Zeke Capital Advisors LLC purchased a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 2,409 shares of the restaurant operator’s stock, valued at approximately $243,000.
Several other large investors have also recently made changes to their positions in the company. Victory Capital Management Inc. boosted its position in Darden Restaurants by 9.0% in the 2nd quarter. Victory Capital Management Inc. now owns 3,649,363 shares of the restaurant operator’s stock valued at $276,512,000 after buying an additional 302,365 shares during the last quarter. Viking Global Investors LP bought a new position in shares of Darden Restaurants during the second quarter worth about $226,676,000. FMR LLC lifted its position in shares of Darden Restaurants by 88.2% during the second quarter. FMR LLC now owns 1,652,460 shares of the restaurant operator’s stock worth $125,207,000 after purchasing an additional 774,221 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Darden Restaurants by 17.2% in the second quarter. Bank of New York Mellon Corp now owns 1,035,700 shares of the restaurant operator’s stock worth $78,476,000 after acquiring an additional 152,200 shares during the last quarter. Finally, Point72 Asset Management L.P. lifted its holdings in Darden Restaurants by 18.3% in the second quarter. Point72 Asset Management L.P. now owns 926,035 shares of the restaurant operator’s stock worth $70,166,000 after acquiring an additional 143,293 shares during the last quarter. 88.70% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director Nana Mensah sold 1,000 shares of the stock in a transaction on Tuesday, October 27th. The shares were sold at an average price of $95.07, for a total transaction of $95,070.00. Following the completion of the transaction, the director now owns 180 shares in the company, valued at $17,112.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.
A number of equities analysts have issued reports on DRI shares. KeyCorp raised their target price on shares of Darden Restaurants from $102.00 to $108.00 and gave the stock an “overweight” rating in a report on Friday, September 25th. Argus upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $115.00 price target on the stock in a research note on Tuesday, September 29th. Wedbush raised their price target on shares of Darden Restaurants from $99.00 to $115.00 and gave the company a “neutral” rating in a research note on Friday. They noted that the move was a valuation call. Deutsche Bank Aktiengesellschaft raised their price target on shares of Darden Restaurants from $77.00 to $97.00 and gave the company a “hold” rating in a research note on Friday, September 25th. Finally, BMO Capital Markets raised their price target on shares of Darden Restaurants from $84.00 to $96.00 and gave the company a “market perform” rating in a research note on Friday, September 25th. Fifteen research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $101.24.
Shares of NYSE:DRI opened at $110.08 on Tuesday. Darden Restaurants, Inc. has a 52 week low of $26.15 and a 52 week high of $125.96. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.51 and a current ratio of 0.63. The company has a market capitalization of $14.33 billion, a PE ratio of -73.88, a PEG ratio of 1.24 and a beta of 1.41. The company has a 50 day moving average price of $100.56 and a two-hundred day moving average price of $84.63.
Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, September 24th. The restaurant operator reported $0.56 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.05 by $0.51. Darden Restaurants had a negative net margin of 2.60% and a positive return on equity of 12.45%. The company had revenue of $1.53 billion during the quarter, compared to the consensus estimate of $1.55 billion. During the same quarter in the prior year, the firm earned $1.38 earnings per share. The firm’s revenue was down 28.6% compared to the same quarter last year. On average, sell-side analysts forecast that Darden Restaurants, Inc. will post 4 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Investors of record on Friday, October 9th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.09%. The ex-dividend date of this dividend was Thursday, October 8th. Darden Restaurants’s payout ratio is 38.34%.
About Darden Restaurants
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 31, 2020, it owned and operated approximately 1,804 restaurants, which included 868 under the Olive Garden, 522 under the LongHorn Steakhouse, 165 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 60 under The Capital Grille, 44 under the Seasons 52, 41 under the Bahama Breeze, and 23 under the Eddie V's Prime Seafood brands.
See Also: Why is cost of goods sold important?
Want to see what other hedge funds are holding DRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Darden Restaurants, Inc. (NYSE:DRI).
Receive News & Ratings for Darden Restaurants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Darden Restaurants and related companies with MarketBeat.com's FREE daily email newsletter.