Intech Investment Management LLC lowered its position in Darden Restaurants, Inc. (NYSE:DRI – Free Report) by 28.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,975 shares of the restaurant operator’s stock after selling 3,572 shares during the quarter. Intech Investment Management LLC’s holdings in Darden Restaurants were worth $1,652,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Torren Management LLC purchased a new position in shares of Darden Restaurants in the fourth quarter valued at $26,000. Thurston Springer Miller Herd & Titak Inc. increased its position in shares of Darden Restaurants by 926.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 154 shares of the restaurant operator’s stock valued at $28,000 after buying an additional 139 shares in the last quarter. BOK Financial Private Wealth Inc. purchased a new position in shares of Darden Restaurants in the fourth quarter valued at $29,000. Ameriflex Group Inc. purchased a new position in shares of Darden Restaurants in the third quarter valued at $35,000. Finally, Flagship Harbor Advisors LLC purchased a new position in shares of Darden Restaurants in the fourth quarter valued at $39,000. Hedge funds and other institutional investors own 93.64% of the company’s stock.
Darden Restaurants Stock Down 2.4%
DRI opened at $193.54 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 1.02. The firm has a market cap of $22.17 billion, a P/E ratio of 20.48, a PEG ratio of 1.75 and a beta of 0.60. Darden Restaurants, Inc. has a 52 week low of $169.00 and a 52 week high of $228.27. The business’s fifty day simple moving average is $197.64 and its 200 day simple moving average is $197.38.
Darden Restaurants Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 10th were paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend was Friday, April 10th. Darden Restaurants’s dividend payout ratio (DPR) is presently 63.49%.
Insider Transactions at Darden Restaurants
In other Darden Restaurants news, SVP Lindsay L. Koren sold 300 shares of the firm’s stock in a transaction dated Tuesday, April 7th. The stock was sold at an average price of $194.32, for a total value of $58,296.00. Following the sale, the senior vice president directly owned 1,617 shares of the company’s stock, valued at approximately $314,215.44. This trade represents a 15.65% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Douglas J. Milanes sold 3,620 shares of the firm’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $202.16, for a total value of $731,819.20. Following the completion of the sale, the senior vice president directly owned 274 shares in the company, valued at approximately $55,391.84. The trade was a 92.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.49% of the stock is currently owned by company insiders.
Analysts Set New Price Targets
A number of research analysts have recently weighed in on DRI shares. Weiss Ratings upgraded Darden Restaurants from a “buy (b-)” rating to a “buy (b)” rating in a research report on Tuesday, May 26th. Deutsche Bank Aktiengesellschaft increased their price objective on Darden Restaurants from $222.00 to $230.00 and gave the company a “buy” rating in a research note on Friday, March 20th. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of Darden Restaurants in a research note on Friday, March 13th. BTIG Research reaffirmed a “buy” rating and set a $225.00 price objective on shares of Darden Restaurants in a research note on Friday, March 20th. Finally, Barclays increased their price objective on Darden Restaurants from $227.00 to $232.00 and gave the company an “overweight” rating in a research note on Friday, March 20th. Eighteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $226.32.
Read Our Latest Analysis on DRI
Darden Restaurants Profile
Darden Restaurants, Inc is a multi-brand, full-service restaurant company headquartered in Orlando, Florida. The company owns and operates a portfolio of casual and fine-dining concepts that together serve millions of guests through company-owned and franchised locations. Its well-known brands include Olive Garden and LongHorn Steakhouse, alongside other dining concepts that span Italian, American, steakhouse and upscale casual formats.
Darden’s restaurants provide a range of guest-facing services including dine-in, takeout, delivery and catering, and feature menus tailored to each brand’s positioning—Italian-American fare at Olive Garden, steaks and grilled items at LongHorn, and more premium steakhouse and chef-driven offerings at its upscale concepts.
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