Swiss National Bank Trims Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Swiss National Bank reduced its position in Darden Restaurants, Inc. (NYSE:DRI) by 20.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 505,539 shares of the restaurant operator’s stock after selling 130,200 shares during the quarter. Swiss National Bank’s holdings in Darden Restaurants were worth $50,928,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Liberty One Investment Management LLC acquired a new position in shares of Darden Restaurants during the 2nd quarter worth $26,000. International Assets Investment Management LLC acquired a new stake in Darden Restaurants during the 3rd quarter worth approximately $29,000. Rosenberg Matthew Hamilton acquired a new stake in Darden Restaurants during the 2nd quarter worth approximately $35,000. Global Wealth Management Investment Advisory Inc. grew its position in Darden Restaurants by 72.2% in the second quarter. Global Wealth Management Investment Advisory Inc. now owns 477 shares of the restaurant operator’s stock valued at $36,000 after acquiring an additional 200 shares in the last quarter. Finally, Parallel Advisors LLC grew its position in Darden Restaurants by 228.5% in the second quarter. Parallel Advisors LLC now owns 537 shares of the restaurant operator’s stock valued at $40,000 after acquiring an additional 955 shares in the last quarter. 82.87% of the stock is currently owned by institutional investors.

In other news, Director Nana Mensah sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 27th. The stock was sold at an average price of $95.07, for a total value of $95,070.00. Following the transaction, the director now owns 180 shares in the company, valued at approximately $17,112.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by insiders.

A number of equities research analysts have issued reports on DRI shares. Wells Fargo & Company raised their target price on Darden Restaurants from $104.00 to $115.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 11th. JPMorgan Chase & Co. lifted their price target on Darden Restaurants from $82.00 to $105.00 and gave the stock an “overweight” rating in a research note on Friday, September 25th. Argus upgraded Darden Restaurants from a “hold” rating to a “buy” rating and set a $115.00 price objective for the company in a research report on Tuesday, September 29th. BTIG Research boosted their target price on Darden Restaurants from $100.00 to $108.00 and gave the stock a “buy” rating in a report on Friday, September 25th. Finally, Stephens reaffirmed an “overweight” rating and issued a $98.00 price target on shares of Darden Restaurants in a research report on Thursday, August 27th. Fifteen investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $101.55.

Shares of NYSE:DRI opened at $108.45 on Friday. Darden Restaurants, Inc. has a 1 year low of $26.15 and a 1 year high of $125.96. The company has a market capitalization of $14.12 billion, a price-to-earnings ratio of -72.79, a P/E/G ratio of 1.41 and a beta of 1.41. The business’s 50-day moving average is $101.34 and its 200-day moving average is $85.35. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.63 and a quick ratio of 0.51.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, September 24th. The restaurant operator reported $0.56 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.51. The firm had revenue of $1.53 billion during the quarter, compared to analyst estimates of $1.55 billion. Darden Restaurants had a positive return on equity of 12.45% and a negative net margin of 2.60%. The company’s revenue for the quarter was down 28.6% on a year-over-year basis. During the same period in the previous year, the company posted $1.38 EPS. Analysts anticipate that Darden Restaurants, Inc. will post 4 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Stockholders of record on Friday, October 9th were paid a $0.30 dividend. The ex-dividend date was Thursday, October 8th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.11%. Darden Restaurants’s payout ratio is presently 38.34%.

Darden Restaurants Profile

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.

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

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