Darden Restaurants, Inc. (DRI) Shares Bought by Inverness Counsel LLC NY

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Inverness Counsel LLC NY lifted its stake in Darden Restaurants, Inc. (NYSE:DRI) by 10,013.9% in the 3rd quarter, Holdings Channel reports. The firm owned 240,712 shares of the restaurant operator’s stock after acquiring an additional 238,332 shares during the period. Inverness Counsel LLC NY’s holdings in Darden Restaurants were worth $26,765,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently made changes to their positions in DRI. Moneta Group Investment Advisors LLC raised its position in shares of Darden Restaurants by 92.9% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,640 shares of the restaurant operator’s stock valued at $176,000 after purchasing an additional 790 shares during the last quarter. Doyle Wealth Management purchased a new position in Darden Restaurants during the 2nd quarter worth approximately $202,000. Summit Securities Group LLC purchased a new position in Darden Restaurants during the 2nd quarter worth approximately $203,000. Dumont & Blake Investment Advisors LLC purchased a new position in Darden Restaurants during the 3rd quarter worth approximately $203,000. Finally, Pillar Pacific Capital Management LLC purchased a new position in Darden Restaurants during the 2nd quarter worth approximately $204,000. 89.28% of the stock is owned by hedge funds and other institutional investors.

In other news, COO David C. George sold 55,671 shares of the firm’s stock in a transaction that occurred on Thursday, October 4th. The shares were sold at an average price of $108.24, for a total transaction of $6,025,829.04. Following the sale, the chief operating officer now owns 95,236 shares of the company’s stock, valued at approximately $10,308,344.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Eugene I. Lee, Jr. sold 60,688 shares of the firm’s stock in a transaction that occurred on Wednesday, September 26th. The stock was sold at an average price of $112.63, for a total transaction of $6,835,289.44. Following the sale, the insider now directly owns 147,561 shares in the company, valued at approximately $16,619,795.43. The disclosure for this sale can be found here. 0.65% of the stock is owned by company insiders.

A number of equities analysts have issued reports on DRI shares. BMO Capital Markets lowered shares of Darden Restaurants from a “market perform” rating to an “underperform” rating and reduced their price target for the stock from $105.00 to $96.00 in a research report on Monday, September 24th. Zacks Investment Research raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $128.00 price target for the company in a research report on Wednesday, August 22nd. Oppenheimer raised their price target on shares of Darden Restaurants from $115.00 to $130.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 5th. Morgan Stanley raised their price target on shares of Darden Restaurants from $103.00 to $110.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 13th. Finally, Argus raised their price target on shares of Darden Restaurants to $240.00 and gave the stock a “buy” rating in a research report on Thursday, September 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $119.04.

Shares of NYSE DRI traded up $2.94 during midday trading on Tuesday, reaching $108.10. 85,673 shares of the stock were exchanged, compared to its average volume of 1,348,901. The stock has a market capitalization of $12.90 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 1.98 and a beta of 0.17. Darden Restaurants, Inc. has a twelve month low of $79.18 and a twelve month high of $124.00. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.41 and a quick ratio of 0.26.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, September 20th. The restaurant operator reported $1.34 EPS for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. The business had revenue of $2.06 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Darden Restaurants had a net margin of 7.84% and a return on equity of 30.32%. The business’s revenue was up 6.5% on a year-over-year basis. During the same quarter last year, the company earned $0.99 EPS. Analysts anticipate that Darden Restaurants, Inc. will post 5.62 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 1st. Stockholders of record on Wednesday, October 10th will be paid a dividend of $0.75 per share. The ex-dividend date is Tuesday, October 9th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.78%. Darden Restaurants’s payout ratio is 26.20%.

Darden Restaurants Company Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

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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).

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

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