Darden Restaurants, Inc. (NYSE:DRI) Position Cut by Mandatum Life Insurance Co Ltd
Mandatum Life Insurance Co Ltd lowered its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 14.1% during the second quarter, Holdings Channel reports. The firm owned 10,644 shares of the restaurant operator’s stock after selling 1,754 shares during the period. Mandatum Life Insurance Co Ltd’s holdings in Darden Restaurants were worth $963,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in DRI. American International Group Inc. boosted its position in shares of Darden Restaurants by 1.3% in the first quarter. American International Group Inc. now owns 6,198,698 shares of the restaurant operator’s stock worth $518,645,000 after buying an additional 77,248 shares during the period. BlackRock Inc. boosted its position in shares of Darden Restaurants by 4,601.4% in the first quarter. BlackRock Inc. now owns 11,464,253 shares of the restaurant operator’s stock worth $959,215,000 after buying an additional 11,220,403 shares during the period. Karp Capital Management Corp purchased a new position in shares of Darden Restaurants during the first quarter worth approximately $11,342,000. Vanguard Group Inc. boosted its position in shares of Darden Restaurants by 3.6% in the first quarter. Vanguard Group Inc. now owns 14,211,162 shares of the restaurant operator’s stock worth $1,189,048,000 after buying an additional 487,366 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. boosted its position in shares of Darden Restaurants by 982.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 449,559 shares of the restaurant operator’s stock worth $37,613,000 after buying an additional 408,013 shares during the period. Institutional investors own 96.55% of the company’s stock.
Shares of Darden Restaurants, Inc. (NYSE:DRI) traded down 0.708% on Tuesday, hitting $89.025. The company’s stock had a trading volume of 146,487 shares. The company has a 50 day moving average of $89.37 and a 200 day moving average of $80.52. Darden Restaurants, Inc. has a 1-year low of $59.50 and a 1-year high of $95.22. The firm has a market cap of $11.13 billion, a PE ratio of 23.409 and a beta of 0.28.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. The business had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.86 billion. During the same period in the prior year, the company posted $1.10 EPS. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. Equities analysts forecast that Darden Restaurants, Inc. will post $4.47 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be issued a $0.63 dividend. This represents a $2.52 dividend on an annualized basis and a yield of 2.81%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.56. The ex-dividend date is Thursday, July 6th. Darden Restaurants’s dividend payout ratio is 66.14%.
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A number of research firms have issued reports on DRI. Zacks Investment Research lowered Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Friday, June 23rd. Oppenheimer Holdings, Inc. increased their price target on Darden Restaurants in a research report on Monday, June 26th. Robert W. Baird reaffirmed a “neutral” rating and issued a $90.00 price target (up previously from $85.00) on shares of Darden Restaurants in a research report on Monday, June 19th. BTIG Research lowered Darden Restaurants from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 29th. They noted that the move was a valuation call. Finally, Wells Fargo & Company reaffirmed a “market perform” rating on shares of Darden Restaurants in a research report on Tuesday, March 28th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $84.78.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of the stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $91.58, for a total transaction of $8,528,387.50. Following the completion of the transaction, the insider now directly owns 165,062 shares of the company’s stock, valued at approximately $15,116,377.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.69% of the company’s stock.
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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