Smith Asset Management Group Lp Lowers stake in Darden Restaurants (DRI)

Darden Restaurants (DRI) : Smith Asset Management Group Lp reduced its stake in Darden Restaurants by 0.35% during the most recent quarter end. The investment management company now holds a total of 649,720 shares of Darden Restaurants which is valued at $38,775,290 after selling 2,250 shares in Darden Restaurants , the firm said in a disclosure report filed with the SEC on Jul 26, 2016.Darden Restaurants makes up approximately 1.12% of Smith Asset Management Group Lp’s portfolio.

Other Hedge Funds, Including , Boston Advisors reduced its stake in DRI by selling 217,243 shares or 40.3% in the most recent quarter. The Hedge Fund company now holds 321,818 shares of DRI which is valued at $19,206,098. Darden Restaurants makes up approx 0.46% of Boston Advisors’s portfolio.Daiwa Securities Group reduced its stake in DRI by selling 41,650 shares or 53.47% in the most recent quarter. The Hedge Fund company now holds 36,250 shares of DRI which is valued at $2,163,400. Darden Restaurants makes up approx 0.01% of Daiwa Securities Group’s portfolio. Fox Run Management L.l.c. sold out all of its stake in DRI during the most recent quarter. The investment firm sold 8,400 shares of DRI which is valued $526,512.Gradient Investments boosted its stake in DRI in the latest quarter, The investment management firm added 6,229 additional shares and now holds a total of 65,410 shares of Darden Restaurants which is valued at $4,075,697. Darden Restaurants makes up approx 0.43% of Gradient Investments’s portfolio.Gw&k Investment Management boosted its stake in DRI in the latest quarter, The investment management firm added 23,780 additional shares and now holds a total of 381,922 shares of Darden Restaurants which is valued at $23,938,871. Darden Restaurants makes up approx 0.49% of Gw&k Investment Management’s portfolio.

Darden Restaurants opened for trading at $61.08 and hit $61.72 on the upside on Friday, eventually ending the session at $61.56, with a gain of 0.70% or 0.43 points. The heightened volatility saw the trading volume jump to 21,56,927 shares. Company has a market cap of $7,770 M.

On the company’s financial health, Darden Restaurants reported $1.10 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jun 30, 2016. Analyst had a consensus of $1.09. The company had revenue of $1790.20 million for the quarter, compared to analysts expectations of $1817.58 million. The company’s revenue was down -4.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.08 EPS.

Many Wall Street Analysts have commented on Darden Restaurants. Stifel Downgraded Darden Restaurants on Jul 26, 2016 to ” Sell”, Price Target of the shares are set at $53.Darden Restaurants was Downgraded by Wells Fargo to ” Market Perform” on Jul 13, 2016. Shares were Reiterated by Maxim Group on Jul 1, 2016 to “Buy” and Lowered the Price Target to $ 74 from a previous price target of $77 .

Darden Restaurants Inc. is a full service restaurant company. The Company owns and operates more than 1500 restaurants. The Company’s restaurant brands include Olive Garden LongHorn Steakhouse Bahama Breeze Seasons 52 The Capital Grille Eddie V’s Prime Seafood Wildfish Seafood Grill and Yard House. Through subsidiaries the Company owns and operates all of its restaurants in the United States and Canada except for three restaurants located in Florida and three restaurants in California which are owned jointly by the Company and third parties and managed by the Company seven franchised restaurants in Puerto Rico and one Atlanta Georgia airport location.

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