Darden Restaurants, Inc. (NYSE:DRI) Stock Position Lowered by Allianz Asset Management GmbH

Allianz Asset Management GmbH trimmed its position in shares of Darden Restaurants, Inc. (NYSE:DRIFree Report) by 43.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 12,273 shares of the restaurant operator’s stock after selling 9,346 shares during the period. Allianz Asset Management GmbH’s holdings in Darden Restaurants were worth $2,016,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Raymond James & Associates raised its position in Darden Restaurants by 7.3% during the fourth quarter. Raymond James & Associates now owns 1,968,301 shares of the restaurant operator’s stock valued at $323,392,000 after buying an additional 134,098 shares during the period. Morgan Stanley increased its holdings in shares of Darden Restaurants by 13.8% in the 3rd quarter. Morgan Stanley now owns 1,669,789 shares of the restaurant operator’s stock valued at $239,148,000 after purchasing an additional 202,139 shares during the period. Wellington Management Group LLP lifted its position in shares of Darden Restaurants by 0.6% in the third quarter. Wellington Management Group LLP now owns 1,639,513 shares of the restaurant operator’s stock worth $234,811,000 after purchasing an additional 9,232 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Darden Restaurants by 27.0% during the third quarter. Invesco Ltd. now owns 1,602,543 shares of the restaurant operator’s stock worth $229,516,000 after purchasing an additional 340,467 shares during the period. Finally, Northern Trust Corp grew its position in Darden Restaurants by 5.4% during the third quarter. Northern Trust Corp now owns 1,467,716 shares of the restaurant operator’s stock valued at $210,206,000 after purchasing an additional 75,287 shares in the last quarter. 93.64% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Darden Restaurants news, insider Melvin John Martin sold 7,673 shares of the company’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 sale, the insider now directly owns 17,208 shares in the company, valued at $2,848,268.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Darden Restaurants news, Director William S. Simon sold 1,219 shares of Darden Restaurants 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 transaction, the director now owns 6,281 shares in the company, valued at approximately $993,717.01. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Melvin John Martin sold 7,673 shares of the business’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 transaction, the insider now directly owns 17,208 shares in the company, valued at approximately $2,848,268.16. The disclosure for this sale can be found here. Insiders sold 13,599 shares of company stock worth $2,197,891 in the last 90 days. 0.85% of the stock is owned by company insiders.

Darden Restaurants Stock Performance

Shares of NYSE DRI opened at $148.54 on Friday. Darden Restaurants, Inc. has a one year low of $133.36 and a one year high of $176.84. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63. The business has a fifty day simple moving average of $152.42 and a 200 day simple moving average of $160.10. The firm has a market capitalization of $17.73 billion, a price-to-earnings ratio of 17.41, a PEG ratio of 1.53 and a beta of 1.29.

Darden Restaurants (NYSE:DRIGet Free Report) last released its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 EPS for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. Darden Restaurants’s revenue was up 6.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.34 earnings per share. Sell-side analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants declared that its Board of Directors has initiated a stock buyback program on Thursday, March 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the restaurant operator to reacquire up to 5% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.

Darden Restaurants Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were issued a $1.31 dividend. The ex-dividend date was Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.53%. Darden Restaurants’s payout ratio is presently 61.43%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. BTIG Research raised shares of Darden Restaurants from a “neutral” rating to a “buy” rating and set a $175.00 target price for the company in a research note on Friday, May 17th. BMO Capital Markets upped their target price on Darden Restaurants from $160.00 to $165.00 and gave the stock a “market perform” rating in a research report on Thursday, March 7th. JPMorgan Chase & Co. cut their price target on Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating for the company in a research note on Tuesday, May 28th. Bank of America raised their price objective on shares of Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, Wedbush dropped their price target on shares of Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating on the stock in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat, Darden Restaurants has an average rating of “Moderate Buy” and a consensus price target of $177.90.

Get Our Latest Analysis on DRI

Darden Restaurants Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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