Summit Global Investments cut its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 16.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 5,627 shares of the restaurant operator’s stock after selling 1,073 shares during the quarter. Summit Global Investments’ holdings in Darden Restaurants were worth $509,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Farmers & Merchants Investments Inc. grew its holdings in shares of Darden Restaurants by 255.5% during the second quarter. Farmers & Merchants Investments Inc. now owns 1,422 shares of the restaurant operator’s stock worth $129,000 after buying an additional 1,022 shares in the last quarter. Huntington National Bank grew its holdings in shares of Darden Restaurants by 4.6% during the second quarter. Huntington National Bank now owns 1,578 shares of the restaurant operator’s stock worth $143,000 after buying an additional 70 shares in the last quarter. Van ECK Associates Corp grew its holdings in shares of Darden Restaurants by 4.6% during the first quarter. Van ECK Associates Corp now owns 1,625 shares of the restaurant operator’s stock worth $136,000 after buying an additional 71 shares in the last quarter. Ledyard National Bank grew its holdings in shares of Darden Restaurants by 4.9% during the second quarter. Ledyard National Bank now owns 1,718 shares of the restaurant operator’s stock worth $155,000 after buying an additional 80 shares in the last quarter. Finally, Sippican Capital Advisors purchased a new stake in shares of Darden Restaurants during the second quarter worth about $211,000. Institutional investors and hedge funds own 88.76% of the company’s stock.
A number of equities research analysts have recently commented on DRI shares. Bank of America Corporation set a $80.00 price target on shares of Darden Restaurants and gave the stock a “buy” rating in a report on Monday, June 26th. Raymond James Financial, Inc. reiterated a “market perform” rating on shares of Darden Restaurants in a report on Monday, July 24th. Oppenheimer Holdings, Inc. lifted their price target on shares of Darden Restaurants in a report on Monday, June 26th. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a report on Tuesday, July 11th. Finally, Canaccord Genuity reiterated a “buy” rating and set a $102.00 price target on shares of Darden Restaurants in a report on Friday, June 9th. Two equities research analysts have rated the stock with a sell rating, nineteen have given a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $85.18.
In other Darden Restaurants news, insider Eugene I. Lee, Jr. sold 93,125 shares of the stock in a transaction that occurred on 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 transaction, the insider now owns 165,062 shares in the company, valued at $15,116,377.96. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 0.63% of the company’s stock.
Darden Restaurants, Inc. (NYSE DRI) opened at 82.11 on Wednesday. The firm has a market capitalization of $10.30 billion, a PE ratio of 21.59 and a beta of 0.27. Darden Restaurants, Inc. has a 52-week low of $60.16 and a 52-week high of $95.22. The stock’s 50 day moving average is $83.03 and its 200-day moving average is $84.48.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Tuesday, June 27th. The restaurant operator reported $1.18 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.03. Darden Restaurants had a return on equity of 26.18% and a net margin of 6.68%. The firm had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.86 billion. During the same quarter in the prior year, the company posted $1.10 earnings per share. The firm’s revenue was up 8.1% on a year-over-year basis. Equities analysts expect that Darden Restaurants, Inc. will post $4.47 earnings per share for the current year.
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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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