New York State Teachers Retirement System lifted its position in shares of Darden Restaurants (NYSE:DRI) by 3.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 213,564 shares of the restaurant operator’s stock after purchasing an additional 7,391 shares during the period. New York State Teachers Retirement System owned about 0.17% of Darden Restaurants worth $18,206,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the stock. Cerebellum GP LLC purchased a new stake in Darden Restaurants in the 4th quarter valued at approximately $126,000. Cetera Advisor Networks LLC purchased a new stake in Darden Restaurants in the 4th quarter valued at approximately $200,000. Texas Yale Capital Corp. purchased a new position in shares of Darden Restaurants during the 4th quarter worth $205,000. Ifrah Financial Services Inc. purchased a new position in shares of Darden Restaurants during the 4th quarter worth $208,000. Finally, ETRADE Capital Management LLC purchased a new position in shares of Darden Restaurants during the 4th quarter worth $211,000. Hedge funds and other institutional investors own 90.94% of the company’s stock.
DRI has been the subject of a number of research analyst reports. BMO Capital Markets dropped their price objective on Darden Restaurants from $99.00 to $97.00 and set a “market perform” rating for the company in a report on Thursday, March 22nd. Zacks Investment Research downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Maxim Group reiterated a “buy” rating and issued a $112.00 price target on shares of Darden Restaurants in a report on Wednesday, March 14th. Stifel Nicolaus decreased their price objective on shares of Darden Restaurants from $105.00 to $100.00 and set a “buy” rating for the company in a research report on Friday, March 23rd. Finally, Morgan Stanley decreased their price objective on shares of Darden Restaurants from $97.00 to $90.00 and set an “equal weight” rating for the company in a research report on Friday, March 23rd. One equities research analyst has rated the stock with a sell rating, twelve have issued 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 $98.43.
Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, March 22nd. The restaurant operator reported $1.71 EPS for the quarter, topping the consensus estimate of $1.64 by $0.07. Darden Restaurants had a net margin of 6.92% and a return on equity of 28.12%. The firm had revenue of $2.13 billion for the quarter, compared to the consensus estimate of $2.15 billion. During the same quarter last year, the firm posted $1.32 EPS. The business’s quarterly revenue was up 13.3% on a year-over-year basis. equities research analysts predict that Darden Restaurants will post 4.77 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th were given a dividend of $0.63 per share. The ex-dividend date was Monday, April 9th. This represents a $2.52 annualized dividend and a dividend yield of 2.94%. Darden Restaurants’s dividend payout ratio (DPR) is currently 62.69%.
Darden Restaurants Company Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of June 27, 2017, it owned and operated approximately 1,700 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V's brands.
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