurants Inc. (NYSE:DRI) by 1.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 6,720 shares of the restaurant operator’s stock after selling 114 shares during the period. LS Investment Advisors LLC’s holdings in Darden Restaurants were worth $426,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. First Manhattan Co. boosted its stake in Darden Restaurants by 62.4% in the second quarter. First Manhattan Co. now owns 2,679 shares of the restaurant operator’s stock worth $169,000 after buying an additional 1,029 shares during the last quarter. Aviva PLC boosted its stake in Darden Restaurants by 0.7% in the first quarter. Aviva PLC now owns 138,386 shares of the restaurant operator’s stock worth $9,175,000 after buying an additional 1,025 shares during the last quarter. Exxonmobil Investment Management Inc. TX boosted its stake in Darden Restaurants by 5.1% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 29,523 shares of the restaurant operator’s stock worth $1,870,000 after buying an additional 1,423 shares during the last quarter. Geode Capital Management LLC boosted its stake in Darden Restaurants by 10.6% in the first quarter. Geode Capital Management LLC now owns 1,042,277 shares of the restaurant operator’s stock worth $68,977,000 after buying an additional 99,531 shares during the last quarter. Finally, Norges Bank acquired a new stake in Darden Restaurants during the fourth quarter worth about $93,648,000. 94.74% of the stock is owned by institutional investors.
Shares of Darden Restaurants Inc. (NYSE:DRI) traded down 0.27% on Friday, reaching $61.95. The company’s stock had a trading volume of 2,940,965 shares. The firm has a market cap of $7.82 billion, a price-to-earnings ratio of 21.38 and a beta of 0.52. The stock has a 50 day moving average of $61.89 and a 200-day moving average of $64.31. Darden Restaurants Inc. has a 12 month low of $53.38 and a 12 month high of $72.11.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, June 30th. The restaurant operator reported $1.10 earnings per share for the quarter, topping the consensus estimate of $1.08 by $0.02. The firm had revenue of $1.79 billion for the quarter. Darden Restaurants had a net margin of 5.41% and a return on equity of 21.95%. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 EPS. On average, analysts anticipate that Darden Restaurants Inc. will post $3.87 EPS for the current year.
DRI has been the topic of a number of recent research reports. Jefferies Group reiterated a “hold” rating and set a $64.00 target price (down previously from $66.00) on shares of Darden Restaurants in a research note on Saturday, July 2nd. Zacks Investment Research upgraded Darden Restaurants from a “sell” rating to a “hold” rating in a research note on Monday, September 12th. Piper Jaffray Cos. reiterated an “overweight” rating and set a $76.00 target price on shares of Darden Restaurants in a research note on Thursday, August 25th. Oppenheimer Holdings Inc. reiterated an “outperform” rating and set a $70.00 target price on shares of Darden Restaurants in a research note on Wednesday, September 7th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $64.00 target price on shares of Darden Restaurants in a research note on Thursday, September 1st. Two analysts have rated the stock with a sell rating, ten have given a hold rating and eleven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $71.06.
In other news, Director James P. Fogarty purchased 3,000 shares of the firm’s stock in a transaction dated Thursday, July 7th. The shares were purchased at an average price of $61.70 per share, with a total value of $185,100.00. Following the completion of the acquisition, the director now owns 7,890 shares in the company, valued at approximately $486,813. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 0.68% of the stock is currently owned by 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).
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