Summit Global Investments Boosts Position in Darden Restaurants, Inc. (NYSE:DRI)
Summit Global Investments boosted its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 691.4% in the 1st quarter, HoldingsChannel.com reports. The firm owned 83,439 shares of the restaurant operator’s stock after acquiring an additional 72,896 shares during the quarter. Darden Restaurants accounts for about 1.3% of Summit Global Investments’ holdings, making the stock its 21st biggest position. Summit Global Investments’ holdings in Darden Restaurants were worth $10,135,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also bought and sold shares of the company. American Century Companies Inc. lifted its stake in Darden Restaurants by 17.8% during the 1st quarter. American Century Companies Inc. now owns 1,589,442 shares of the restaurant operator’s stock valued at $193,070,000 after acquiring an additional 240,234 shares in the last quarter. Fort L.P. bought a new stake in shares of Darden Restaurants during the 1st quarter worth $35,000. Dynamic Capital Management Ltd bought a new stake in shares of Darden Restaurants during the 1st quarter worth $2,451,000. SRB Corp raised its stake in shares of Darden Restaurants by 29.7% during the 1st quarter. SRB Corp now owns 6,528 shares of the restaurant operator’s stock worth $793,000 after purchasing an additional 1,493 shares during the period. Finally, Riverhead Capital Management LLC raised its stake in shares of Darden Restaurants by 18.8% during the 1st quarter. Riverhead Capital Management LLC now owns 101,483 shares of the restaurant operator’s stock worth $12,327,000 after purchasing an additional 16,080 shares during the period. 88.86% of the stock is owned by institutional investors and hedge funds.
Darden Restaurants stock traded up $0.99 during midday trading on Friday, reaching $119.89. The stock had a trading volume of 14,735 shares, compared to its average volume of 1,391,326. Darden Restaurants, Inc. has a 12 month low of $91.34 and a 12 month high of $125.33. The stock has a market capitalization of $14.49 billion, a P/E ratio of 24.96, a P/E/G ratio of 1.78 and a beta of 0.30. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.33 and a current ratio of 0.48.
A number of equities research analysts have recently commented on the company. Wedbush lifted their target price on Darden Restaurants from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Thursday, May 23rd. Zacks Investment Research cut Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Monday, May 13th. Wells Fargo & Co lowered their target price on Darden Restaurants from $120.00 to $117.00 and set a “market perform” rating on the stock in a research note on Tuesday. UBS Group assumed coverage on Darden Restaurants in a research note on Friday, April 26th. They set a “buy” rating and a $133.00 target price on the stock. Finally, Evercore ISI assumed coverage on Darden Restaurants in a research note on Tuesday. They set an “outperform” rating and a $135.00 target price on the stock. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nineteen have assigned a buy rating to the company. Darden Restaurants currently has a consensus rating of “Buy” and a consensus target price of $130.12.
In other Darden Restaurants news, SVP John W. Madonna sold 330 shares of Darden Restaurants stock in a transaction dated Monday, March 25th. The stock was sold at an average price of $118.76, for a total transaction of $39,190.80. Following the completion of the transaction, the senior vice president now owns 1,680 shares of the company’s stock, valued at approximately $199,516.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eugene I. Lee, Jr. sold 73,152 shares of Darden Restaurants stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $118.61, for a total value of $8,676,558.72. Following the transaction, the insider now directly owns 190,025 shares of the company’s stock, valued at approximately $22,538,865.25. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.
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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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