Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets reduced its position in shares of Darden Restaurants, Inc. (NYSE:DRI – Free Report) by 34.6% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 96,449 shares of the restaurateur after selling 51,005 shares during the period. BNP Paribas Financial Markets owned approximately 0.08% of Darden Restaurants worth $16,121,000 at the end of the most recent reporting period.

A number of other hedge funds and institutional investors also made changes to their positions in the company. Alps Advisors Inc. increased its position in shares of Darden Restaurants by 3.0% in the third quarter. Alps Advisors Inc. now owns 2,274 shares of the restaurant owner’s stock worth $326,000 after purchasing an additional 66 shares in the last quarter. Union Savings Bank increased its holdings in shares of Darden Restaurants by 44.0% in the fourth quarter. Union Savings Bank now owns 216 shares of the restaurant owner’s stock worth $35,000 after purchasing an additional 66 shares in the last quarter. Cornerstone Wealth Group LLC increased its holdings in shares of Darden Restaurants by 0.4% in the first quarter. Cornerstone Wealth Group LLC now owns 16,550 shares of the restaurant owner’s stock worth $2,766,000 after purchasing an additional 66 shares in the last quarter. Hartford Financial Management Inc. increased its holdings in Darden Restaurants by 65.1% in the fourth quarter. Hartford Financial Management Inc. now owns 180 shares of the restauranteur’s stock worth $30,000 after buying an additional 71 shares in the last quarter. Finally, Confluence Wealth Services Inc. increased its holdings in Darden Restaurants by 0.8% in the first quarter. Confluence Wealth Services Inc. now owns 9,356 shares of the restauranteur’s stock worth $1,564,000 after buying an additional 73 shares in the last quarter. Institutional investors and hedge funds own 93.64% of the company’s stock.

Darden Restaurants shares down 0.3%

Shares of NYSE DRI opened at $144.79 on Tuesday. Darden Restaurants, Inc. has a 52-week low of $133.36 and a 52-week high of $176.84. The company has a 50-day moving average of $149.45 and a 200-day moving average of $158.57. The stock has a market cap of $17.28 billion, a PE ratio of 16.99, a P/E/G ratio of 1.66 and a beta of 1.29. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.61.

Darden Restaurants (NYSE:DRI – Get Free Report) last announced its quarterly earnings results on Thursday, June 20. The restaurateur reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.04. Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The company had revenue of $3 billion during the quarter, compared to analysts’ expectations of $2.97 billion. During the same period last year, the company earned $2.58 EPS. The company’s quarterly revenue increased 8.3% compared to the same quarter last year. Analysts, on average, expect Darden Restaurants, Inc. to post 9.5 EPS for the current year.

Darden Restaurants announced that its Board of Directors on Thursday, March 21, authorized a share repurchase program that will allow the company to repurchase up to $1.00 billion in shares. This repurchase authorization allows the restaurant operator to repurchase up to 5% of its shares through open market purchases. Share repurchase programs are often an indication that a company’s management believes its stock is undervalued.

Darden Restaurants Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, July 11th will receive a dividend of $1.29 per share, with the ex-dividend date being Wednesday, July 10th. This represents an annualized dividend of $5.16 and a dividend yield of 3.56%. Darden Restaurants’ dividend payout ratio is currently 61.50%.

Insider activity

In related news, SVP Matthew R. Broad sold 4,707 shares of the company’s stock in a transaction on Thursday, April 25. The shares were sold at an average price of $156.15, for a total transaction of $734,998.05. Following the completion of the sale, the senior vice president now directly owns 19,179 shares of the company’s stock, valued at approximately $2,994,800.85. The sale was disclosed in a filing with the SEC, which is available for review on the SEC website. Corporate insiders own 0.85% of the company’s shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on DRI stock. Wedbush affirmed an “outperform” rating and set a $170.00 price target on shares of Darden Restaurants in a report on Thursday, June 20th. Stifel Nicolaus lowered their price target on shares of Darden Restaurants from $190.00 to $180.00 and set a “buy” rating on the company in a research report on Friday, June 21st. JPMorgan Chase & Co. lowered their price target on shares of Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating on the company in a research report on Tuesday, May 28th. Barclays lowered their price target on shares of Darden Restaurants from $187.00 to $180.00 and set an “overweight” rating on the company in a research report on Friday, June 14th. Finally, Stephens reiterated an “equal weight” rating and set a $165.00 price target on shares of Darden Restaurants in a research report on Thursday, June 20th. Five research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $174.24.

Read our latest stock report on DRI

About Darden Restaurants

(Free Report)

Darden Restaurants, Inc., together with its subsidiaries, owns and operates full-service restaurants in the United States and Canada. It operates under the Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V’s Prime Seafood and Capital Burger brands.

Recommended Articles

Get daily news and reviews for Darden Restaurants – Enter your email address below to receive a concise daily summary of the latest news and analyst ratings on Darden Restaurants and related companies with MarketBeat.com’s FREE daily email newsletter.