Highbridge Capital Management LLC lifted its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 2,349.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 175,000 shares of the restaurant operator’s stock after acquiring an additional 167,855 shares during the quarter. Highbridge Capital Management LLC owned 0.14% of Darden Restaurants worth $13,787,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of DRI. M&R Capital Management Inc. bought a new position in Darden Restaurants during the second quarter valued at $108,000. D.A. Davidson & CO. grew its holdings in Darden Restaurants by 1.7% during the second quarter. D.A. Davidson & CO. now owns 1,271 shares of the restaurant operator’s stock valued at $114,000 after purchasing an additional 21 shares during the period. Moisand Fitzgerald Tamayo LLC bought a new position in Darden Restaurants during the third quarter valued at $115,000. Grove Bank & Trust grew its holdings in Darden Restaurants by 155.6% during the third quarter. Grove Bank & Trust now owns 1,840 shares of the restaurant operator’s stock valued at $145,000 after purchasing an additional 1,120 shares during the period. Finally, Campbell & CO Investment Adviser LLC bought a new position in Darden Restaurants during the third quarter valued at $208,000. 91.45% of the stock is owned by institutional investors.
Darden Restaurants, Inc. (NYSE:DRI) traded up $0.30 during trading hours on Tuesday, reaching $96.32. The company had a trading volume of 2,015,243 shares, compared to its average volume of 1,770,650. Darden Restaurants, Inc. has a 12 month low of $71.01 and a 12 month high of $98.36. The company has a quick ratio of 0.20, a current ratio of 0.34 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $11,910.00, a price-to-earnings ratio of 24.26, a price-to-earnings-growth ratio of 2.07 and a beta of 0.22.
Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Tuesday, September 26th. The restaurant operator reported $0.99 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.99. Darden Restaurants had a return on equity of 26.24% and a net margin of 6.46%. The business had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.93 billion. During the same quarter last year, the business posted $0.88 earnings per share. The company’s revenue for the quarter was up 12.9% on a year-over-year basis. equities analysts predict that Darden Restaurants, Inc. will post 4.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be given a dividend of $0.63 per share. The ex-dividend date of this dividend is Tuesday, January 9th. This represents a $2.52 dividend on an annualized basis and a yield of 2.62%. Darden Restaurants’s payout ratio is 63.48%.
Several equities analysts have weighed in on DRI shares. Credit Suisse Group reduced their price objective on Darden Restaurants from $85.00 to $82.00 and set a “neutral” rating for the company in a report on Wednesday, September 27th. SunTrust Banks set a $94.00 price objective on Darden Restaurants and gave the company a “hold” rating in a report on Monday, December 11th. Zacks Investment Research lowered Darden Restaurants from a “buy” rating to a “hold” rating in a report on Monday, December 18th. Stifel Nicolaus initiated coverage on Darden Restaurants in a report on Monday, October 2nd. They issued a “buy” rating and a $92.00 price target for the company. Finally, Maxim Group reaffirmed a “hold” rating and issued a $90.00 price target on shares of Darden Restaurants in a report on Thursday, September 21st. One analyst has rated the stock with a sell rating, seventeen have given a hold rating and nine have assigned a buy rating to the company. Darden Restaurants currently has a consensus rating of “Hold” and an average target price of $93.05.
Darden Restaurants 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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