IFP Advisors Inc reduced its stake in Darden Restaurants, Inc. (NYSE:DRI) by 14.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,446 shares of the restaurant operator’s stock after selling 1,120 shares during the period. IFP Advisors Inc’s holdings in Darden Restaurants were worth $690,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in DRI. Jacobi Capital Management LLC grew its stake in shares of Darden Restaurants by 79.3% in the 1st quarter. Jacobi Capital Management LLC now owns 1,585 shares of the restaurant operator’s stock valued at $133,000 after purchasing an additional 701 shares during the period. Trilogy Capital Inc. bought a new stake in shares of Darden Restaurants in the 1st quarter valued at approximately $140,000. TLP Group LLC grew its stake in shares of Darden Restaurants by 761.3% in the 1st quarter. TLP Group LLC now owns 2,093 shares of the restaurant operator’s stock valued at $178,000 after purchasing an additional 1,850 shares during the period. Ostrum Asset Management bought a new stake in shares of Darden Restaurants in the 1st quarter valued at approximately $180,000. Finally, Summit Securities Group LLC bought a new stake in shares of Darden Restaurants in the 2nd quarter valued at approximately $203,000. Institutional investors own 86.39% of the company’s stock.
In other news, COO David C. George sold 60,970 shares of the business’s stock in a transaction that occurred on Thursday, June 28th. The stock was sold at an average price of $106.99, for a total value of $6,523,180.30. Following the transaction, the chief operating officer now directly owns 43,223 shares of the company’s stock, valued at approximately $4,624,428.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ricardo Cardenas sold 10,666 shares of the business’s stock in a transaction that occurred on Monday, June 25th. The stock was sold at an average price of $108.86, for a total value of $1,161,100.76. Following the completion of the transaction, the chief financial officer now directly owns 19,929 shares in the company, valued at $2,169,470.94. The disclosure for this sale can be found here. Insiders sold a total of 182,236 shares of company stock worth $19,609,826 over the last three months. 0.65% of the stock is owned by company insiders.
Shares of DRI opened at $114.00 on Wednesday. The company has a market capitalization of $14.07 billion, a PE ratio of 23.62, a price-to-earnings-growth ratio of 2.21 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 $114.68.
Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, June 21st. The restaurant operator reported $1.39 EPS for the quarter, topping the consensus estimate of $1.35 by $0.04. The business had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.13 billion. Darden Restaurants had a return on equity of 29.02% and a net margin of 7.38%. Darden Restaurants’s revenue was up 10.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.99 EPS. sell-side analysts expect that Darden Restaurants, Inc. will post 5.5 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Wednesday, August 1st. Stockholders of record on Tuesday, July 10th were issued a $0.75 dividend. This is an increase from Darden Restaurants’s previous quarterly dividend of $0.63. This represents a $3.00 annualized dividend and a dividend yield of 2.63%. The ex-dividend date of this dividend was Monday, July 9th. Darden Restaurants’s payout ratio is presently 52.39%.
Several research firms have recently weighed in on DRI. Zacks Investment Research lowered Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Tuesday. Maxim Group lowered Darden Restaurants from a “buy” rating to a “hold” rating and set a $112.00 price objective on the stock. in a research note on Monday, July 16th. They noted that the move was a valuation call. Citigroup upped their price objective on Darden Restaurants from $100.00 to $128.00 and gave the company a “buy” rating in a research note on Thursday, July 12th. Piper Jaffray Companies reiterated an “overweight” rating and issued a $120.00 price objective on shares of Darden Restaurants in a research note on Monday, July 23rd. Finally, Barclays upped their price objective on Darden Restaurants from $117.00 to $121.00 and gave the company a “$112.15” rating in a research note on Wednesday, July 18th. Ten equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $110.77.
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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