Vanguard Group Inc. Has $2.30 Billion Position in Darden Restaurants, Inc. (NYSE:DRI)

Vanguard Group Inc. trimmed its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 1.5% in the first quarter, Holdings Channel.com reports. The firm owned 13,775,425 shares of the restaurant operator’s stock after selling 209,753 shares during the quarter. Vanguard Group Inc. owned about 0.12% of Darden Restaurants worth $2,302,562,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Rise Advisors LLC increased its position in Darden Restaurants by 131.3% during the 1st quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator’s stock worth $26,000 after purchasing an additional 88 shares in the last quarter. Fortitude Family Office LLC acquired a new position in Darden Restaurants during the 4th quarter worth approximately $29,000. Hartford Financial Management Inc. increased its position in Darden Restaurants by 65.1% during the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock worth $30,000 after purchasing an additional 71 shares in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in Darden Restaurants during the 4th quarter worth approximately $33,000. Finally, McGlone Suttner Wealth Management Inc. acquired a new position in Darden Restaurants during the 4th quarter worth approximately $35,000. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on DRI shares. TD Cowen reissued a “buy” rating and set a $170.00 target price on shares of Darden Restaurants in a report on Thursday, June 20th. JPMorgan Chase & Co. reduced their target price on shares of Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating on the stock in a report on Tuesday, May 28th. KeyCorp reduced their target price on shares of Darden Restaurants from $177.00 to $170.00 and set an “overweight” rating on the stock in a report on Thursday, June 13th. Argus reduced their target price on shares of Darden Restaurants from $186.00 to $175.00 and set a “buy” rating on the stock in a report on Tuesday, June 25th. Finally, Raymond James boosted their target price on shares of Darden Restaurants from $167.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. One research analyst has rated the stock with a sell rating, five have given a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $171.95.

Darden Restaurants Stock Down 0.0 %

Shares of Darden Restaurants stock traded down $0.01 during trading on Friday, reaching $142.86. 1,008,444 shares of the company traded hands, compared to its average volume of 1,271,444. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.38 and a quick ratio of 0.24. The company has a 50 day moving average price of $148.30 and a 200-day moving average price of $157.30. Darden Restaurants, Inc. has a 1-year low of $133.36 and a 1-year high of $176.84. The firm has a market capitalization of $17.05 billion, a PE ratio of 16.77, a P/E/G ratio of 1.70 and a beta of 1.29.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.61 by $0.04. Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The firm had revenue of $3 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the prior year, the company posted $2.58 earnings per share. The business’s revenue was up 8.3% on a year-over-year basis. As a group, equities research analysts expect that Darden Restaurants, Inc. will post 9.47 earnings per share for the current fiscal year.

Darden Restaurants Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Shareholders of record on Thursday, July 11th will be issued a dividend of $1.29 per share. The ex-dividend date is Wednesday, July 10th. This represents a $5.16 annualized dividend and a yield of 3.61%. Darden Restaurants’s payout ratio is 65.73%.

Insiders Place Their Bets

In other news, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $156.15, for a total value 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 sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate 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.