Consolidated Planning Corp Takes Position in Darden Restaurants, Inc. (NYSE:DRI)

Consolidated Planning Corp acquired a new stake in Darden Restaurants, Inc. (NYSE:DRI) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 19,042 shares of the restaurant operator’s stock, valued at approximately $3,129,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. Gilliland Jeter Wealth Management LLC bought a new stake in Darden Restaurants during the fourth quarter worth approximately $399,000. Bank Julius Baer & Co. Ltd Zurich boosted its holdings in Darden Restaurants by 1,101.4% during the fourth quarter. Bank Julius Baer & Co. Ltd Zurich now owns 29,217 shares of the restaurant operator’s stock worth $4,800,000 after buying an additional 26,785 shares in the last quarter. Stevens Capital Management LP bought a new stake in Darden Restaurants during the fourth quarter worth approximately $2,389,000. Syon Capital LLC bought a new stake in Darden Restaurants during the fourth quarter worth approximately $273,000. Finally, Tokio Marine Asset Management Co. Ltd. boosted its holdings in Darden Restaurants by 6.6% during the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,558 shares of the restaurant operator’s stock worth $585,000 after buying an additional 220 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors.

Insider Transactions at Darden Restaurants

In other news, SVP Matthew R. Broad sold 4,707 shares of the company’s stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $156.15, for a total transaction of $734,998.05. Following the transaction, the senior vice president now directly owns 19,179 shares in the company, valued at $2,994,800.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director William S. Simon sold 1,219 shares of the stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $158.21, for a total value of $192,857.99. Following the transaction, the director now directly owns 6,281 shares in the company, valued at $993,717.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction that occurred on 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 in the company, valued at $2,994,800.85. The disclosure for this sale can be found here. Over the last three months, insiders have sold 20,430 shares of company stock worth $3,313,120. Corporate insiders own 0.85% of the company’s stock.

Darden Restaurants Price Performance

Darden Restaurants stock traded down $0.44 during trading hours on Friday, hitting $156.10. 886,615 shares of the stock were exchanged, compared to its average volume of 1,153,157. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.39. The stock has a market capitalization of $18.63 billion, a P/E ratio of 18.30, a P/E/G ratio of 1.72 and a beta of 1.25. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The business’s 50-day moving average is $164.55 and its two-hundred day moving average is $159.23.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share for the quarter, missing the consensus estimate of $2.63 by ($0.01). The firm 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 quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the company posted $2.34 earnings per share. Equities research analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants announced that its Board of Directors has approved a stock buyback plan on Thursday, March 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the restaurant operator to reacquire up to 5% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Darden Restaurants Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be given a dividend of $1.31 per share. The ex-dividend date is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.36%. Darden Restaurants’s payout ratio is 61.43%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. raised their target price on shares of Darden Restaurants from $170.00 to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. StockNews.com downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Stephens assumed coverage on shares of Darden Restaurants in a report on Friday, April 12th. They set an “equal weight” rating and a $170.00 price target on the stock. Guggenheim raised their price target on shares of Darden Restaurants from $180.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Finally, Oppenheimer cut their target price on shares of Darden Restaurants from $186.00 to $182.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Darden Restaurants currently has a consensus rating of “Moderate Buy” and an average target price of $178.85.

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.