NorthCrest Asset Manangement LLC Increases Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

NorthCrest Asset Manangement LLC boosted its stake in Darden Restaurants, Inc. (NYSE:DRI) by 6.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,007 shares of the restaurant operator’s stock after purchasing an additional 226 shares during the period. NorthCrest Asset Manangement LLC’s holdings in Darden Restaurants were worth $832,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of DRI. Willis Investment Counsel boosted its holdings in shares of Darden Restaurants by 12.8% during the 1st quarter. Willis Investment Counsel now owns 104,700 shares of the restaurant operator’s stock valued at $21,752,000 after purchasing an additional 11,900 shares during the last quarter. apricus wealth LLC bought a new position in Darden Restaurants in the 1st quarter worth about $246,000. Focus Financial Network Inc. acquired a new stake in Darden Restaurants in the first quarter valued at approximately $210,000. Leonard Rickey Investment Advisors P.L.L.C. acquired a new stake in Darden Restaurants in the first quarter valued at approximately $227,000. Finally, USA Financial Formulas acquired a new stake in Darden Restaurants in the first quarter valued at approximately $1,220,000. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Trading Down 0.4%

Shares of Darden Restaurants stock opened at $217.04 on Friday. Darden Restaurants, Inc. has a 52 week low of $135.87 and a 52 week high of $220.79. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.23 and a current ratio of 0.37. The stock has a 50 day moving average price of $205.23 and a two-hundred day moving average price of $194.36. The stock has a market capitalization of $25.40 billion, a PE ratio of 24.86, a price-to-earnings-growth ratio of 2.15 and a beta of 0.75.

Darden Restaurants (NYSE:DRI) last posted its earnings results on Thursday, March 20th. The restaurant operator reported $2.80 EPS for the quarter, hitting the consensus estimate of $2.80. Darden Restaurants had a return on equity of 50.12% and a net margin of 9.01%. The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.22 billion. During the same period in the previous year, the business earned $2.60 earnings per share. The firm’s revenue was up 6.2% on a year-over-year basis. As a group, equities analysts anticipate that Darden Restaurants, Inc. will post 9.52 earnings per share for the current fiscal year.

Darden Restaurants Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were paid a $1.40 dividend. The ex-dividend date was Thursday, April 10th. This represents a $5.60 annualized dividend and a dividend yield of 2.58%. Darden Restaurants’s payout ratio is currently 63.13%.

Analyst Ratings Changes

Several brokerages recently issued reports on DRI. Wedbush raised their target price on shares of Darden Restaurants from $220.00 to $235.00 and gave the stock an “outperform” rating in a report on Friday, March 21st. Guggenheim boosted their price target on shares of Darden Restaurants from $205.00 to $220.00 and gave the company a “buy” rating in a research note on Monday, March 24th. Oppenheimer increased their price objective on shares of Darden Restaurants from $218.00 to $230.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Wall Street Zen upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating in a report on Saturday, May 24th. Finally, Morgan Stanley increased their price target on shares of Darden Restaurants from $209.00 to $217.00 and gave the stock an “overweight” rating in a research note on Friday, March 21st. Nine analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $205.92.

Insider Buying and Selling

In related news, CEO Ricardo Cardenas sold 20,518 shares of Darden Restaurants stock in a transaction on Monday, March 24th. The stock was sold at an average price of $208.19, for a total transaction of $4,271,642.42. Following the transaction, the chief executive officer now directly owns 58,836 shares in the company, valued at approximately $12,249,066.84. The trade was a 25.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John W. Madonna sold 1,806 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $207.88, for a total value of $375,431.28. Following the completion of the sale, the senior vice president now owns 7,192 shares in the company, valued at $1,495,072.96. This represents a 20.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,613 shares of company stock worth $5,121,492 in the last 90 days. Insiders own 0.58% of the company’s stock.

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.