First Midwest Bank Trust Division Reduces Stake in Darden Restaurants, Inc. (DRI)

First Midwest Bank Trust Division trimmed its position in Darden Restaurants, Inc. (NYSE:DRI) by 7.4% in the second quarter, according to its most recent filing with the SEC. The fund owned 24,334 shares of the restaurant operator’s stock after selling 1,947 shares during the period. First Midwest Bank Trust Division’s holdings in Darden Restaurants were worth $2,605,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Jacobi Capital Management LLC increased its holdings in Darden Restaurants by 79.3% in the first quarter. Jacobi Capital Management LLC now owns 1,585 shares of the restaurant operator’s stock valued at $133,000 after purchasing an additional 701 shares during the period. Trilogy Capital Inc. acquired a new stake in Darden Restaurants in the first quarter valued at $140,000. TLP Group LLC increased its holdings in Darden Restaurants by 761.3% in the first quarter. TLP Group LLC now owns 2,093 shares of the restaurant operator’s stock valued at $178,000 after purchasing an additional 1,850 shares during the period. Ostrum Asset Management acquired a new stake in Darden Restaurants in the first quarter valued at $180,000. Finally, Summit Securities Group LLC acquired a new stake in Darden Restaurants in the second quarter valued at $203,000. Institutional investors own 89.74% of the company’s stock.

Shares of Darden Restaurants opened at $107.44 on Thursday, MarketBeat Ratings reports. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.25. Darden Restaurants, Inc. has a 1-year low of $76.27 and a 1-year high of $112.81. The stock has a market cap of $13.21 billion, a price-to-earnings ratio of 22.15, a price-to-earnings-growth ratio of 2.08 and a beta of 0.18.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, June 21st. The restaurant operator reported $1.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.35 by $0.04. Darden Restaurants had a return on equity of 29.02% and a net margin of 7.38%. The firm had revenue of $2.13 billion during the quarter, compared to the consensus estimate of $2.13 billion. During the same period last year, the business posted $0.99 EPS. The business’s revenue was up 10.3% compared to the same quarter last year. sell-side analysts forecast that Darden Restaurants, Inc. will post 5.5 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, August 1st. Shareholders of record on Tuesday, July 10th were issued a dividend of $0.75 per share. This is an increase from Darden Restaurants’s previous quarterly dividend of $0.63. This represents a $3.00 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date was Monday, July 9th. Darden Restaurants’s dividend payout ratio (DPR) is presently 52.39%.

A number of analysts recently weighed in on the company. Piper Jaffray Companies restated an “overweight” rating and issued a $120.00 price objective on shares of Darden Restaurants in a report on Monday, July 23rd. Mizuho increased their price objective on Darden Restaurants to $115.00 and gave the company a “buy” rating in a report on Friday, June 22nd. Jefferies Financial Group increased their price objective on Darden Restaurants from $90.00 to $100.00 and gave the company a “hold” rating in a report on Friday, June 22nd. SunTrust Banks increased their price objective on Darden Restaurants to $117.00 and gave the company a “buy” rating in a report on Friday, June 22nd. Finally, Bank of America upgraded Darden Restaurants from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $88.00 to $108.00 in a report on Friday, June 22nd. Ten analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. Darden Restaurants has a consensus rating of “Buy” and an average target price of $110.77.

In other news, SVP John W. Madonna sold 700 shares of the firm’s stock in a transaction dated Monday, June 25th. The stock was sold at an average price of $109.21, for a total value of $76,447.00. Following the completion of the sale, the senior vice president now directly owns 706 shares in the company, valued at approximately $77,102.26. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Daniel J. Kiernan sold 6,000 shares of the firm’s stock in a transaction dated Monday, June 25th. The shares were sold at an average price of $107.38, for a total value of $644,280.00. Following the completion of the sale, the insider now owns 6,715 shares of the company’s stock, valued at $721,056.70. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 182,236 shares of company stock valued at $19,609,826. Company insiders own 0.63% of the company’s stock.

About Darden Restaurants

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of June 27, 2017, it owned and operated approximately 1,700 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, and Eddie V's brands.

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

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