IFM Investors Pty Ltd Lowers Holdings in Darden Restaurants, Inc. (NYSE:DRI)

IFM Investors Pty Ltd reduced its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 2.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,313 shares of the restaurant operator’s stock after selling 659 shares during the quarter. IFM Investors Pty Ltd’s holdings in Darden Restaurants were worth $4,064,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of DRI. Charles Schwab Investment Management Inc. lifted its position in shares of Darden Restaurants by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,576,948 shares of the restaurant operator’s stock worth $369,070,000 after buying an additional 52,864 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Darden Restaurants by 9.6% during the 3rd quarter. Victory Capital Management Inc. now owns 2,290,224 shares of the restaurant operator’s stock valued at $328,006,000 after acquiring an additional 200,342 shares during the last quarter. Raymond James & Associates boosted its position in shares of Darden Restaurants by 7.3% during the 4th quarter. Raymond James & Associates now owns 1,968,301 shares of the restaurant operator’s stock valued at $323,392,000 after acquiring an additional 134,098 shares during the last quarter. Wellington Management Group LLP grew its holdings in shares of Darden Restaurants by 10.3% in the fourth quarter. Wellington Management Group LLP now owns 1,809,155 shares of the restaurant operator’s stock valued at $297,244,000 after purchasing an additional 169,642 shares in the last quarter. Finally, Morgan Stanley increased its position in Darden Restaurants by 13.8% in the third quarter. Morgan Stanley now owns 1,669,789 shares of the restaurant operator’s stock worth $239,148,000 after purchasing an additional 202,139 shares during the last quarter. Institutional investors own 93.64% of the company’s stock.

Insider Activity

In other Darden Restaurants news, Director William S. Simon sold 1,219 shares of the company’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $158.21, for a total transaction of $192,857.99. Following the completion of the sale, the director now owns 6,281 shares in the company, valued at $993,717.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Darden Restaurants news, Director William S. Simon sold 1,219 shares of Darden Restaurants stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $158.21, for a total value of $192,857.99. Following the transaction, the director now owns 6,281 shares in the company, valued at $993,717.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Matthew R. Broad sold 6,831 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total transaction of $1,115,229.06. Following the sale, the senior vice president now directly owns 19,141 shares of the company’s stock, valued at $3,124,959.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,430 shares of company stock worth $3,313,120. 0.85% of the stock is currently owned by corporate insiders.

Darden Restaurants Trading Down 0.3 %

Shares of Darden Restaurants stock traded down $0.44 on Friday, hitting $156.10. 886,615 shares of the company traded hands, compared to its average volume of 1,153,157. Darden Restaurants, Inc. has a 52 week low of $133.36 and a 52 week high of $176.84. The company has a market cap of $18.63 billion, a PE ratio of 18.30, a PEG ratio of 1.72 and a beta of 1.25. The stock’s 50 day moving average price is $164.55 and its 200-day moving average price is $159.23. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63.

Darden Restaurants (NYSE:DRI) last issued its earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The firm 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 earned $2.34 earnings per share. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. Equities research analysts predict that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants announced that its board has authorized a share buyback program on Thursday, March 21st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to buy up to 5% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Darden Restaurants Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be given a dividend of $1.31 per share. This represents a $5.24 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is 61.43%.

Wall Street Analysts Forecast Growth

DRI has been the subject of a number of recent research reports. Barclays lifted their price objective on shares of Darden Restaurants from $180.00 to $187.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 3rd. Guggenheim boosted their price objective on Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Oppenheimer decreased their price objective on Darden Restaurants from $186.00 to $182.00 and set an “outperform” rating on the stock in a research report on Friday, March 22nd. Wedbush dropped their target price on Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Finally, Bank of America increased their price target on Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a report on Monday, March 18th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Darden Restaurants presently has an average rating of “Moderate Buy” and an average price target of $178.85.

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.