Beacon Investment Advisory Services Inc. trimmed its position in Darden Restaurants, Inc. (NYSE:DRI) by 2.5% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 46,669 shares of the restaurant operator’s stock after selling 1,213 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in Darden Restaurants were worth $4,996,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Jacobi Capital Management LLC boosted its holdings in Darden Restaurants by 79.3% in the 1st quarter. Jacobi Capital Management LLC now owns 1,585 shares of the restaurant operator’s stock worth $133,000 after buying an additional 701 shares during the last quarter. Trilogy Capital Inc. acquired a new stake in Darden Restaurants in the 1st quarter worth about $140,000. Doyle Wealth Management acquired a new stake in Darden Restaurants in the 2nd quarter worth about $202,000. Summit Securities Group LLC acquired a new stake in Darden Restaurants in the 2nd quarter worth about $203,000. Finally, Pillar Pacific Capital Management LLC acquired a new stake in Darden Restaurants in the 2nd quarter worth about $204,000. Institutional investors own 88.96% of the company’s stock.
Several equities research analysts recently issued reports on DRI shares. Oppenheimer lifted their price objective on Darden Restaurants from $105.00 to $115.00 and gave the stock an “outperform” rating in a report on Tuesday, June 26th. Zacks Investment Research cut Darden Restaurants from a “buy” rating to a “hold” rating in a report on Monday, May 28th. ValuEngine upgraded Darden Restaurants from a “hold” rating to a “buy” rating in a report on Friday, June 22nd. SunTrust Banks upgraded Darden Restaurants from a “hold” rating to a “buy” rating and boosted their target price for the stock from $104.00 to $110.00 in a report on Wednesday, June 6th. Finally, Piper Jaffray Companies restated an “overweight” rating and set a $120.00 target price on shares of Darden Restaurants in a report on Monday, July 23rd. Nine analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $110.77.
DRI stock opened at $114.36 on Tuesday. The company has a market cap of $13.52 billion, a PE ratio of 23.78, a PEG ratio of 2.13 and a beta of 0.18. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.25 and a current ratio of 0.40. Darden Restaurants, Inc. has a one year low of $76.27 and a one year high of $114.51.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, June 21st. The restaurant operator reported $1.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.35 by $0.04. The firm had revenue of $2.13 billion for the quarter, compared to analyst estimates of $2.13 billion. Darden Restaurants had a net margin of 7.38% and a return on equity of 29.02%. The business’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.99 EPS. analysts forecast that Darden Restaurants, Inc. will post 5.5 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Tuesday, July 10th were given a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 2.62%. The ex-dividend date of this dividend was Monday, July 9th. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.63. Darden Restaurants’s payout ratio is presently 52.39%.
In other news, CFO Ricardo Cardenas sold 10,666 shares of Darden Restaurants stock in a transaction that occurred on Monday, June 25th. The shares were sold at an average price of $108.86, for a total transaction of $1,161,100.76. Following the sale, the chief financial officer now owns 19,929 shares of the company’s stock, valued at approximately $2,169,470.94. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director William S. Simon sold 2,418 shares of Darden Restaurants stock in a transaction that occurred on Friday, July 13th. The shares were sold at an average price of $112.09, for a total transaction of $271,033.62. Following the sale, the director now directly owns 12,666 shares in the company, valued at approximately $1,419,731.94. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 182,236 shares of company stock worth $19,609,826. Corporate insiders own 0.65% of the company’s stock.
Darden Restaurants 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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