Jeffrey Smith‘s Starboard Value continues to trim its position in Darden Restaurants, Inc. (NYSE:DRI), with a new 13D filing showcasing a multitude of sales transactions made by the fund over the past two weeks. In total, Starboard Value owns 7.97 million shares of the company that Mr. Smith is now the Chairman of, after successfully ousting the entire Board of Darden in a proxy fight in 2014. Starboard has trimmed its stake multiple times in 2016, according to previous 13D filings, with the latest sale accounting for about 1.34 million shares since a 13D filing released on February 5. Starboard Value owned 11.64 million shares of Darden Restaurants at the end of 2015, with the position accounting for nearly 20% of its public equity portfolio. As such, the latest sales are likely being affected in the name of portfolio rebalancing, with a little profit taking sprinkled in. Shares of Darden are up by about 21% since the end of 2013, shortly after Mr. Smith took a position in the company.
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|STARBOARD VALUE AND OPPORTUNITY MASTER FUND LTD||1,735,918||7,965,000||1,735,918||7,965,000||1,735,918||1.4%|
|STARBOARD VALUE AND OPPORTUNITY S||397,097||7,965,000||397,097||7,965,000||397,097||Less than 1%|
|STARBOARD VALUE AND OPPORTUNITY C||217,662||217,662||217,662||Less than 1%|
|STARBOARD VALUE R||217,662||217,662||217,662||Less than 1%|
|STARBOARD VALUE R GP||217,662||217,662||217,662||Less than 1%|
|STARBOARD LEADERS DELTA||2,366,584||2,366,584||2,366,584||1.8%|
|STARBOARD LEADERS FUND||2,366,584||2,366,584||2,366,584||1.8%|
|STARBOARD VALUE A||2,366,584||2,366,584||2,366,584||1.8%|
|STARBOARD VALUE A GP||2,366,584||2,366,584||2,366,584||1.8%|
|STARBOARD VALUE GP||7,965,000||7,965,000||7,965,000||6.2%|
|STARBOARD PRINCIPAL CO||7,965,000||7,965,000||7,965,000||6.2%|
|STARBOARD PRINCIPAL CO GP||7,965,000||7,965,000||7,965,000||6.2%|
|JEFFREY C. SMITH||6,320||6,320||7,965,000||6.2%|
|MARK R. MITCHELL||7,965,000||6.2%|
|PETER A. FELD||7,971,320||6.2%|
Page 1 of 27 SEC Filing
STEVE WOLOSKY, ESQ.
(Name, Address and Telephone Number of Person