Ontario Teachers Pension Plan Board Invests $247,000 in Darden Restaurants, Inc. (NYSE:DRI)

Ontario Teachers Pension Plan Board acquired a new stake in Darden Restaurants, Inc. (NYSE:DRI) during the first quarter, according to its most recent filing with the SEC. The firm acquired 1,479 shares of the restaurant operator’s stock, valued at approximately $247,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. TIAA Trust National Association purchased a new position in Darden Restaurants in the 1st quarter valued at $203,000. M&G Plc purchased a new position in Darden Restaurants in the 1st quarter valued at $12,005,000. Banco Santander S.A. purchased a new position in Darden Restaurants in the 1st quarter valued at $439,000. Motco purchased a new stake in shares of Darden Restaurants during the 1st quarter worth $5,223,000. Finally, Orion Portfolio Solutions LLC boosted its position in shares of Darden Restaurants by 100.2% during the 1st quarter. Orion Portfolio Solutions LLC now owns 7,039 shares of the restaurant operator’s stock worth $1,177,000 after purchasing an additional 3,523 shares in the last quarter. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

Darden Restaurants Trading Down 0.2 %

Shares of NYSE DRI traded down $0.23 on Tuesday, reaching $143.37. 54,952 shares of the company traded hands, compared to its average volume of 1,200,902. Darden Restaurants, Inc. has a fifty-two week low of $133.36 and a fifty-two week high of $176.84. The company has a 50 day moving average of $148.20 and a 200 day moving average of $157.15. The company has a current ratio of 0.38, a quick ratio of 0.24 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $17.11 billion, a PE ratio of 16.86, a P/E/G ratio of 1.70 and a beta of 1.29.

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

Darden Restaurants Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, July 11th will be paid a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Wednesday, July 10th. Darden Restaurants’s dividend payout ratio is currently 65.73%.

Insider Activity

In other news, SVP Matthew R. Broad sold 4,707 shares of the company’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $156.15, for a total transaction 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 filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

DRI has been the topic of several research analyst reports. Wedbush restated an “outperform” rating and set a $170.00 target price on shares of Darden Restaurants in a research report on Thursday, July 18th. Stifel Nicolaus decreased their target price on shares of Darden Restaurants from $190.00 to $180.00 and set a “buy” rating on the stock in a research report on Friday, June 21st. Evercore ISI decreased their target price on shares of Darden Restaurants from $170.00 to $165.00 and set an “in-line” rating on the stock in a research report on Thursday, June 13th. 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 research report on Friday, June 21st. Finally, Morgan Stanley restated an “overweight” rating and set a $175.00 target price on shares of Darden Restaurants in a research report on Friday, June 21st. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $170.95.

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.