AlphaCrest Capital Management LLC Sells 16,365 Shares of Darden Restaurants, Inc. (NYSE:DRI)

AlphaCrest Capital Management LLC trimmed its position in Darden Restaurants, Inc. (NYSE:DRI – Get Rating) by 90.8% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,658 shares of the restaurant operator’s stock after selling 16,365 shares during the quarter. AlphaCrest Capital Management LLC’s holdings in Darden Restaurants were worth $209,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Clear Perspectives Financial Planning LLC bought a new position in Darden Restaurants in the third quarter valued at approximately $28,000. Guardian Wealth Advisors LLC bought a new stake in shares of Darden Restaurants during the third quarter worth $31,000. Heritage Wealth Management LLC bought a new stake in shares of Darden Restaurants during the second quarter worth $31,000. Private Trust Co. NA grew its stake in shares of Darden Restaurants by 157.3% during the third quarter. Private Trust Co. NA now owns 386 shares of the restaurant operator’s stock worth $49,000 after buying an additional 236 shares during the last quarter. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC bought a new stake in shares of Darden Restaurants during the first quarter worth $60,000. 89.23% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, SVP Richard L. Renninger sold 5,000 shares of the company’s stock in a transaction dated Friday, January 13th. The shares were sold at an average price of $147.99, for a total value of $739,950.00. Following the sale, the senior vice president now owns 22,368 shares in the company, valued at approximately $3,310,240.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Darden Restaurants news, SVP Douglas J. Milanes sold 2,229 shares of the company’s stock in a transaction dated Tuesday, January 10th. The shares were sold at an average price of $150.00, for a total value of $334,350.00. Following the completion of the sale, the senior vice president now directly owns 5,328 shares of the company’s stock, valued at approximately $799,200. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Richard L. Renninger sold 5,000 shares of the company’s stock in a transaction dated Friday, January 13th. The stock was sold at an average price of $147.99, for a total transaction of $739,950.00. Following the completion of the sale, the senior vice president now directly owns 22,368 shares of the company’s stock, valued at $3,310,240.32. The disclosure for this sale can be found here. Insiders have sold 9,229 shares of company stock worth $1,358,200 in the last quarter. Insiders own 0.93% of the company’s stock.

Darden Restaurants Price Performance

Shares of NYSE DRI opened at $143.97 on Monday. The firm’s 50-day moving average price is $146.76 and its 200-day moving average price is $139.82. Darden Restaurants, Inc. has a 1-year low of $110.96 and a 1-year high of $152.08. The firm has a market capitalization of $17.52 billion, a P/E ratio of 19.86, a P/E/G ratio of 1.88 and a beta of 1.23. The company has a current ratio of 0.47, a quick ratio of 0.31 and a debt-to-equity ratio of 0.44.

Darden Restaurants (NYSE:DRI – Get Rating) last posted its earnings results on Friday, December 16th. The restaurant operator reported $1.52 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.11. Darden Restaurants had a net margin of 9.10% and a return on equity of 42.51%. The company had revenue of $2.49 billion for the quarter, compared to analyst estimates of $2.43 billion. Equities research analysts anticipate that Darden Restaurants, Inc. will post 7.82 earnings per share for the current fiscal year.

Darden Restaurants Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, February 1st. Investors of record on Tuesday, January 10th were issued a $1.21 dividend. The ex-dividend date was Monday, January 9th. This represents a $4.84 dividend on an annualized basis and a dividend yield of 3.36%. Darden Restaurants’s dividend payout ratio is presently 66.76%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on DRI shares. Raymond James boosted their target price on shares of Darden Restaurants from $136.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, December 2nd. Robert W. Baird cut shares of Darden Restaurants from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $134.00 to $150.00 in a research note on Tuesday, November 29th. Evercore ISI boosted their price objective on shares of Darden Restaurants from $150.00 to $153.00 and gave the stock an “in-line” rating in a research note on Monday, December 19th. Morgan Stanley boosted their price objective on shares of Darden Restaurants from $148.00 to $168.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 18th. Finally, Credit Suisse Group boosted their price objective on shares of Darden Restaurants from $152.00 to $157.00 and gave the stock an “outperform” rating in a research note on Monday, December 19th. Five investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, Darden Restaurants has a consensus rating of “Moderate Buy” and a consensus price target of $153.76.

About Darden Restaurants

(Get Rating)

Darden Restaurants, Inc is a full-service restaurant company, which engages in the provision of restaurant services. It operates through the following segments: Olive Garden, LongHorn Steakhouse, Fine Dining, and Other Business. The Olive Garden segment is the largest full-service dining Italian restaurant operator.