APG Asset Management N.V. Sells 13,744 Shares of Darden Restaurants, Inc. (NYSE:DRI)

APG Asset Management N.V. cut its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 5.1% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 254,661 shares of the restaurant operator’s stock after selling 13,744 shares during the period. APG Asset Management N.V. owned 0.21% of Darden Restaurants worth $35,955,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James & Associates grew its position in shares of Darden Restaurants by 4.8% in the second quarter. Raymond James & Associates now owns 2,308,144 shares of the restaurant operator’s stock valued at $349,268,000 after purchasing an additional 105,433 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Darden Restaurants by 10.3% during the fourth quarter. Wellington Management Group LLP now owns 1,809,155 shares of the restaurant operator’s stock valued at $297,244,000 after buying an additional 169,642 shares during the period. Earnest Partners LLC increased its position in shares of Darden Restaurants by 5.5% during the first quarter. Earnest Partners LLC now owns 1,572,642 shares of the restaurant operator’s stock valued at $262,867,000 after buying an additional 82,356 shares during the period. Congress Asset Management Co. MA lifted its holdings in shares of Darden Restaurants by 0.5% in the fourth quarter. Congress Asset Management Co. MA now owns 1,418,592 shares of the restaurant operator’s stock worth $233,075,000 after buying an additional 6,968 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of Darden Restaurants by 13.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,141,974 shares of the restaurant operator’s stock valued at $172,811,000 after acquiring an additional 132,643 shares during the period. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Down 0.8 %

Shares of Darden Restaurants stock opened at $166.59 on Friday. The company’s 50 day moving average price is $153.39 and its 200-day moving average price is $153.35. Darden Restaurants, Inc. has a 52-week low of $133.36 and a 52-week high of $176.84. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.22 and a current ratio of 0.35. The stock has a market capitalization of $19.88 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 1.99 and a beta of 1.30.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The firm had revenue of $2.76 billion during the quarter, compared to analysts’ expectations of $2.80 billion. Darden Restaurants had a net margin of 9.11% and a return on equity of 49.46%. Darden Restaurants’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.78 EPS. Equities research analysts forecast that Darden Restaurants, Inc. will post 9.48 EPS for the current year.

Darden Restaurants Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be issued a $1.40 dividend. The ex-dividend date of this dividend is Thursday, October 10th. This represents a $5.60 annualized dividend and a yield of 3.36%. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.29. Darden Restaurants’s dividend payout ratio (DPR) is 65.73%.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Wedbush increased their target price on shares of Darden Restaurants from $170.00 to $200.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. BMO Capital Markets lifted their price objective on Darden Restaurants from $165.00 to $175.00 and gave the company a “market perform” rating in a research note on Friday, September 20th. Citigroup decreased their target price on Darden Restaurants from $192.00 to $191.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Barclays lifted their price target on Darden Restaurants from $180.00 to $192.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Finally, Jefferies Financial Group cut shares of Darden Restaurants from a “hold” rating to an “underperform” rating and decreased their price objective for the stock from $154.00 to $124.00 in a research report on Thursday, July 11th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $179.25.

Insider Transactions at Darden Restaurants

In related news, Director Nana Mensah sold 1,171 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $171.90, for a total value of $201,294.90. Following the completion of the sale, the director now owns 10 shares of the company’s stock, valued at $1,719. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Nana Mensah sold 1,171 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $171.90, for a total value of $201,294.90. Following the completion of the transaction, the director now directly owns 10 shares of the company’s stock, valued at $1,719. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Ricardo Cardenas sold 42,403 shares of Darden Restaurants stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $171.68, for a total value of $7,279,747.04. Following the sale, the chief executive officer now directly owns 58,685 shares in the company, valued at $10,075,040.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 69,386 shares of company stock worth $11,446,091. 0.85% of the stock is currently owned by insiders.

Darden Restaurants Company 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.