Today’s Price Action: Will Darden Restaurants, Inc. Run Out of Steam Soon?

Today's Price Action: Will Darden Restaurants, Inc. Run Out of Steam Soon?

The stock of Darden Restaurants, Inc. (NYSE:DRI) hit a new 52-week high and has $80.04 target or 22.00% above today’s $65.61 share price. The 8 months bullish chart indicates low risk for the $8.46B company. The 1-year high was reported on Nov, 9 by If the $80.04 price target is reached, the company will be worth $1.86 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 2.98M shares traded hands or 64.64% up from the average. Darden Restaurants, Inc. (NYSE:DRI) has risen 1.44% since April 7, 2016 and is uptrending. It has underperformed by 3.34% the S&P500.

Darden Restaurants, Inc. (NYSE:DRI) Ratings Coverage

Out of 16 analysts covering Darden Restaurants (NYSE:DRI), 9 rate it a “Buy”, 2 “Sell”, while 5 “Hold”. This means 56% are positive. Darden Restaurants has been the topic of 29 analyst reports since August 25, 2015 according to StockzIntelligence Inc. On Tuesday, May 17 the stock rating was upgraded by Piper Jaffray to “Overweight”. Citigroup maintained Darden Restaurants, Inc. (NYSE:DRI) on Monday, April 18 with “Buy” rating. The stock of Darden Restaurants, Inc. (NYSE:DRI) has “Buy” rating given on Friday, June 24 by Tigress Financial. The rating was maintained by Maxim Group on Monday, December 21 with “Buy”. Maxim Group initiated Darden Restaurants, Inc. (NYSE:DRI) on Wednesday, September 30 with “Hold” rating. The rating was maintained by Maxim Group on Friday, July 1 with “Buy”. As per Thursday, October 8, the company rating was initiated by SunTrust. The rating was maintained by RBC Capital Markets on Monday, December 21 with “Sector Perform”. The company was maintained on Monday, October 3 by Stifel Nicolaus. Zacks downgraded the shares of DRI in a report on Tuesday, August 25 to “Strong-Buy” rating.

According to Zacks Investment Research, “Darden Restaurants, Inc. is the world’s largest casual dining restaurant company based on market share, sales and number of company-owned and operated restaurants. Darden through its subsidiaries, engages in the ownership and operation of casual dining restaurants in the United States and Canada.”

Insitutional Activity: The institutional sentiment decreased to 1.09 in 2016 Q2. Its down 0.12, from 1.21 in 2016Q1. The ratio worsened, as 46 funds sold all Darden Restaurants, Inc. shares owned while 172 reduced positions. 56 funds bought stakes while 182 increased positions. They now own 115.09 million shares or 1.22% less from 116.51 million shares in 2016Q1.
Bridgewater Assocs Limited Partnership last reported 97,162 shares in the company. Vantage Advsrs Ltd Liability Company has 0% invested in the company for 80 shares. Dynamic Mgmt last reported 10,628 shares in the company. Moreover, Strs Ohio has 0% invested in Darden Restaurants, Inc. (NYSE:DRI) for 14,364 shares. Franklin Resources accumulated 10,727 shares or 0% of the stock. Numeric Invsts Lc holds 0.72% or 1.27M shares in its portfolio. Ruggie Cap Grp Inc has 95 shares for 0.01% of their US portfolio. Brick & Kyle Associate owns 250 shares or 0.01% of their US portfolio. Morgan Stanley has 1.47 million shares for 0.03% of their US portfolio. Pub Employees Retirement Association Of Colorado last reported 28,795 shares in the company. Jpmorgan Chase owns 621,941 shares or 0.01% of their US portfolio. Ameritas Inv Prtn holds 1,092 shares or 0% of its portfolio. First Mercantile Tru holds 0.13% of its portfolio in Darden Restaurants, Inc. (NYSE:DRI) for 16,250 shares. Bokf Na has invested 0.11% of its portfolio in Darden Restaurants, Inc. (NYSE:DRI). Hudson Valley Invest Inc Adv has 0.08% invested in the company for 4,025 shares.

Insider Transactions: Since July 7, 2016, the stock had 1 buying transaction, and 1 insider sale for $2.12 million net activity. FOGARTY JAMES P also bought $185,100 worth of Darden Restaurants, Inc. (NYSE:DRI) shares. $2.31M worth of shares were sold by Kirgan Danielle L. on Monday, October 10.

DRI Company Profile

Darden Restaurants, Inc., incorporated on March 30, 1995, is a full-service restaurant company. The Firm owned and operated 1,536 restaurants through its subsidiaries in the United States and Canada, as of May 29, 2016. The Company’s divisions 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). As of May 29, 2016, the Company also had 50 restaurants operated by independent third parties pursuant to area development and franchise agreements.

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