Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by Cohen Capital Management Inc.

Cohen Capital Management Inc. reduced its position in Darden Restaurants, Inc. (NYSE:DRI) by 1.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 21,884 shares of the restaurant operator’s stock after selling 223 shares during the period. Cohen Capital Management Inc.’s holdings in Darden Restaurants were worth $3,596,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. California Public Employees Retirement System lifted its stake in shares of Darden Restaurants by 129.6% in the 4th quarter. California Public Employees Retirement System now owns 553,721 shares of the restaurant operator’s stock valued at $90,976,000 after purchasing an additional 312,531 shares during the period. RWA Wealth Partners LLC purchased a new stake in Darden Restaurants in the 4th quarter worth $328,000. Duality Advisers LP increased its holdings in Darden Restaurants by 1,907.8% in the 4th quarter. Duality Advisers LP now owns 31,643 shares of the restaurant operator’s stock worth $5,199,000 after acquiring an additional 30,067 shares in the last quarter. Commerzbank Aktiengesellschaft FI purchased a new stake in Darden Restaurants in the 4th quarter worth $625,000. Finally, CWM LLC increased its holdings in Darden Restaurants by 20.3% in the 4th quarter. CWM LLC now owns 2,509 shares of the restaurant operator’s stock worth $412,000 after acquiring an additional 424 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Darden Restaurants Trading Up 1.3 %

DRI stock traded up $2.05 during mid-day trading on Monday, hitting $154.55. 1,234,516 shares of the company were exchanged, compared to its average volume of 1,150,490. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $18.45 billion, a P/E ratio of 18.12, a PEG ratio of 1.68 and a beta of 1.25. The business has a fifty day simple moving average of $165.01 and a 200-day simple moving average of $159.00. Darden Restaurants, Inc. has a 12-month low of $133.36 and a 12-month high of $176.84.

Darden Restaurants (NYSE:DRI) last announced its earnings results 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 company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The company’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period last year, the business earned $2.34 EPS. On average, equities research analysts predict that Darden Restaurants, Inc. will post 8.85 earnings per share for the current fiscal year.

Darden Restaurants Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be paid a $1.31 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a yield of 3.39%. Darden Restaurants’s dividend payout ratio is currently 61.43%.

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

Analyst Upgrades and Downgrades

DRI has been the subject of several recent analyst reports. Stephens initiated coverage on shares of Darden Restaurants in a report on Friday, April 12th. They issued an “equal weight” rating and a $170.00 price target for the company. TD Cowen reissued a “buy” rating and issued a $190.00 price target on shares of Darden Restaurants in a report on Monday. BMO Capital Markets boosted their price target on shares of Darden Restaurants from $160.00 to $165.00 and gave the stock a “market perform” rating in a report on Thursday, March 7th. Morgan Stanley dropped their target price on shares of Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating for the company in a report on Friday, March 22nd. Finally, Barclays increased their target price on shares of Darden Restaurants from $180.00 to $187.00 and gave the company an “overweight” rating in a research report on Wednesday, January 3rd. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $178.85.

Insider Buying and Selling

In other Darden Restaurants news, SVP Matthew R. Broad sold 6,831 shares of the firm’s stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total transaction of $1,115,229.06. Following the sale, the senior vice president now owns 19,141 shares of the company’s stock, valued at $3,124,959.66. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, SVP Matthew R. Broad sold 6,831 shares of Darden Restaurants stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total value of $1,115,229.06. Following the transaction, the senior vice president now directly owns 19,141 shares of the company’s stock, valued at approximately $3,124,959.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William S. Simon sold 1,219 shares of Darden Restaurants stock in a transaction on Monday, April 8th. The shares were sold at an average price of $158.21, for a total transaction of $192,857.99. Following the completion of the transaction, the director now directly owns 6,281 shares in the company, valued at $993,717.01. The disclosure for this sale can be found here. Insiders sold 15,723 shares of company stock worth $2,578,122 over the last 90 days. 0.85% of the stock is owned by insiders.

Darden Restaurants 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.