Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by Royal Fund Management LLC

Royal Fund Management LLC reduced its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 2.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 31,756 shares of the restaurant operator’s stock after selling 652 shares during the period. Royal Fund Management LLC’s holdings in Darden Restaurants were worth $5,222,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of DRI. Commonwealth Equity Services LLC raised its position in Darden Restaurants by 3.9% during the third quarter. Commonwealth Equity Services LLC now owns 34,638 shares of the restaurant operator’s stock valued at $4,961,000 after buying an additional 1,288 shares during the period. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Darden Restaurants by 16.2% in the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,291 shares of the restaurant operator’s stock worth $3,909,000 after purchasing an additional 3,800 shares in the last quarter. Independent Advisor Alliance boosted its holdings in shares of Darden Restaurants by 11.5% during the third quarter. Independent Advisor Alliance now owns 6,589 shares of the restaurant operator’s stock worth $944,000 after purchasing an additional 678 shares during the period. J.W. Cole Advisors Inc. purchased a new position in Darden Restaurants during the third quarter valued at approximately $258,000. Finally, GW Henssler & Associates Ltd. acquired a new position in Darden Restaurants in the 3rd quarter valued at approximately $367,000. 93.64% of the stock is currently owned by institutional investors.

Darden Restaurants Trading Up 0.9 %

Shares of DRI traded up $1.39 during trading hours on Friday, hitting $149.25. 1,864,340 shares of the stock traded hands, compared to its average volume of 1,238,608. The business has a fifty day moving average of $163.05 and a 200-day moving average of $159.75. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $17.81 billion, a PE ratio of 17.50, a price-to-earnings-growth ratio of 1.64 and a beta of 1.27. Darden Restaurants, Inc. has a 1-year low of $133.36 and a 1-year high of $176.84.

Darden Restaurants (NYSE:DRI) last released its earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.02 billion. Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The business’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.34 earnings per share. Analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were paid a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is currently 61.43%.

Darden Restaurants announced that its Board of Directors has approved a stock buyback program on Thursday, March 21st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the restaurant operator to buy up to 5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DRI shares. Morgan Stanley decreased their target price on shares of Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, March 22nd. BMO Capital Markets boosted their target price on Darden Restaurants from $160.00 to $165.00 and gave the company a “market perform” rating in a research note on Thursday, March 7th. Stifel Nicolaus raised their price target on Darden Restaurants from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. JPMorgan Chase & Co. boosted their price target on Darden Restaurants from $170.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Finally, Citigroup cut their price objective on shares of Darden Restaurants from $200.00 to $192.00 and set a “buy” rating on the stock in a research report on Friday, March 22nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $178.85.

Insider Transactions at Darden Restaurants

In other Darden Restaurants news, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $156.15, for a total value of $734,998.05. Following the transaction, the senior vice president now owns 19,179 shares of the company’s stock, valued at $2,994,800.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, insider Melvin John Martin sold 7,673 shares of the business’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the completion of the transaction, the insider now owns 17,208 shares in the company, valued at $2,848,268.16. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction on Thursday, April 25th. The stock was 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 owns 19,179 shares in the company, valued at $2,994,800.85. The disclosure for this sale can be found here. Insiders have sold 13,599 shares of company stock worth $2,197,891 in the last three months. Insiders own 0.85% of the company’s stock.

About Darden Restaurants

Darden Restaurants, Inc, together with its subsidiaries, owns and operates full-service restaurants in the United States and Canada. It operates under 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 brand names.