Greenleaf Trust Purchases New Holdings in Darden Restaurants, Inc. (DRI)

Greenleaf Trust purchased a new position in Darden Restaurants, Inc. (NYSE:DRI) during the 1st quarter, HoldingsChannel.com reports. The firm purchased 1,821 shares of the restaurant operator’s stock, valued at approximately $221,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Thrivent Financial for Lutherans raised its stake in Darden Restaurants by 1.8% during the 4th quarter. Thrivent Financial for Lutherans now owns 5,410 shares of the restaurant operator’s stock valued at $540,000 after acquiring an additional 95 shares in the last quarter. LPL Financial LLC raised its stake in Darden Restaurants by 0.8% during the 4th quarter. LPL Financial LLC now owns 12,467 shares of the restaurant operator’s stock valued at $1,245,000 after acquiring an additional 98 shares in the last quarter. Flagship Harbor Advisors LLC raised its stake in Darden Restaurants by 20.8% during the 1st quarter. Flagship Harbor Advisors LLC now owns 655 shares of the restaurant operator’s stock valued at $79,000 after acquiring an additional 113 shares in the last quarter. Hartford Investment Management Co. raised its stake in Darden Restaurants by 0.6% during the 4th quarter. Hartford Investment Management Co. now owns 20,754 shares of the restaurant operator’s stock valued at $2,072,000 after acquiring an additional 117 shares in the last quarter. Finally, Leisure Capital Management raised its stake in Darden Restaurants by 1.8% during the 1st quarter. Leisure Capital Management now owns 6,534 shares of the restaurant operator’s stock valued at $794,000 after acquiring an additional 117 shares in the last quarter. 88.87% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE DRI opened at $120.13 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.33 and a current ratio of 0.48. The firm has a market capitalization of $14.77 billion, a P/E ratio of 24.98, a P/E/G ratio of 2.03 and a beta of 0.29. Darden Restaurants, Inc. has a 52-week low of $86.93 and a 52-week high of $125.33.

Darden Restaurants (NYSE:DRI) last issued its earnings results on Thursday, March 21st. The restaurant operator reported $1.80 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.75 by $0.05. The business had revenue of $2.25 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Darden Restaurants had a return on equity of 30.28% and a net margin of 8.08%. The company’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.71 EPS. As a group, research analysts expect that Darden Restaurants, Inc. will post 5.78 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were issued a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date was Tuesday, April 9th. Darden Restaurants’s payout ratio is 62.37%.

Several brokerages have weighed in on DRI. Wedbush lifted their target price on Darden Restaurants from $120.00 to $130.00 and gave the company a “neutral” rating in a research note on Thursday. Zacks Investment Research downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Monday, May 13th. UBS Group began coverage on Darden Restaurants in a research note on Friday, April 26th. They set a “buy” rating and a $133.00 target price on the stock. Citigroup lifted their target price on Darden Restaurants from $120.00 to $146.00 and gave the company a “buy” rating in a research note on Wednesday, April 3rd. Finally, Bank of America set a $130.00 target price on Darden Restaurants and gave the company a “buy” rating in a research note on Friday, March 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $130.21.

In related news, insider Eugene I. Lee, Jr. sold 73,152 shares of Darden Restaurants stock in a transaction on Monday, March 25th. The stock was sold at an average price of $118.61, for a total value of $8,676,558.72. Following the transaction, the insider now directly owns 190,025 shares in the company, valued at approximately $22,538,865.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John W. Madonna sold 330 shares of Darden Restaurants stock in a transaction on Monday, March 25th. The stock was sold at an average price of $118.76, for a total value of $39,190.80. Following the completion of the transaction, the senior vice president now owns 1,680 shares in the company, valued at $199,516.80. The disclosure for this sale can be found here. Insiders own 0.65% of the company’s stock.

WARNING: This piece was first published by Baseball Daily News and is owned by of Baseball Daily News. If you are accessing this piece on another domain, it was illegally stolen and republished in violation of United States and international copyright & trademark laws. The original version of this piece can be viewed at https://www.baseballdailydigest.com/news/2019/05/27/greenleaf-trust-purchases-new-holdings-in-darden-restaurants-inc-dri.html.

About Darden Restaurants

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

Further Reading: What is the market perform rating?

Want to see what other hedge funds are holding DRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Darden Restaurants, Inc. (NYSE:DRI).

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

Receive News & Ratings for Darden Restaurants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Darden Restaurants and related companies with MarketBeat.com's FREE daily email newsletter.