Darden Restaurants, Inc. (NYSE:DRI) Stock Position Raised by Congress Asset Management Co. MA

Congress Asset Management Co. MA raised its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 0.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,418,592 shares of the restaurant operator’s stock after purchasing an additional 6,968 shares during the quarter. Darden Restaurants accounts for about 1.8% of Congress Asset Management Co. MA’s holdings, making the stock its 2nd biggest position. Congress Asset Management Co. MA owned approximately 1.19% of Darden Restaurants worth $233,075,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of DRI. Fortitude Family Office LLC acquired a new stake in shares of Darden Restaurants during the 4th quarter valued at approximately $29,000. Hartford Financial Management Inc. raised its position in shares of Darden Restaurants by 65.1% during the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock worth $30,000 after purchasing an additional 71 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of Darden Restaurants during the 4th quarter worth approximately $33,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Darden Restaurants during the 4th quarter worth approximately $35,000. Finally, Union Savings Bank raised its position in shares of Darden Restaurants by 44.0% during the 4th quarter. Union Savings Bank now owns 216 shares of the restaurant operator’s stock worth $35,000 after purchasing an additional 66 shares during the last quarter. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on DRI shares. Raymond James restated an “outperform” rating and set a $167.00 price objective (down from $175.00) on shares of Darden Restaurants in a research report on Friday. JPMorgan Chase & Co. cut their price target on Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating for the company in a report on Tuesday, May 28th. Guggenheim boosted their price target on Darden Restaurants from $180.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Bank of America cut their price target on Darden Restaurants from $194.00 to $180.00 and set a “buy” rating for the company in a report on Thursday. Finally, BTIG Research raised shares of Darden Restaurants from a “neutral” rating to a “buy” rating and set a $175.00 price objective for the company in a research note on Friday, May 17th. Five research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $173.81.

Insiders Place Their Bets

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 value of $1,270,034.96. Following the completion of 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 legal filing with the SEC, which is available through the SEC website. In other news, insider Melvin John Martin sold 7,673 shares of the 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 transaction, the insider now directly owns 17,208 shares in the company, valued at $2,848,268.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $156.15, for a total transaction of $734,998.05. Following the completion of the transaction, the senior vice president now owns 19,179 shares of the company’s stock, valued at $2,994,800.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,599 shares of company stock worth $2,197,891. Insiders own 0.85% of the company’s stock.

Darden Restaurants Stock Performance

DRI traded up $1.30 on Friday, hitting $148.78. 1,229,208 shares of the company’s stock were exchanged, compared to its average volume of 961,500. The firm has a market cap of $17.76 billion, a PE ratio of 17.44, a P/E/G ratio of 1.51 and a beta of 1.29. Darden Restaurants, Inc. has a twelve month low of $133.36 and a twelve month high of $176.84. The stock has a fifty day moving average of $150.99 and a two-hundred day moving average of $159.80. 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 posted its earnings results on Thursday, March 21st. The restaurant operator reported $2.62 EPS for the quarter, missing the consensus estimate of $2.63 by ($0.01). Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the company posted $2.34 EPS. Darden Restaurants’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, research analysts anticipate that Darden Restaurants, Inc. will post 8.85 earnings per share for the current fiscal year.

Darden Restaurants Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were given a $1.31 dividend. This represents a $5.24 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend was Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is 61.43%.

Darden Restaurants announced that its Board of Directors has authorized a share buyback program on Thursday, March 21st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the restaurant operator to purchase up to 5% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

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.