Peterson Wealth Services Increases Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Peterson Wealth Services raised its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 5.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,833 shares of the restaurant operator’s stock after buying an additional 370 shares during the quarter. Peterson Wealth Services’ holdings in Darden Restaurants were worth $1,287,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in DRI. Quarry LP raised its stake in Darden Restaurants by 980.0% during the second quarter. Quarry LP now owns 162 shares of the restaurant operator’s stock valued at $27,000 after buying an additional 147 shares during the last quarter. Fortitude Family Office LLC purchased a new position in Darden Restaurants during the fourth quarter valued at $29,000. Resurgent Financial Advisors LLC purchased a new position in Darden Restaurants during the fourth quarter valued at $29,000. Hartford Financial Management Inc. raised its stake in shares of Darden Restaurants by 65.1% in the fourth quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock worth $30,000 after purchasing an additional 71 shares during the last quarter. Finally, Tennessee Valley Asset Management Partners purchased a new position in shares of Darden Restaurants in the fourth quarter worth $33,000. Hedge funds and other institutional investors own 93.64% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on DRI. Wedbush decreased their price target on Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating for the company in a research note on Friday, March 22nd. Oppenheimer cut their price target on Darden Restaurants from $186.00 to $182.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Barclays upped their price objective on Darden Restaurants from $180.00 to $187.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 3rd. Bank of America upped their price objective on Darden Restaurants from $193.00 to $198.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, JPMorgan Chase & Co. upped their price objective on Darden Restaurants from $170.00 to $180.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $178.85.

Insider Buying and Selling

In related news, Director William S. Simon sold 1,219 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $158.21, for a total value of $192,857.99. Following the completion of the transaction, the director now owns 6,281 shares in the company, valued at approximately $993,717.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total value of $1,270,034.96. Following the completion of the transaction, the insider now owns 17,208 shares in the company, valued at approximately $2,848,268.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William S. Simon sold 1,219 shares of the firm’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of $158.21, for a total value of $192,857.99. Following the completion of the transaction, the director now owns 6,281 shares of the company’s stock, valued at approximately $993,717.01. The disclosure for this sale can be found here. Insiders sold 15,723 shares of company stock worth $2,578,122 in the last 90 days. Insiders own 0.85% of the company’s stock.

Darden Restaurants Stock Up 0.1 %

Shares of DRI traded up $0.20 during midday trading on Thursday, hitting $153.17. 116,618 shares of the company’s stock traded hands, compared to its average volume of 1,141,277. Darden Restaurants, Inc. has a 1 year low of $133.36 and a 1 year high of $176.84. The firm’s fifty day moving average is $165.85 and its 200-day moving average is $158.62. 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 stock has a market capitalization of $18.28 billion, a price-to-earnings ratio of 17.93, a price-to-earnings-growth ratio of 1.69 and a beta of 1.25.

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

Darden Restaurants Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be paid a $1.31 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a yield of 3.42%. Darden Restaurants’s dividend payout ratio (DPR) is 61.43%.

Darden Restaurants declared that its Board of Directors has initiated a share buyback program on Thursday, March 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the restaurant operator to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Darden Restaurants Company 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.