Darden Restaurants, Inc. (DRI) Shares Sold by Laffer Investments
Laffer Investments lowered its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 6.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,917 shares of the restaurant operator’s stock after selling 1,355 shares during the period. Laffer Investments’ holdings in Darden Restaurants were worth $1,569,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of DRI. Sei Investments Co. lifted its stake in shares of Darden Restaurants by 217.6% in the 2nd quarter. Sei Investments Co. now owns 38,082 shares of the restaurant operator’s stock valued at $3,444,000 after acquiring an additional 26,090 shares during the last quarter. Retirement Systems of Alabama lifted its stake in shares of Darden Restaurants by 0.4% in the 2nd quarter. Retirement Systems of Alabama now owns 60,287 shares of the restaurant operator’s stock valued at $5,452,000 after acquiring an additional 268 shares during the last quarter. Global X Management Co. LLC lifted its stake in shares of Darden Restaurants by 4.8% in the 2nd quarter. Global X Management Co. LLC now owns 5,582 shares of the restaurant operator’s stock valued at $505,000 after acquiring an additional 254 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Darden Restaurants by 28.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 1,018,246 shares of the restaurant operator’s stock valued at $92,091,000 after acquiring an additional 225,165 shares during the last quarter. Finally, Wedbush Securities Inc. lifted its stake in shares of Darden Restaurants by 0.5% in the 2nd quarter. Wedbush Securities Inc. now owns 3,195 shares of the restaurant operator’s stock valued at $289,000 after acquiring an additional 15 shares during the last quarter. 91.94% of the stock is owned by hedge funds and other institutional investors.
Darden Restaurants, Inc. (NYSE DRI) opened at $86.96 on Friday. The company has a market capitalization of $10,833.78, a P/E ratio of 21.21, a price-to-earnings-growth ratio of 1.92 and a beta of 0.22. The company has a current ratio of 0.38, a quick ratio of 0.24 and a debt-to-equity ratio of 0.45. Darden Restaurants, Inc. has a 52-week low of $71.01 and a 52-week high of $95.22.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 EPS for the quarter, meeting analysts’ consensus estimates of $0.99. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.93 billion. Darden Restaurants had a return on equity of 26.06% and a net margin of 6.60%. Darden Restaurants’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.88 EPS. equities research analysts forecast that Darden Restaurants, Inc. will post 4.44 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be issued a dividend of $0.63 per share. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.90%. Darden Restaurants’s dividend payout ratio (DPR) is 65.12%.
A number of equities research analysts have recently weighed in on DRI shares. ValuEngine raised Darden Restaurants from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Longbow Research started coverage on Darden Restaurants in a research note on Friday, October 13th. They issued a “neutral” rating for the company. Maxim Group reissued a “hold” rating and issued a $90.00 target price on shares of Darden Restaurants in a research note on Thursday, September 21st. Zacks Investment Research raised Darden Restaurants from a “sell” rating to a “hold” rating in a research note on Monday, October 30th. Finally, Wells Fargo & Company lowered their target price on Darden Restaurants from $90.00 to $84.00 and set a “market perform” rating for the company in a research note on Wednesday, September 27th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $88.91.
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Darden Restaurants Company Profile
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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