Darden Restaurants, Inc. (NYSE:DRI) Position Increased by Choreo LLC

Choreo LLC boosted its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 38.7% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,723 shares of the restaurant operator’s stock after purchasing an additional 3,273 shares during the quarter. Choreo LLC’s holdings in Darden Restaurants were worth $1,739,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Pinnacle West Asset Management Inc. acquired a new position in Darden Restaurants during the 2nd quarter valued at approximately $303,000. Quest Partners LLC boosted its position in Darden Restaurants by 52,525.0% during the 2nd quarter. Quest Partners LLC now owns 4,210 shares of the restaurant operator’s stock valued at $637,000 after purchasing an additional 4,202 shares during the period. Caprock Group LLC boosted its position in Darden Restaurants by 62.4% during the 2nd quarter. Caprock Group LLC now owns 5,045 shares of the restaurant operator’s stock valued at $763,000 after purchasing an additional 1,939 shares during the period. Acadian Asset Management LLC acquired a new position in Darden Restaurants during the 2nd quarter valued at approximately $486,000. Finally, Stonebrook Private Inc. boosted its position in Darden Restaurants by 9.6% during the 2nd quarter. Stonebrook Private Inc. now owns 13,830 shares of the restaurant operator’s stock valued at $2,093,000 after purchasing an additional 1,217 shares during the period. Institutional investors and hedge funds own 93.64% of the company’s stock.

Darden Restaurants Stock Up 1.1 %

Shares of Darden Restaurants stock opened at $157.37 on Thursday. The stock’s fifty day moving average is $147.97 and its 200-day moving average is $153.75. The firm has a market capitalization of $18.78 billion, a PE ratio of 18.47, a price-to-earnings-growth ratio of 1.76 and a beta of 1.30. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.61. Darden Restaurants, Inc. has a 12-month low of $133.36 and a 12-month high of $176.84.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.04. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.97 billion. Darden Restaurants had a return on equity of 49.82% and a net margin of 9.02%. The business’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the prior year, the business earned $2.58 EPS. Equities analysts anticipate that Darden Restaurants, Inc. will post 9.48 earnings per share for the current year.

Darden Restaurants Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, July 11th were paid a $1.29 dividend. This represents a $5.16 annualized dividend and a yield of 3.28%. The ex-dividend date was Wednesday, July 10th. Darden Restaurants’s dividend payout ratio is currently 65.73%.

Wall Street Analyst Weigh In

DRI has been the subject of a number of analyst reports. Wedbush restated an “outperform” rating and set a $170.00 price objective on shares of Darden Restaurants in a research report on Tuesday. Evercore ISI reduced their price objective on Darden Restaurants from $170.00 to $165.00 and set an “in-line” rating for the company in a research report on Thursday, June 13th. Citigroup reduced their price target on Darden Restaurants from $192.00 to $191.00 and set a “buy” rating for the company in a research report on Tuesday. Raymond James reiterated an “outperform” rating and set a $160.00 price target on shares of Darden Restaurants in a research report on Tuesday, August 20th. Finally, BTIG Research upgraded Darden Restaurants from a “neutral” rating to a “buy” rating and set a $175.00 price target for the company in a research report on Friday, May 17th. One analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Darden Restaurants has a consensus rating of “Moderate Buy” and a consensus target price of $170.45.

Insider Buying and Selling

In related news, insider Melvin John Martin sold 2,500 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $141.09, for a total value of $352,725.00. Following the completion of the sale, the insider now directly owns 11,691 shares of the company’s stock, valued at approximately $1,649,483.19. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Melvin John Martin sold 2,500 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $141.09, for a total transaction of $352,725.00. Following the transaction, the insider now owns 11,691 shares of the company’s stock, valued at approximately $1,649,483.19. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Sarah H. King sold 15,941 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $147.06, for a total value of $2,344,283.46. Following the transaction, the senior vice president now directly owns 447 shares in the company, valued at approximately $65,735.82. The disclosure for this sale can be found here. Company insiders own 0.85% of the company’s stock.

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.