Eurizon Capital SGR S.p.A. Takes $44.19 Million Position in Darden Restaurants, Inc. $DRI

Key Points

• Eurizon Capital SGR S.p.A. initiated a new position in Darden Restaurants during the fourth quarter, buying 240,135 shares valued at about $44.19 million and representing roughly 0.21% of the company.
• Darden reported better-than-expected quarterly results, with earnings per share of $2.95 versus $2.94 expected and revenue of $3.35 billion versus $3.33 billion expected, while revenue rose 5.9% year over year.
• The company also announced a quarterly dividend of $1.50 per share and continues to attract positive analyst sentiment, with a consensus rating of Moderate Buy and an average price target of $226.32.

Eurizon Capital SGR S.p.A. bought a new stake in Darden Restaurants, Inc. (NYSE:DRI - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 240,135 shares of the restaurant operator's stock, valued at approximately $44,190,000. Eurizon Capital SGR S.p.A. owned approximately 0.21% of Darden Restaurants as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. AE Wealth Management LLC lifted its holdings in Darden Restaurants by 164.1% in the third quarter. AE Wealth Management LLC now owns 4,872 shares of the restaurant operator's stock worth $928,000 after acquiring an additional 3,027 shares during the last quarter. Sanctuary Advisors LLC increased its stake in shares of Darden Restaurants by 33.0% in the fourth quarter. Sanctuary Advisors LLC now owns 23,473 shares of the restaurant operator's stock valued at $4,319,000 after purchasing an additional 5,830 shares during the period. Meridian Wealth Management LLC acquired a new stake in shares of Darden Restaurants in the fourth quarter valued at approximately $2,404,000. JPMorgan Chase & Co. increased its stake in shares of Darden Restaurants by 78.4% in the third quarter. JPMorgan Chase & Co. now owns 2,666,919 shares of the restaurant operator's stock valued at $507,675,000 after purchasing an additional 1,171,890 shares during the period. Finally, Banco Santander S.A. acquired a new stake in shares of Darden Restaurants in the third quarter valued at approximately $6,743,000. Institutional investors own 93.64% of the company's stock.

Insider Buying and Selling

In related news, SVP Lindsay L. Koren sold 300 shares of the firm's stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $194.32, for a total transaction of $58,296.00. Following the completion of the sale, the senior vice president directly owned 1,617 shares in the company, valued at approximately $314,215.44. This trade represents a 15.65% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Douglas J. Milanes sold 3,620 shares of the firm's stock in a transaction that occurred on Friday, April 17th. The stock was sold at an average price of $202.16, for a total transaction of $731,819.20. Following the sale, the senior vice president owned 274 shares of the company's stock, valued at $55,391.84. The trade was a 92.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.49% of the company's stock.

Darden Restaurants Trading Down 0.1%

Shares of NYSE:DRI opened at $204.27 on Friday. The stock has a market capitalization of $23.40 billion, a price-to-earnings ratio of 21.62, a PEG ratio of 1.93 and a beta of 0.61. Darden Restaurants, Inc. has a 1-year low of $169.00 and a 1-year high of $228.27. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.25 and a current ratio of 0.39. The company has a 50 day moving average price of $197.87 and a 200 day moving average price of $196.54.

Darden Restaurants (NYSE:DRI - Get Free Report) last issued its earnings results on Thursday, March 19th. The restaurant operator reported $2.95 earnings per share for the quarter, topping analysts' consensus estimates of $2.94 by $0.01. The firm had revenue of $3.35 billion during the quarter, compared to analysts' expectations of $3.33 billion. Darden Restaurants had a net margin of 8.66% and a return on equity of 53.54%. The firm's revenue for the quarter was up 5.9% compared to the same quarter last year. During the same period last year, the firm posted $2.80 earnings per share. On average, research analysts anticipate that Darden Restaurants, Inc. will post 10.61 EPS for the current fiscal year.

Darden Restaurants Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Friday, April 10th were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date was Friday, April 10th. Darden Restaurants's dividend payout ratio (DPR) is presently 63.49%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Wells Fargo & Company raised their price target on shares of Darden Restaurants from $200.00 to $210.00 and gave the company an "equal weight" rating in a research note on Friday, March 20th. UBS Group restated a "buy" rating and issued a $230.00 price target on shares of Darden Restaurants in a research note on Tuesday, March 10th. Weiss Ratings upgraded shares of Darden Restaurants from a "buy (b-)" rating to a "buy (b)" rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft raised their price target on shares of Darden Restaurants from $222.00 to $230.00 and gave the company a "buy" rating in a research note on Friday, March 20th. Finally, KeyCorp raised their price target on shares of Darden Restaurants from $226.00 to $228.00 and gave the company an "overweight" rating in a research note on Wednesday. Eighteen research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Darden Restaurants presently has an average rating of "Moderate Buy" and a consensus price target of $226.32.

Darden Restaurants Company Profile

Darden Restaurants, Inc is a multi-brand, full-service restaurant company headquartered in Orlando, Florida. The company owns and operates a portfolio of casual and fine-dining concepts that together serve millions of guests through company-owned and franchised locations. Its well-known brands include Olive Garden and LongHorn Steakhouse, alongside other dining concepts that span Italian, American, steakhouse and upscale casual formats.

Darden's restaurants provide a range of guest-facing services including dine-in, takeout, delivery and catering, and feature menus tailored to each brand's positioning—Italian-American fare at Olive Garden, steaks and grilled items at LongHorn, and more premium steakhouse and chef-driven offerings at its upscale concepts.

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