International Assets Investment Management LLC Takes $17.20 Million Position in Darden Restaurants, Inc. (NYSE:DRI)

International Assets Investment Management LLC bought a new position in Darden Restaurants, Inc. (NYSE:DRI) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 104,698 shares of the restaurant operator’s stock, valued at approximately $17,202,000. International Assets Investment Management LLC owned about 0.09% of Darden Restaurants as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fortitude Family Office LLC acquired a new position in Darden Restaurants in the 4th quarter worth approximately $29,000. McGlone Suttner Wealth Management Inc. acquired a new position in Darden Restaurants during the fourth quarter valued at $35,000. BKM Wealth Management LLC purchased a new stake in Darden Restaurants in the 4th quarter worth about $41,000. Allworth Financial LP boosted its position in Darden Restaurants by 65.6% during the 4th quarter. Allworth Financial LP now owns 265 shares of the restaurant operator’s stock worth $44,000 after acquiring an additional 105 shares during the period. Finally, Arlington Trust Co LLC purchased a new position in Darden Restaurants during the 4th quarter valued at about $44,000. 93.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on DRI shares. Wedbush reduced their price target on shares of Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. Stephens initiated coverage on shares of Darden Restaurants in a research note on Friday, April 12th. They set an “equal weight” rating and a $170.00 target price for the company. Bank of America upped their price target on shares of Darden Restaurants from $193.00 to $198.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Stifel Nicolaus lifted their price objective on Darden Restaurants from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Finally, Guggenheim upped their target price on Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $178.85.

Darden Restaurants Stock Performance

Shares of NYSE DRI opened at $149.25 on Friday. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The company has a market cap of $17.81 billion, a P/E ratio of 17.50, a P/E/G ratio of 1.62 and a beta of 1.27. The business’s 50 day moving average is $163.05 and its two-hundred day moving average is $159.75. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63.

Darden Restaurants (NYSE:DRI) last announced 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). Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period last year, the firm posted $2.34 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. On average, equities analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were paid a $1.31 dividend. This represents a $5.24 annualized dividend and a dividend yield of 3.51%. The ex-dividend date of this dividend was Tuesday, April 9th. Darden Restaurants’s payout ratio is presently 61.43%.

Darden Restaurants declared that its board has initiated a share repurchase plan on Thursday, March 21st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the restaurant operator to repurchase up to 5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling

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

Darden Restaurants Profile

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.