Lifeworks Advisors LLC Acquires New Shares in Darden Restaurants, Inc. (NYSE:DRI)

Lifeworks Advisors LLC acquired a new stake in Darden Restaurants, Inc. (NYSE:DRI - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,185 shares of the restaurant operator's stock, valued at approximately $454,000.

Several other institutional investors also recently bought and sold shares of the business. SFE Investment Counsel raised its holdings in shares of Darden Restaurants by 10.3% during the first quarter. SFE Investment Counsel now owns 3,945 shares of the restaurant operator's stock valued at $820,000 after acquiring an additional 370 shares during the last quarter. Machina Capital S.A.S. acquired a new position in shares of Darden Restaurants during the first quarter valued at approximately $478,000. Burney Co. raised its holdings in shares of Darden Restaurants by 18.3% during the first quarter. Burney Co. now owns 2,347 shares of the restaurant operator's stock valued at $488,000 after acquiring an additional 363 shares during the last quarter. J. W. Coons Advisors LLC acquired a new position in shares of Darden Restaurants during the first quarter valued at approximately $208,000. Finally, Venturi Wealth Management LLC raised its holdings in shares of Darden Restaurants by 3.1% during the first quarter. Venturi Wealth Management LLC now owns 2,119 shares of the restaurant operator's stock valued at $440,000 after acquiring an additional 64 shares during the last quarter. 93.64% of the stock is owned by institutional investors and hedge funds.

Darden Restaurants Trading Up 0.8%

Shares of DRI traded up $1.62 during midday trading on Friday, hitting $204.42. 867,148 shares of the stock were exchanged, compared to its average volume of 1,223,927. The firm has a market cap of $23.92 billion, a P/E ratio of 23.02, a P/E/G ratio of 1.87 and a beta of 0.74. The stock has a fifty day simple moving average of $214.24 and a 200 day simple moving average of $202.06. Darden Restaurants, Inc. has a 52-week low of $140.10 and a 52-week high of $228.27. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.28 and a current ratio of 0.42.

Darden Restaurants (NYSE:DRI - Get Free Report) last announced its quarterly earnings results on Friday, June 20th. The restaurant operator reported $2.98 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.97 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.25 billion. Darden Restaurants had a return on equity of 51.81% and a net margin of 8.69%. Darden Restaurants's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.65 EPS. On average, research analysts anticipate that Darden Restaurants, Inc. will post 9.52 EPS for the current fiscal year.

Darden Restaurants declared that its board has initiated a stock buyback program on Friday, June 20th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the restaurant operator to reacquire up to 3.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company's management believes its stock is undervalued.

Darden Restaurants Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be issued a dividend of $1.50 per share. The ex-dividend date is Thursday, July 10th. This represents a $6.00 dividend on an annualized basis and a yield of 2.94%. This is a boost from Darden Restaurants's previous quarterly dividend of $1.40. Darden Restaurants's dividend payout ratio (DPR) is presently 67.57%.

Insider Activity at Darden Restaurants

In other news, SVP Matthew R. Broad sold 733 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $218.50, for a total value of $160,160.50. Following the completion of the sale, the senior vice president directly owned 14,367 shares of the company's stock, valued at approximately $3,139,189.50. The trade was a 4.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Todd Burrowes sold 13,569 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $216.45, for a total value of $2,937,010.05. Following the completion of the sale, the insider directly owned 46,327 shares of the company's stock, valued at $10,027,479.15. The trade was a 22.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 43,714 shares of company stock valued at $9,609,494 in the last quarter. Company insiders own 0.58% of the company's stock.

Wall Street Analysts Forecast Growth

DRI has been the subject of a number of research analyst reports. UBS Group increased their target price on Darden Restaurants from $225.00 to $245.00 and gave the company a "buy" rating in a report on Monday, June 16th. Raymond James Financial increased their price target on Darden Restaurants from $230.00 to $240.00 and gave the company an "outperform" rating in a report on Monday, June 23rd. Jefferies Financial Group raised Darden Restaurants from an "underperform" rating to a "hold" rating and increased their price target for the company from $165.00 to $210.00 in a report on Friday, June 13th. Evercore ISI increased their price target on Darden Restaurants from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Monday, June 16th. Finally, Oppenheimer increased their price target on Darden Restaurants from $230.00 to $250.00 and gave the company an "outperform" rating in a report on Wednesday, June 18th. Twelve research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company's stock. According to data from MarketBeat, Darden Restaurants has a consensus rating of "Moderate Buy" and a consensus price target of $225.19.

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.