FTB Advisors Inc. Has $10.71 Million Holdings in Darden Restaurants, Inc. (DRI)

FTB Advisors Inc. lessened its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 96,304 shares of the restaurant operator’s stock after selling 2,764 shares during the period. FTB Advisors Inc. owned about 0.08% of Darden Restaurants worth $10,708,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stratos Wealth Partners LTD. acquired a new position in Darden Restaurants during the 3rd quarter worth approximately $149,000. Harvest Fund Management Co. Ltd grew its holdings in Darden Restaurants by 171.8% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 1,571 shares of the restaurant operator’s stock worth $175,000 after acquiring an additional 993 shares in the last quarter. Moneta Group Investment Advisors LLC grew its holdings in Darden Restaurants by 92.9% during the 2nd quarter. Moneta Group Investment Advisors LLC now owns 1,640 shares of the restaurant operator’s stock worth $176,000 after acquiring an additional 790 shares in the last quarter. Dumont & Blake Investment Advisors LLC acquired a new position in Darden Restaurants during the 3rd quarter worth approximately $203,000. Finally, Greenleaf Trust acquired a new position in Darden Restaurants during the 3rd quarter worth approximately $206,000. Institutional investors own 89.43% of the company’s stock.

In related news, COO David C. George sold 55,671 shares of the company’s stock in a transaction on Thursday, October 4th. The shares were 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 owns 95,236 shares in the company, valued at approximately $10,308,344.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Eugene I. Lee, Jr. sold 60,688 shares of the company’s stock in a transaction on Wednesday, September 26th. The shares were sold at an average price of $112.63, for a total transaction of $6,835,289.44. Following the completion of the sale, the insider now owns 147,561 shares of the company’s stock, valued at approximately $16,619,795.43. The disclosure for this sale can be found here. 0.65% of the stock is owned by corporate insiders.

Several research firms have commented on DRI. Argus boosted their price target on shares of Darden Restaurants to $240.00 and gave the stock a “buy” rating in a report on Thursday, September 13th. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $126.00 target price for the company in a report on Monday, July 16th. Goldman Sachs Group upgraded shares of Darden Restaurants from a “neutral” rating to a “buy” rating and upped their target price for the company from $106.00 to $130.00 in a report on Tuesday, September 11th. They noted that the move was a valuation call. Stifel Nicolaus upped their target price on shares of Darden Restaurants from $115.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, September 5th. Finally, Piper Jaffray Companies restated an “overweight” rating and issued a $120.00 target price on shares of Darden Restaurants in a report on Monday, July 23rd. Two 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. Darden Restaurants presently has a consensus rating of “Buy” and an average target price of $119.04.

DRI stock opened at $110.65 on Wednesday. Darden Restaurants, Inc. has a 12 month low of $79.18 and a 12 month high of $124.00. The firm has a market capitalization of $13.07 billion, a P/E ratio of 23.00, a price-to-earnings-growth ratio of 2.00 and a beta of 0.17. The company has a quick ratio of 0.26, a current ratio of 0.41 and a debt-to-equity ratio of 0.41.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, September 20th. The restaurant operator reported $1.34 EPS for the quarter, beating the consensus estimate of $1.24 by $0.10. Darden Restaurants had a net margin of 7.84% and a return on equity of 30.32%. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same quarter in the prior year, the firm earned $0.99 EPS. Darden Restaurants’s revenue for the quarter was up 6.5% on a year-over-year basis. On average, equities research analysts forecast that Darden Restaurants, Inc. will post 5.62 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Investors of record on Wednesday, October 10th were given a $0.75 dividend. The ex-dividend date of this dividend was Tuesday, October 9th. This represents a $3.00 annualized dividend and a yield of 2.71%. Darden Restaurants’s dividend payout ratio (DPR) is 26.20%.

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Darden Restaurants 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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