BI Asset Management Fondsmaeglerselskab A S Acquires 11,270 Shares of Darden Restaurants, Inc. (NYSE:DRI)

BI Asset Management Fondsmaeglerselskab A S increased its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 499.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,525 shares of the restaurant operator’s stock after acquiring an additional 11,270 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in Darden Restaurants were worth $2,261,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Alps Advisors Inc. raised its holdings in Darden Restaurants by 3.0% in the third quarter. Alps Advisors Inc. now owns 2,274 shares of the restaurant operator’s stock worth $326,000 after buying an additional 66 shares during the last quarter. Union Savings Bank raised its holdings in Darden Restaurants by 44.0% during the fourth quarter. Union Savings Bank now owns 216 shares of the restaurant operator’s stock valued at $35,000 after acquiring an additional 66 shares during the period. Cornerstone Wealth Group LLC boosted its position in shares of Darden Restaurants by 0.4% during the first quarter. Cornerstone Wealth Group LLC now owns 16,550 shares of the restaurant operator’s stock worth $2,766,000 after acquiring an additional 66 shares during the last quarter. Hartford Financial Management Inc. boosted its holdings 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 last quarter. Finally, Confluence Wealth Services Inc. increased its holdings in shares of Darden Restaurants by 0.8% in the first quarter. Confluence Wealth Services Inc. now owns 9,356 shares of the restaurant operator’s stock worth $1,564,000 after purchasing an additional 73 shares during the last quarter. Institutional investors own 93.64% of the company’s stock.

Insider Transactions at Darden Restaurants

In other news, SVP Matthew R. Broad sold 4,707 shares of the firm’s 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 sale, the senior vice president now owns 19,179 shares of the company’s stock, valued at approximately $2,994,800.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on DRI shares. JPMorgan Chase & Co. reduced their price objective on Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 28th. Evercore ISI lowered their price target on shares of Darden Restaurants from $170.00 to $165.00 and set an “in-line” rating for the company in a report on Thursday, June 13th. Bank of America boosted their price objective on Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Argus dropped their target price on Darden Restaurants from $186.00 to $175.00 and set a “buy” rating for the company in a report on Tuesday, June 25th. Finally, TD Cowen restated a “buy” rating and set a $170.00 target price on shares of Darden Restaurants in a research report on Thursday, June 20th. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $171.95.

Darden Restaurants Stock Performance

DRI opened at $138.02 on Thursday. Darden Restaurants, Inc. has a 52-week low of $133.36 and a 52-week high of $176.84. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $16.47 billion, a P/E ratio of 16.20, a price-to-earnings-growth ratio of 1.66 and a beta of 1.29. The firm’s 50-day moving average price is $148.92 and its 200-day moving average price is $158.28.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.04. Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The company had revenue of $3 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the company earned $2.58 EPS. Darden Restaurants’s quarterly revenue was up 8.3% on a year-over-year basis. As a group, equities analysts anticipate that Darden Restaurants, Inc. will post 9.5 EPS for the current fiscal year.

Darden Restaurants declared that its Board of Directors has initiated a share repurchase plan on Thursday, March 21st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the restaurant operator to buy up to 5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Darden Restaurants Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, July 11th will be paid a dividend of $1.29 per share. The ex-dividend date is Wednesday, July 10th. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.74%. Darden Restaurants’s payout ratio is 65.73%.

Darden Restaurants Profile

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.