Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by First Trust Advisors LP
First Trust Advisors LP lowered its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 27.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 80,800 shares of the restaurant operator’s stock after selling 30,861 shares during the period. First Trust Advisors LP owned approximately 0.06% of Darden Restaurants worth $8,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently made changes to their positions in DRI. Viking Global Investors LP acquired a new stake in Darden Restaurants in the 2nd quarter valued at approximately $226,676,000. FMR LLC increased its holdings in Darden Restaurants by 88.2% in the 2nd quarter. FMR LLC now owns 1,652,460 shares of the restaurant operator’s stock valued at $125,207,000 after purchasing an additional 774,221 shares during the last quarter. Dorsal Capital Management LLC acquired a new stake in Darden Restaurants in the 2nd quarter valued at approximately $37,885,000. Impala Asset Management LLC acquired a new stake in Darden Restaurants in the 2nd quarter valued at approximately $26,591,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Darden Restaurants by 59.5% in the 2nd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 839,755 shares of the restaurant operator’s stock valued at $63,628,000 after purchasing an additional 313,213 shares during the last quarter. Institutional investors and hedge funds own 82.87% of the company’s stock.
Several equities analysts have commented on DRI shares. BMO Capital Markets raised their price target on shares of Darden Restaurants from $84.00 to $96.00 and gave the company a “market perform” rating in a research report on Friday, September 25th. JPMorgan Chase & Co. raised their price target on shares of Darden Restaurants from $82.00 to $105.00 and gave the company an “overweight” rating in a research report on Friday, September 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Darden Restaurants from $77.00 to $97.00 and gave the company a “hold” rating in a research report on Friday, September 25th. ValuEngine cut shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Thursday, October 1st. Finally, Stephens reaffirmed an “overweight” rating and set a $98.00 price objective on shares of Darden Restaurants in a research report on Thursday, August 27th. Fifteen research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $101.55.
Shares of Darden Restaurants stock opened at $108.45 on Friday. Darden Restaurants, Inc. has a 52-week low of $26.15 and a 52-week high of $125.96. The company has a quick ratio of 0.51, a current ratio of 0.63 and a debt-to-equity ratio of 0.39. The company’s 50-day simple moving average is $101.34 and its 200-day simple moving average is $85.35. The firm has a market cap of $14.12 billion, a price-to-earnings ratio of -72.79, a price-to-earnings-growth ratio of 1.41 and a beta of 1.41.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, September 24th. The restaurant operator reported $0.56 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.51. The business had revenue of $1.53 billion for the quarter, compared to analyst estimates of $1.55 billion. Darden Restaurants had a negative net margin of 2.60% and a positive return on equity of 12.45%. The business’s revenue was down 28.6% compared to the same quarter last year. During the same period in the previous year, the business posted $1.38 earnings per share. Equities research analysts anticipate that Darden Restaurants, Inc. will post 4 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Friday, October 9th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date of this dividend was Thursday, October 8th. Darden Restaurants’s dividend payout ratio is currently 38.34%.
Darden Restaurants Company Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 31, 2020, it owned and operated approximately 1,804 restaurants, which included 868 under the Olive Garden, 522 under the LongHorn Steakhouse, 165 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 60 under The Capital Grille, 44 under the Seasons 52, 41 under the Bahama Breeze, and 23 under the Eddie V's Prime Seafood brands.
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