Pictet Asset Management Ltd. Has $8.25 Million Stake in Darden Restaurants, Inc. (DRI)
Pictet Asset Management Ltd. cut its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 92,776 shares of the restaurant operator’s stock after selling 200 shares during the period. Pictet Asset Management Ltd.’s holdings in Darden Restaurants were worth $8,251,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Vanguard Group Inc. boosted its position in 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 last quarter. BlackRock Inc. boosted its position in 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 last quarter. American International Group Inc. boosted its position in 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 last quarter. Ameriprise Financial Inc. boosted its position in Darden Restaurants by 3.0% in the first quarter. Ameriprise Financial Inc. now owns 3,734,166 shares of the restaurant operator’s stock worth $312,519,000 after buying an additional 110,515 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in Darden Restaurants by 38.3% in the first quarter. Wells Fargo & Company MN now owns 3,229,308 shares of the restaurant operator’s stock worth $270,196,000 after buying an additional 894,403 shares during the last quarter. 95.49% of the stock is owned by hedge funds and other institutional investors.
Shares of Darden Restaurants, Inc. (NYSE DRI) opened at 83.48 on Wednesday. The company’s 50-day moving average price is $87.01 and its 200 day moving average price is $83.45. The company has a market cap of $10.47 billion, a price-to-earnings ratio of 21.95 and a beta of 0.27. Darden Restaurants, Inc. has a 12-month low of $60.16 and a 12-month high of $95.22.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.03. The business had revenue of $1.94 billion during the quarter, compared to the consensus estimate of $1.86 billion. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. The company’s quarterly revenue was up 8.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.10 EPS. Equities analysts predict that Darden Restaurants, Inc. will post $4.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were paid a dividend of $0.63 per share. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $2.52 dividend on an annualized basis and a yield of 3.02%. This is an increase from Darden Restaurants’s previous quarterly dividend of $0.56. Darden Restaurants’s payout ratio is 66.14%.
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DRI has been the subject of a number of research analyst reports. J P Morgan Chase & Co reissued a “neutral” rating and issued a $93.00 target price (up from $82.00) on shares of Darden Restaurants in a research note on Wednesday, June 28th. Canaccord Genuity reissued a “buy” rating and issued a $102.00 target price on shares of Darden Restaurants in a research note on Friday, June 9th. BMO Capital Markets boosted their target price on Darden Restaurants from $85.00 to $87.00 and gave the company a “market perform” rating in a research note on Friday, June 30th. Morgan Stanley reissued an “equal weight” rating and issued a $86.00 target price (up from $83.00) on shares of Darden Restaurants in a research note on Thursday, June 22nd. Finally, Oppenheimer Holdings, Inc. reissued an “outperform” rating and issued a $100.00 target price (up from $85.00) on shares of Darden Restaurants in a research note on Wednesday, June 28th. Two investment analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $84.78.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of Darden Restaurants stock in a transaction dated 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 owns 165,062 shares in the company, valued at approximately $15,116,377.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.63% of the stock is currently owned by insiders.
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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