Darden Restaurants, Inc. (DRI) Stake Lessened by Solaris Asset Management LLC
Solaris Asset Management LLC trimmed its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 33.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 8,192 shares of the restaurant operator’s stock after selling 4,060 shares during the quarter. Solaris Asset Management LLC’s holdings in Darden Restaurants were worth $787,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently modified their holdings of the company. Oak Point Wealth Management acquired a new position in shares of Darden Restaurants during the fourth quarter worth about $510,000. Carlson Capital Management acquired a new position in shares of Darden Restaurants during the fourth quarter worth about $229,000. Hefty Wealth Partners acquired a new position in Darden Restaurants during the fourth quarter worth about $1,029,000. Parametric Portfolio Associates LLC grew its position in Darden Restaurants by 6.2% during the third quarter. Parametric Portfolio Associates LLC now owns 254,078 shares of the restaurant operator’s stock worth $20,016,000 after buying an additional 14,785 shares during the period. Finally, Chicago Partners Investment Group LLC grew its position in Darden Restaurants by 381.9% during the third quarter. Chicago Partners Investment Group LLC now owns 7,522 shares of the restaurant operator’s stock worth $593,000 after buying an additional 5,961 shares during the period. Institutional investors and hedge funds own 91.83% of the company’s stock.
Darden Restaurants, Inc. (NYSE DRI) traded up $0.42 during mid-day trading on Tuesday, hitting $98.02. 1,076,300 shares of the stock traded hands, compared to its average volume of 1,617,489. The firm has a market capitalization of $12,060.00, a price-to-earnings ratio of 24.69, a PEG ratio of 1.90 and a beta of 0.20. Darden Restaurants, Inc. has a twelve month low of $71.43 and a twelve month high of $100.11. The company has a quick ratio of 0.20, a current ratio of 0.34 and a debt-to-equity ratio of 0.47.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, December 19th. The restaurant operator reported $0.73 EPS for the quarter, beating the consensus estimate of $0.70 by $0.03. Darden Restaurants had a net margin of 6.46% and a return on equity of 26.24%. sell-side analysts expect that Darden Restaurants, Inc. will post 4.76 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th will be given a $0.63 dividend. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.57%. Darden Restaurants’s dividend payout ratio is presently 63.48%.
DRI has been the topic of several recent analyst reports. Longbow Research initiated coverage on shares of Darden Restaurants in a research report on Friday, October 13th. They set a “neutral” rating on the stock. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $98.00 target price on the stock in a research report on Thursday, December 14th. Maxim Group restated a “hold” rating and set a $90.00 target price on shares of Darden Restaurants in a research report on Thursday, September 21st. Wells Fargo & Co lowered their target price on shares of Darden Restaurants from $90.00 to $84.00 and set a “market perform” rating on the stock in a research report on Wednesday, September 27th. Finally, ValuEngine lowered shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Thursday, October 5th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating and ten have given a buy rating to the company’s stock. Darden Restaurants presently has an average rating of “Hold” and an average target price of $95.32.
In related news, CFO Ricardo Cardenas sold 10,783 shares of the company’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $97.17, for a total transaction of $1,047,784.11. Following the transaction, the chief financial officer now owns 20,046 shares of the company’s stock, valued at $1,947,869.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Douglas J. Milanes sold 4,300 shares of the company’s stock in a transaction that occurred on Wednesday, January 10th. The shares were sold at an average price of $97.05, for a total transaction of $417,315.00. Following the transaction, the senior vice president now directly owns 7,513 shares in the company, valued at approximately $729,136.65. The disclosure for this sale can be found here. Insiders sold 74,866 shares of company stock worth $7,252,094 over the last quarter. Company insiders own 0.63% of the company’s stock.
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Darden Restaurants 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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