Congress Wealth Management LLC DE Acquires 1,579 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Congress Wealth Management LLC DE boosted its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 0.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 186,056 shares of the restaurant operator’s stock after purchasing an additional 1,579 shares during the period. Congress Wealth Management LLC DE’s holdings in Darden Restaurants were worth $31,099,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Rise Advisors LLC boosted its stake in shares of Darden Restaurants by 131.3% in the 1st quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator’s stock worth $26,000 after buying an additional 88 shares during the last quarter. Fortitude Family Office LLC purchased a new stake in Darden Restaurants in the 4th quarter worth 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 valued at $30,000 after purchasing an additional 71 shares during the period. Tennessee Valley Asset Management Partners bought a new position in Darden Restaurants in the 4th quarter worth $33,000. Finally, McGlone Suttner Wealth Management Inc. purchased a new stake in Darden Restaurants in the 4th quarter worth $35,000. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Performance

Shares of NYSE DRI traded down $2.98 during midday trading on Monday, reaching $148.34. The company had a trading volume of 898,899 shares, compared to its average volume of 1,202,087. Darden Restaurants, Inc. has a 1 year low of $133.36 and a 1 year high of $176.84. The business’s 50-day simple moving average is $150.51 and its 200 day simple moving average is $159.22. The company has a current ratio of 0.38, a quick ratio of 0.24 and a debt-to-equity ratio of 0.61. The stock has a market cap of $17.71 billion, a P/E ratio of 17.41, a P/E/G ratio of 1.73 and a beta of 1.29.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates of $2.61 by $0.04. Darden Restaurants had a return on equity of 49.82% and a net margin of 9.02%. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same period in the prior year, the company earned $2.58 earnings per share. The company’s revenue was up 8.3% on a year-over-year basis. On average, analysts forecast that Darden Restaurants, Inc. will post 9.5 earnings per share for the current fiscal year.

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

Darden Restaurants Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, July 11th will be given a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a yield of 3.48%. The ex-dividend date is Wednesday, July 10th. Darden Restaurants’s dividend payout ratio is currently 61.50%.

Insider Buying and Selling at Darden Restaurants

In related news, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction 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 sale, the senior vice president now directly owns 19,179 shares of the company’s stock, valued at $2,994,800.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $156.15, for a total transaction of $734,998.05. Following the transaction, the senior vice president now owns 19,179 shares in the company, valued at approximately $2,994,800.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director William S. Simon sold 1,219 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $158.21, for a total transaction of $192,857.99. Following the completion of the sale, the director now directly owns 6,281 shares of the company’s stock, valued at approximately $993,717.01. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DRI. BTIG Research upgraded Darden Restaurants from a “neutral” rating to a “buy” rating and set a $175.00 target price for the company in a research report on Friday, May 17th. Stephens reaffirmed an “equal weight” rating and issued a $165.00 target price on shares of Darden Restaurants in a report on Thursday, June 20th. Bank of America increased their price target on Darden Restaurants from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Friday, June 21st. Argus dropped their price objective on shares of Darden Restaurants from $186.00 to $175.00 and set a “buy” rating for the company in a research note on Tuesday, June 25th. Finally, Oppenheimer decreased their price target on Darden Restaurants from $186.00 to $182.00 and set an “outperform” rating on the stock in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $174.24.

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.