Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by Wells Fargo & Company MN

Wells Fargo & Company MN reduced its stake in Darden Restaurants, Inc. (NYSE:DRI) by 3.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 636,572 shares of the restaurant operator’s stock after selling 24,579 shares during the quarter. Wells Fargo & Company MN’s holdings in Darden Restaurants were worth $104,589,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Alps Advisors Inc. lifted its position in Darden Restaurants by 3.0% in the third quarter. Alps Advisors Inc. now owns 2,274 shares of the restaurant operator’s stock worth $326,000 after purchasing an additional 66 shares during the period. Wambolt & Associates LLC increased its holdings in shares of Darden Restaurants by 3.7% in the third quarter. Wambolt & Associates LLC now owns 1,871 shares of the restaurant operator’s stock valued at $266,000 after buying an additional 67 shares in the last quarter. Blair William & Co. IL raised its stake in Darden Restaurants by 1.0% during the 3rd quarter. Blair William & Co. IL now owns 6,997 shares of the restaurant operator’s stock valued at $1,002,000 after purchasing an additional 71 shares during the period. Hartford Financial Management Inc. grew its holdings in shares of Darden Restaurants by 65.1% during the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after acquiring an additional 71 shares in the last quarter. Finally, Great Lakes Retirement Inc. boosted its holdings in Darden Restaurants by 3.7% in the fourth quarter. Great Lakes Retirement Inc. now owns 2,188 shares of the restaurant operator’s stock worth $359,000 after purchasing an additional 78 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Darden Restaurants Trading Down 0.7 %

NYSE:DRI opened at $147.66 on Friday. The company has a fifty day moving average of $156.64 and a 200 day moving average of $160.33. Darden Restaurants, Inc. has a 52 week low of $133.36 and a 52 week high of $176.84. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $17.62 billion, a P/E ratio of 17.31, a P/E/G ratio of 1.64 and a beta of 1.27.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data 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 company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.34 earnings per share. On average, research analysts predict that Darden Restaurants, Inc. will post 8.85 earnings per share for the current year.

Darden Restaurants Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were given a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a yield of 3.55%. The ex-dividend date was Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is 61.43%.

Darden Restaurants announced that its board has authorized a stock repurchase plan on Thursday, March 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the restaurant operator to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DRI shares. Bank of America upped their price target on shares of Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a report on Monday, March 18th. Citigroup decreased their price target on shares of Darden Restaurants from $200.00 to $192.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Stephens assumed coverage on shares of Darden Restaurants in a research note on Friday, April 12th. They set an “equal weight” rating and a $170.00 price target on the stock. BMO Capital Markets raised their price objective on shares of Darden Restaurants from $160.00 to $165.00 and gave the company a “market perform” rating in a research note on Thursday, March 7th. Finally, Wedbush cut their target price on shares of Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating on the stock in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Darden Restaurants has a consensus rating of “Moderate Buy” and an average price target of $178.67.

Insider Buying and Selling at Darden Restaurants

In other news, insider Melvin John Martin sold 7,673 shares of the stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total value of $1,270,034.96. Following 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 available through the SEC website. 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 sale, the director now directly owns 6,281 shares in the company, valued at $993,717.01. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, 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 sale, the insider now owns 17,208 shares of the company’s stock, valued at $2,848,268.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,599 shares of company stock worth $2,197,891. Company 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.