Dai Ichi Life Insurance Company Ltd Has $8.01 Million Stake in Darden Restaurants, Inc. (DRI)

Dai Ichi Life Insurance Company Ltd grew its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 7.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 88,519 shares of the restaurant operator’s stock after purchasing an additional 6,124 shares during the quarter. Dai Ichi Life Insurance Company Ltd owned approximately 0.07% of Darden Restaurants worth $8,006,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. American International Group Inc. boosted its stake in shares of Darden Restaurants by 1.3% during the first quarter. American International Group Inc. now owns 6,198,698 shares of the restaurant operator’s stock valued at $518,645,000 after purchasing an additional 77,248 shares during the period. BlackRock Inc. boosted its stake in shares of Darden Restaurants by 4,601.4% during the first quarter. BlackRock Inc. now owns 11,464,253 shares of the restaurant operator’s stock valued at $959,215,000 after purchasing an additional 11,220,403 shares during the period. Wedbush Securities Inc. boosted its stake in shares of Darden Restaurants by 0.5% during the second quarter. Wedbush Securities Inc. now owns 3,195 shares of the restaurant operator’s stock valued at $289,000 after purchasing an additional 15 shares during the period. Karp Capital Management Corp purchased a new stake in shares of Darden Restaurants during the first quarter valued at approximately $11,342,000. Finally, Cornerstone Capital Management Holdings LLC. boosted its stake in shares of Darden Restaurants by 982.1% during the first quarter. Cornerstone Capital Management Holdings LLC. now owns 449,559 shares of the restaurant operator’s stock valued at $37,613,000 after purchasing an additional 408,013 shares during the period. 88.76% of the stock is owned by hedge funds and other institutional investors.

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In other news, insider Eugene I. Lee, Jr. sold 93,125 shares of the business’s stock in a transaction on Thursday, June 29th. The stock was sold at an average price of $91.58, for a total value of $8,528,387.50. Following the completion of the transaction, the insider now directly owns 165,062 shares of the company’s stock, valued at approximately $15,116,377.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.63% of the company’s stock.

A number of analysts have recently weighed in on DRI shares. Canaccord Genuity reissued a “buy” rating and set a $102.00 price objective on shares of Darden Restaurants in a research note on Friday, June 9th. Robert W. Baird reaffirmed a “neutral” rating and issued a $90.00 price target (up previously from $85.00) on shares of Darden Restaurants in a research note on Monday, June 19th. Maxim Group reaffirmed a “hold” rating and issued a $90.00 price target on shares of Darden Restaurants in a research note on Wednesday, June 21st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $86.00 price target (up previously from $83.00) on shares of Darden Restaurants in a research note on Thursday, June 22nd. Finally, Zacks Investment Research lowered Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Friday, June 23rd. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $85.18.

Shares of Darden Restaurants, Inc. (NYSE:DRI) traded up 1.95% during trading on Friday, hitting $78.55. The stock had a trading volume of 2,261,639 shares. Darden Restaurants, Inc. has a 12 month low of $60.16 and a 12 month high of $95.22. The company has a market cap of $9.85 billion, a P/E ratio of 20.65 and a beta of 0.27. The stock has a 50-day moving average price of $83.29 and a 200 day moving average price of $84.32.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, June 27th. The restaurant operator reported $1.18 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.15 by $0.03. The firm had revenue of $1.94 billion during the quarter, compared to analyst estimates of $1.86 billion. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. The business’s revenue for the quarter was up 8.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.10 EPS. Equities analysts expect that Darden Restaurants, Inc. will post $4.47 EPS for the current fiscal year.

About Darden Restaurants

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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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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