Earnest Partners LLC Has $240.83 Million Stock Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Earnest Partners LLC lifted its stake in Darden Restaurants, Inc. (NYSE:DRI) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,591,541 shares of the restaurant operator’s stock after acquiring an additional 18,899 shares during the quarter. Darden Restaurants makes up 1.1% of Earnest Partners LLC’s portfolio, making the stock its 17th biggest holding. Earnest Partners LLC owned 1.33% of Darden Restaurants worth $240,832,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. AXA S.A. increased its position in Darden Restaurants by 92.4% during the second quarter. AXA S.A. now owns 29,738 shares of the restaurant operator’s stock worth $4,500,000 after buying an additional 14,282 shares during the last quarter. Abich Financial Wealth Management LLC acquired a new position in Darden Restaurants during the second quarter worth $113,000. Toronto Dominion Bank increased its position in Darden Restaurants by 139.9% during the second quarter. Toronto Dominion Bank now owns 352,344 shares of the restaurant operator’s stock worth $53,317,000 after buying an additional 205,450 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its position in Darden Restaurants by 60.3% during the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 22,859 shares of the restaurant operator’s stock worth $3,459,000 after buying an additional 8,595 shares during the last quarter. Finally, Distillate Capital Partners LLC acquired a new position in Darden Restaurants during the second quarter worth $14,475,000. 93.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Raymond James reaffirmed an “outperform” rating and issued a $160.00 price target on shares of Darden Restaurants in a research report on Tuesday, August 20th. BTIG Research increased their target price on shares of Darden Restaurants from $175.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Stephens increased their target price on shares of Darden Restaurants from $159.00 to $164.00 and gave the company an “equal weight” rating in a research note on Friday, September 20th. Wells Fargo & Company increased their target price on shares of Darden Restaurants from $160.00 to $165.00 and gave the company an “equal weight” rating in a research note on Friday, September 20th. Finally, BMO Capital Markets increased their target price on shares of Darden Restaurants from $165.00 to $175.00 and gave the company a “market perform” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $179.25.

Insider Buying and Selling

In related news, SVP Sarah H. King sold 15,941 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $147.06, for a total value of $2,344,283.46. Following the completion of the transaction, the senior vice president now owns 447 shares in the company, valued at approximately $65,735.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Ricardo Cardenas sold 42,403 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $171.68, for a total value of $7,279,747.04. Following the completion of the transaction, the chief executive officer now owns 58,685 shares in the company, valued at approximately $10,075,040.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Sarah H. King sold 15,941 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $147.06, for a total transaction of $2,344,283.46. Following the completion of the transaction, the senior vice president now owns 447 shares of the company’s stock, valued at approximately $65,735.82. The disclosure for this sale can be found here. Insiders sold 69,386 shares of company stock worth $11,446,091 in the last quarter. Insiders own 0.85% of the company’s stock.

Darden Restaurants Stock Down 1.8 %

Shares of DRI opened at $168.03 on Thursday. The company has a market capitalization of $20.31 billion, a P/E ratio of 19.72, a PEG ratio of 1.99 and a beta of 1.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.35 and a quick ratio of 0.22. Darden Restaurants, Inc. has a one year low of $133.36 and a one year high of $176.84. The business’s 50 day simple moving average is $152.41 and its 200-day simple moving average is $153.28.

Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, September 19th. The restaurant operator reported $1.75 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.08). Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. The business had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same period in the previous year, the firm earned $1.78 earnings per share. The firm’s revenue was up 1.0% compared to the same quarter last year. As a group, sell-side analysts predict that Darden Restaurants, Inc. will post 9.48 EPS for the current fiscal year.

Darden Restaurants Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Thursday, October 10th. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.29. Darden Restaurants’s payout ratio is 65.73%.

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.