Darden Restaurants Beats EPS Estimates
Darden Restaurants, Inc. (NYSE:DRI)’s stock has lost over 4% after the company posted financial results for the fiscal fourth quarter. The restaurant operator reported EPS of $1.10, better than the estimated $1.08, but revenue of $1.79 billion missed the estimates of $1.81 billion. Darden’s CEO Gene Lee said in a statement that the latest financial results strengthen the company’s belief that its “back to basics” operating philosophy to increase guest loyalty is working. Among the investors we track, 38 funds held stakes in Darden Restaurants, Inc. (NYSE:DRI) at the end of the first quarter, up from 32 funds a quarter earlier. Jeffrey Smith’s Starboard Value LP owns more than 6.6 million shares of the company.
McCormick & Company
McCormick & Company, Incorporated (NYSE:MKC)’s stock opened lower but has regained some ground and is nearly flat so far today after the company posted better-than-expected fiscal second quarter results. The spice and herbs manufacturer, headquartered in Maryland, posted EPS of $0.75, up from the analysts’ consensus of $0.74. Revenue in the quarter was $1.06 billion, in-line with the estimates. For the full year, McCormick & Company expects adjusted earnings in the range of $3.65 to $3.75 a share. McCormick’s President and CEO, Lawrence Kurzius, said in a statement that the growth in the quarter was driven by a rise in consumer demand for healthy products. A total of 18 funds from our database were bullish on McCormick & Company, Incorporated (NYSE:MKC) at the end of the first quarter. Among them, Cliff Asness’ AQR Capital Management owns 440,299 shares of the company.