Chicago Partners Investment Group LLC Raises Position in Darden Restaurants, Inc. (DRI)
Chicago Partners Investment Group LLC increased its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 381.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,522 shares of the restaurant operator’s stock after acquiring an additional 5,961 shares during the period. Chicago Partners Investment Group LLC’s holdings in Darden Restaurants were worth $593,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the stock. GSA Capital Partners LLP bought a new stake in Darden Restaurants during the 3rd quarter worth $447,000. IFM Investors Pty Ltd bought a new stake in Darden Restaurants during the 3rd quarter worth $336,000. Guardian Capital LP grew its position in Darden Restaurants by 140.4% during the 3rd quarter. Guardian Capital LP now owns 8,569 shares of the restaurant operator’s stock worth $675,000 after acquiring an additional 5,005 shares during the last quarter. Piedmont Investment Advisors LLC grew its position in Darden Restaurants by 3.6% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 68,416 shares of the restaurant operator’s stock worth $5,390,000 after acquiring an additional 2,362 shares during the last quarter. Finally, California Public Employees Retirement System grew its position in Darden Restaurants by 6.4% during the 3rd quarter. California Public Employees Retirement System now owns 285,173 shares of the restaurant operator’s stock worth $22,466,000 after acquiring an additional 17,273 shares during the last quarter. Institutional investors and hedge funds own 91.94% of the company’s stock.
Darden Restaurants, Inc. (NYSE:DRI) opened at $88.41 on Friday. Darden Restaurants, Inc. has a 52 week low of $71.01 and a 52 week high of $95.22. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.24 and a current ratio of 0.38. The firm has a market capitalization of $10,754.63, a P/E ratio of 21.06, a P/E/G ratio of 1.90 and a beta of 0.22.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.99. Darden Restaurants had a return on equity of 26.06% and a net margin of 6.60%. The business had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same period in the prior year, the business earned $0.88 EPS. The firm’s revenue for the quarter was up 12.9% on a year-over-year basis. analysts anticipate that Darden Restaurants, Inc. will post 4.44 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be paid a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a yield of 2.85%. The ex-dividend date of this dividend is Tuesday, January 9th. Darden Restaurants’s dividend payout ratio (DPR) is currently 65.12%.
Several research analysts have commented on the company. BidaskClub raised Darden Restaurants from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Stephens reaffirmed an “equal weight” rating and set a $95.00 target price on shares of Darden Restaurants in a report on Tuesday, September 26th. Oppenheimer reaffirmed a “buy” rating and set a $100.00 target price on shares of Darden Restaurants in a report on Wednesday, September 20th. Jefferies Group reaffirmed a “hold” rating and set a $82.00 target price (down from $90.00) on shares of Darden Restaurants in a report on Wednesday, September 27th. Finally, Zacks Investment Research raised Darden Restaurants from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Friday, September 22nd. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating and nine have given a buy rating to the stock. Darden Restaurants currently has a consensus rating of “Hold” and an average price target of $88.91.
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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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