Darden Restaurants, Inc. (DRI) Holdings Trimmed by Asset Management Group Inc.

Asset Management Group Inc. lessened its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 19.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,504 shares of the restaurant operator’s stock after selling 603 shares during the quarter. Asset Management Group Inc.’s holdings in Darden Restaurants were worth $278,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Schroder Investment Management Group grew its position in shares of Darden Restaurants by 94.3% in the 2nd quarter. Schroder Investment Management Group now owns 175,802 shares of the restaurant operator’s stock worth $18,987,000 after acquiring an additional 85,321 shares in the last quarter. Millennium Management LLC grew its position in shares of Darden Restaurants by 290.8% in the 2nd quarter. Millennium Management LLC now owns 1,287,465 shares of the restaurant operator’s stock worth $137,836,000 after acquiring an additional 958,040 shares in the last quarter. Carillon Tower Advisers Inc. grew its position in shares of Darden Restaurants by 339.4% in the 2nd quarter. Carillon Tower Advisers Inc. now owns 246,050 shares of the restaurant operator’s stock worth $26,342,000 after acquiring an additional 190,050 shares in the last quarter. Gradient Investments LLC grew its position in shares of Darden Restaurants by 4.7% in the 2nd quarter. Gradient Investments LLC now owns 98,594 shares of the restaurant operator’s stock worth $10,556,000 after acquiring an additional 4,393 shares in the last quarter. Finally, Raymond James & Associates grew its position in shares of Darden Restaurants by 200.7% in the 2nd quarter. Raymond James & Associates now owns 76,117 shares of the restaurant operator’s stock worth $8,149,000 after acquiring an additional 50,806 shares in the last quarter. Hedge funds and other institutional investors own 88.91% of the company’s stock.

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

DRI has been the subject of several research reports. Argus lifted their target price on Darden Restaurants to $240.00 and gave the stock a “buy” rating in a research report on Thursday, September 13th. Goldman Sachs Group upgraded Darden Restaurants from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $106.00 to $130.00 in a research report on Tuesday, September 11th. They noted that the move was a valuation call. SunTrust Banks lifted their target price on Darden Restaurants to $137.00 and gave the stock a “buy” rating in a research report on Friday, September 21st. Canaccord Genuity raised their price target on Darden Restaurants from $120.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, September 21st. Finally, Mizuho raised their price target on Darden Restaurants from $115.00 to $125.00 and gave the stock a “buy” rating in a report on Friday, September 21st. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $119.20.

Shares of Darden Restaurants stock opened at $111.57 on Friday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.26 and a current ratio of 0.41. The firm has a market cap of $13.80 billion, a price-to-earnings ratio of 23.20, a price-to-earnings-growth ratio of 2.12 and a beta of 0.17. Darden Restaurants, Inc. has a 1-year low of $79.56 and a 1-year high of $124.00.

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

The firm also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Wednesday, October 10th were paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a yield of 2.69%. The ex-dividend date was Tuesday, October 9th. Darden Restaurants’s payout ratio is currently 26.20%.

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About Darden Restaurants

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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