Fred Alger Management Inc. lessened its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 11.6% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 12,957 shares of the restaurant operator’s stock after selling 1,706 shares during the quarter. Fred Alger Management Inc.’s holdings in Darden Restaurants were worth $1,244,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. Cerebellum GP LLC purchased a new stake in shares of Darden Restaurants during the 4th quarter valued at approximately $126,000. Grove Bank & Trust raised its position in shares of Darden Restaurants by 155.6% during the 3rd quarter. Grove Bank & Trust now owns 1,840 shares of the restaurant operator’s stock valued at $145,000 after buying an additional 1,120 shares during the period. Cetera Advisor Networks LLC purchased a new stake in shares of Darden Restaurants during the 4th quarter valued at approximately $200,000. Texas Yale Capital Corp. purchased a new stake in shares of Darden Restaurants during the 4th quarter valued at approximately $205,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in shares of Darden Restaurants during the 3rd quarter valued at approximately $208,000. 92.69% of the stock is currently owned by hedge funds and other institutional investors.
DRI has been the topic of several analyst reports. Wells Fargo & Co reaffirmed a “market perform” rating and set a $99.00 price target (up previously from $92.00) on shares of Darden Restaurants in a research report on Tuesday, January 9th. Barclays reaffirmed an “overweight” rating and set a $116.00 price target (up previously from $108.00) on shares of Darden Restaurants in a research report on Tuesday, January 16th. Argus raised shares of Darden Restaurants from a “hold” rating to a “buy” rating and lifted their price target for the company from $95.67 to $108.00 in a research report on Thursday, December 21st. Maxim Group reiterated a “buy” rating and issued a $112.00 target price (up previously from $103.00) on shares of Darden Restaurants in a report on Tuesday, January 9th. Finally, Credit Suisse Group reiterated a “hold” rating and issued a $95.00 target price on shares of Darden Restaurants in a report on Friday, January 12th. One analyst has rated the stock with a sell rating, sixteen have assigned a hold rating and ten have issued a buy rating to the company’s stock. Darden Restaurants presently has a consensus rating of “Hold” and a consensus price target of $96.73.
Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Tuesday, December 19th. The restaurant operator reported $0.73 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.70 by $0.03. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.85 billion. Darden Restaurants had a net margin of 6.46% and a return on equity of 26.24%. sell-side analysts forecast that Darden Restaurants, Inc. will post 4.76 EPS for the current year.
In other Darden Restaurants news, SVP Douglas J. Milanes sold 4,300 shares of the business’s stock in a transaction on Wednesday, January 10th. The shares were sold at an average price of $97.05, for a total value of $417,315.00. Following the completion of the transaction, the senior vice president now owns 7,513 shares in the company, valued at $729,136.65. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Ricardo Cardenas sold 10,783 shares of the business’s stock in a transaction on Wednesday, January 10th. The stock was sold at an average price of $97.17, for a total transaction of $1,047,784.11. Following the completion of the transaction, the chief financial officer now owns 20,046 shares of the company’s stock, valued at approximately $1,947,869.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 74,866 shares of company stock valued at $7,252,094. Insiders own 0.63% of the company’s stock.
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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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