Darden Restaurants, Inc. (DRI) Stake Lifted by Virginia Retirement Systems ET AL

Virginia Retirement Systems ET AL grew its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 16.7% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 147,000 shares of the restaurant operator’s stock after acquiring an additional 21,000 shares during the quarter. Virginia Retirement Systems ET AL owned about 0.12% of Darden Restaurants worth $16,345,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in DRI. Stratos Wealth Partners LTD. purchased a new position in shares of Darden Restaurants in the 3rd quarter valued at about $149,000. Harvest Fund Management Co. Ltd increased its holdings in shares of Darden Restaurants by 171.8% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,571 shares of the restaurant operator’s stock valued at $175,000 after acquiring an additional 993 shares during the last quarter. Moneta Group Investment Advisors LLC boosted its position in shares of Darden Restaurants by 92.9% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,640 shares of the restaurant operator’s stock valued at $176,000 after purchasing an additional 790 shares during the period. Doyle Wealth Management acquired a new stake in shares of Darden Restaurants in the 2nd quarter valued at about $202,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Darden Restaurants in the 2nd quarter valued at about $203,000. Institutional investors and hedge funds own 89.43% of the company’s stock.

Darden Restaurants stock opened at $111.22 on Thursday. Darden Restaurants, Inc. has a twelve month low of $79.18 and a twelve month high of $124.00. The company has a quick ratio of 0.26, a current ratio of 0.41 and a debt-to-equity ratio of 0.41. The company has a market cap of $13.73 billion, a price-to-earnings ratio of 23.12, a P/E/G ratio of 2.10 and a beta of 0.17.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Thursday, September 20th. The restaurant operator reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.24 by $0.10. Darden Restaurants had a return on equity of 30.32% and a net margin of 7.84%. The company had revenue of $2.06 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period last year, the firm earned $0.99 EPS. The firm’s revenue for the quarter was up 6.5% on a year-over-year basis. As a group, research analysts forecast that Darden Restaurants, Inc. will post 5.62 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were given a dividend of $0.75 per share. The ex-dividend date was Tuesday, October 9th. This represents a $3.00 dividend on an annualized basis and a yield of 2.70%. Darden Restaurants’s payout ratio is 26.20%.

A number of analysts recently issued reports on the company. Loop Capital assumed coverage on Darden Restaurants in a research report on Wednesday, October 24th. They issued a “buy” rating and a $130.00 target price for the company. Gordon Haskett assumed coverage on Darden Restaurants in a research report on Thursday, October 18th. They issued an “underperform” rating and a $94.00 target price for the company. Zacks Investment Research raised Darden Restaurants from a “hold” rating to a “buy” rating and set a $121.00 target price for the company in a research report on Friday, October 5th. Citigroup decreased their target price on Darden Restaurants from $128.00 to $125.00 and set a “buy” rating for the company in a research report on Thursday, October 4th. Finally, BMO Capital Markets cut Darden Restaurants from a “market perform” rating to an “underperform” rating and decreased their target price for the company from $105.00 to $96.00 in a research report on Monday, September 24th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $119.04.

In other news, COO David C. George sold 55,671 shares of the firm’s stock in a transaction that occurred on Thursday, October 4th. The stock was sold at an average price of $108.24, for a total value of $6,025,829.04. Following the completion of the sale, the chief operating officer now directly owns 95,236 shares of the company’s stock, valued at approximately $10,308,344.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eugene I. Lee, Jr. sold 60,688 shares of the firm’s stock in a transaction that occurred on Wednesday, September 26th. The shares were sold at an average price of $112.63, for a total value of $6,835,289.44. Following the completion of the sale, the insider now directly owns 147,561 shares of the company’s stock, valued at $16,619,795.43. The disclosure for this sale can be found here. 0.65% of the stock is currently owned by company insiders.

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Darden Restaurants Company Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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