Man Group plc Trims Stake in Darden Restaurants, Inc. (NYSE:DRI)
Man Group plc cut its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 0.5% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 350,838 shares of the restaurant operator’s stock after selling 1,824 shares during the period. Man Group plc owned about 0.29% of Darden Restaurants worth $38,245,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of the business. State Street Corp raised its holdings in shares of Darden Restaurants by 0.6% in the third quarter. State Street Corp now owns 5,852,155 shares of the restaurant operator’s stock valued at $691,842,000 after acquiring an additional 32,745 shares in the last quarter. Newport Trust Co lifted its position in shares of Darden Restaurants by 0.8% in the 4th quarter. Newport Trust Co now owns 2,599,926 shares of the restaurant operator’s stock worth $283,418,000 after purchasing an additional 20,718 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Darden Restaurants by 18.0% during the fourth quarter. Victory Capital Management Inc. now owns 2,404,880 shares of the restaurant operator’s stock valued at $262,156,000 after purchasing an additional 366,909 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Darden Restaurants by 4.9% during the fourth quarter. AQR Capital Management LLC now owns 2,288,198 shares of the restaurant operator’s stock valued at $249,070,000 after purchasing an additional 106,224 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Darden Restaurants by 7.0% during the fourth quarter. Bank of New York Mellon Corp now owns 1,122,696 shares of the restaurant operator’s stock valued at $122,386,000 after purchasing an additional 73,085 shares in the last quarter. Institutional investors and hedge funds own 89.12% of the company’s stock.
In related news, SVP Douglas J. Milanes sold 791 shares of Darden Restaurants stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $113.32, for a total value of $89,636.12. Following the completion of the sale, the senior vice president now directly owns 6,002 shares in the company, valued at approximately $680,146.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Charles M. Sonsteby bought 1,500 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were bought at an average cost of $112.26 per share, for a total transaction of $168,390.00. Corporate insiders own 0.47% of the company’s stock.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, March 19th. The restaurant operator reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.88 by $0.02. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.33 billion. Darden Restaurants had a return on equity of 32.51% and a net margin of 7.25%. During the same period last year, the business posted $1.80 earnings per share. The firm’s revenue was up 4.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Darden Restaurants, Inc. will post 3.54 earnings per share for the current year.
A number of equities analysts recently commented on the stock. Royal Bank of Canada initiated coverage on shares of Darden Restaurants in a research note on Tuesday, December 10th. They issued an “outperform” rating and a $135.00 price objective for the company. SunTrust Banks dropped their target price on Darden Restaurants from $139.00 to $70.00 and set a “buy” rating on the stock in a research report on Friday, March 20th. Stephens cut their price target on Darden Restaurants from $125.00 to $115.00 and set an “equal weight” rating on the stock in a report on Friday, December 20th. MKM Partners reduced their price target on Darden Restaurants from to in a research report on Thursday, March 12th. Finally, BMO Capital Markets reduced their price target on Darden Restaurants from $97.00 to $46.00 and set an “underperform” rating for the company in a research report on Friday, March 20th. One analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $93.39.
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 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.
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