Envestnet Asset Management Inc. Grows Stock Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Envestnet Asset Management Inc. increased its stake in Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 0.6% during the first quarter, according to its most recent filing with the SEC. The fund owned 361,168 shares of the restaurant operator's stock after buying an additional 2,277 shares during the quarter. Envestnet Asset Management Inc. owned 0.31% of Darden Restaurants worth $75,036,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in DRI. TCTC Holdings LLC purchased a new position in Darden Restaurants in the fourth quarter valued at about $28,000. Grove Bank & Trust raised its holdings in shares of Darden Restaurants by 171.4% in the 1st quarter. Grove Bank & Trust now owns 133 shares of the restaurant operator's stock worth $28,000 after purchasing an additional 84 shares during the period. ORG Partners LLC grew its holdings in Darden Restaurants by 108.8% during the first quarter. ORG Partners LLC now owns 142 shares of the restaurant operator's stock valued at $30,000 after purchasing an additional 74 shares during the period. Alpine Bank Wealth Management purchased a new stake in Darden Restaurants in the first quarter worth $34,000. Finally, Whipplewood Advisors LLC increased its position in Darden Restaurants by 296.0% in the first quarter. Whipplewood Advisors LLC now owns 198 shares of the restaurant operator's stock worth $41,000 after buying an additional 148 shares during the last quarter. 93.64% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on DRI shares. Bank of America increased their price target on Darden Restaurants from $252.00 to $253.00 and gave the stock a "buy" rating in a research note on Monday, June 23rd. Guggenheim increased their target price on shares of Darden Restaurants from $205.00 to $220.00 and gave the stock a "buy" rating in a research report on Monday, March 24th. Oppenheimer boosted their price target on shares of Darden Restaurants from $230.00 to $250.00 and gave the company an "outperform" rating in a research report on Wednesday, June 18th. Stifel Nicolaus upped their price target on shares of Darden Restaurants from $205.00 to $215.00 and gave the company a "buy" rating in a research note on Friday, March 21st. Finally, Stephens lifted their price objective on shares of Darden Restaurants from $200.00 to $212.00 and gave the company an "equal weight" rating in a research note on Monday, June 23rd. Ten equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to data from MarketBeat.com, Darden Restaurants currently has an average rating of "Moderate Buy" and a consensus price target of $224.60.

Insider Buying and Selling

In other news, SVP Susan M. Connelly sold 4,735 shares of Darden Restaurants stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $223.78, for a total value of $1,059,598.30. Following the transaction, the senior vice president owned 4,602 shares in the company, valued at approximately $1,029,835.56. The trade was a 50.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Matthew R. Broad sold 733 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $218.50, for a total value of $160,160.50. Following the sale, the senior vice president owned 14,367 shares of the company's stock, valued at $3,139,189.50. This represents a 4.85% 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 worth $9,609,494 in the last ninety days. 0.58% of the stock is currently owned by insiders.

Darden Restaurants Price Performance

NYSE:DRI traded down $3.55 during midday trading on Friday, hitting $209.33. The company had a trading volume of 1,470,966 shares, compared to its average volume of 1,344,128. The company has a market capitalization of $24.50 billion, a PE ratio of 23.57, a P/E/G ratio of 2.06 and a beta of 0.74. The company has a quick ratio of 0.28, a current ratio of 0.42 and a debt-to-equity ratio of 0.92. Darden Restaurants, Inc. has a 52-week low of $138.21 and a 52-week high of $228.27. The stock's fifty day moving average price is $213.52 and its 200-day moving average price is $200.63.

Darden Restaurants (NYSE:DRI - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $3.27 billion during the quarter, compared to analysts' expectations of $3.25 billion. Darden Restaurants had a return on equity of 51.81% and a net margin of 8.69%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $2.65 EPS. As a group, research analysts expect that Darden Restaurants, Inc. will post 9.52 earnings per share for the current year.

Darden Restaurants Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be paid a $1.50 dividend. This is a boost from Darden Restaurants's previous quarterly dividend of $1.40. The ex-dividend date is Thursday, July 10th. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.87%. Darden Restaurants's dividend payout ratio is 67.57%.

Darden Restaurants announced that its Board of Directors has authorized a stock buyback plan on Friday, June 20th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the restaurant operator to reacquire up to 3.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's board believes its stock is undervalued.

About Darden Restaurants

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.