Marks Group Wealth Management Inc Sells 357 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Marks Group Wealth Management Inc lowered its position in Darden Restaurants, Inc. (NYSE:DRI) by 0.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 46,834 shares of the restaurant operator’s stock after selling 357 shares during the quarter. Marks Group Wealth Management Inc’s holdings in Darden Restaurants were worth $7,695,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of DRI. Alps Advisors Inc. boosted its stake in shares of Darden Restaurants by 3.0% in the 3rd quarter. Alps Advisors Inc. now owns 2,274 shares of the restaurant operator’s stock valued at $326,000 after purchasing an additional 66 shares in the last quarter. Wambolt & Associates LLC grew its stake in shares of Darden Restaurants by 3.7% during the third quarter. Wambolt & Associates LLC now owns 1,871 shares of the restaurant operator’s stock valued at $266,000 after buying an additional 67 shares during the last quarter. Whittier Trust Co. increased its holdings in shares of Darden Restaurants by 0.5% in the third quarter. Whittier Trust Co. now owns 13,705 shares of the restaurant operator’s stock worth $1,963,000 after buying an additional 71 shares during the period. Blair William & Co. IL lifted its stake in shares of Darden Restaurants by 1.0% in the 3rd quarter. Blair William & Co. IL now owns 6,997 shares of the restaurant operator’s stock valued at $1,002,000 after acquiring an additional 71 shares during the last quarter. Finally, Hartford Financial Management Inc. boosted its holdings in Darden Restaurants by 65.1% during the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after acquiring an additional 71 shares during the period. 93.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Darden Restaurants news, insider Melvin John Martin sold 7,673 shares of the company’s stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the transaction, the insider now owns 17,208 shares in the company, valued at approximately $2,848,268.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Darden Restaurants news, insider Melvin John Martin sold 7,673 shares of Darden Restaurants stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total value of $1,270,034.96. Following the completion of the sale, the insider now owns 17,208 shares of the company’s stock, valued at approximately $2,848,268.16. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director William S. Simon sold 1,219 shares of the stock in a transaction on Monday, April 8th. The shares were sold at an average price of $158.21, for a total value of $192,857.99. Following the transaction, the director now directly owns 6,281 shares in the company, valued at $993,717.01. The disclosure for this sale can be found here. In the last ninety days, insiders sold 15,723 shares of company stock worth $2,578,122. 0.85% of the stock is owned by corporate insiders.

Darden Restaurants Stock Up 1.3 %

NYSE:DRI traded up $2.05 on Monday, reaching $154.55. 1,234,516 shares of the stock traded hands, compared to its average volume of 1,150,490. The company’s fifty day simple moving average is $165.01 and its 200 day simple moving average is $159.00. The company has a market capitalization of $18.45 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 1.68 and a beta of 1.25. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share for the quarter, missing the consensus estimate of $2.63 by ($0.01). Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period last year, the business earned $2.34 EPS. Darden Restaurants’s revenue was up 6.8% on a year-over-year basis. Equities analysts predict that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants announced that its board has approved a stock buyback plan on Thursday, March 21st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the restaurant operator to buy up to 5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Darden Restaurants Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be given a dividend of $1.31 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $5.24 annualized dividend and a dividend yield of 3.39%. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Stephens initiated coverage on Darden Restaurants in a research report on Friday, April 12th. They issued an “equal weight” rating and a $170.00 price objective for the company. JPMorgan Chase & Co. raised their price target on shares of Darden Restaurants from $170.00 to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Barclays increased their target price on shares of Darden Restaurants from $180.00 to $187.00 and gave the stock an “overweight” rating in a report on Wednesday, January 3rd. Bank of America upped their price target on Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, StockNews.com lowered Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $178.85.

About Darden Restaurants

Darden Restaurants, Inc, together with its subsidiaries, owns and operates full-service restaurants in the United States and Canada. It operates under Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V's Prime Seafood, and Capital Burger brand names.