Knights of Columbus Asset Advisors LLC Sells 18,578 Shares of Darden Restaurants, Inc. $DRI

Key Points

• Knights of Columbus Asset Advisors cut its Darden Restaurants stake by 38.9% in the fourth quarter, selling 18,578 shares and leaving it with 29,157 shares worth about $5.37 million.
• Several insiders also sold stock, including SVP Douglas J. Milanes and SVP Lindsay L. Koren, while company insiders now own just 0.49% of Darden’s shares.
• Darden reported strong quarterly results and continued to attract analyst support, with earnings and revenue slightly topping estimates and a consensus rating of “Moderate Buy” with an average price target of $226.32.

Knights of Columbus Asset Advisors LLC lowered its stake in shares of Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 38.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,157 shares of the restaurant operator's stock after selling 18,578 shares during the quarter. Knights of Columbus Asset Advisors LLC's holdings in Darden Restaurants were worth $5,365,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Torren Management LLC purchased a new position in Darden Restaurants during the 4th quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. boosted its holdings in Darden Restaurants by 926.7% in the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 154 shares of the restaurant operator's stock worth $28,000 after acquiring an additional 139 shares in the last quarter. BOK Financial Private Wealth Inc. acquired a new stake in Darden Restaurants in the fourth quarter worth about $29,000. Ameriflex Group Inc. acquired a new stake in Darden Restaurants in the third quarter worth about $35,000. Finally, Wealth Watch Advisors INC acquired a new stake in Darden Restaurants in the third quarter worth about $39,000. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

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

Analysts Set New Price Targets

Several brokerages have weighed in on DRI. Stephens raised their price target on Darden Restaurants from $205.00 to $210.00 and gave the stock an "equal weight" rating in a report on Friday, March 20th. UBS Group reissued a "buy" rating and issued a $230.00 price target on shares of Darden Restaurants in a report on Tuesday, March 10th. Bank of America raised their price target on Darden Restaurants from $261.00 to $262.00 and gave the stock a "buy" rating in a report on Monday, March 16th. Citigroup raised their price target on Darden Restaurants from $235.00 to $238.00 and gave the stock a "buy" rating in a report on Friday, March 20th. Finally, Wells Fargo & Company raised their price target on Darden Restaurants from $200.00 to $210.00 and gave the stock an "equal weight" rating in a report on Friday, March 20th. Eighteen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $226.32.

Darden Restaurants Trading Up 1.2%

Shares of NYSE:DRI opened at $206.26 on Thursday. Darden Restaurants, Inc. has a 52-week low of $169.00 and a 52-week high of $228.27. The stock has a market cap of $23.63 billion, a price-to-earnings ratio of 21.83, a PEG ratio of 1.93 and a beta of 0.61. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 1.02. The business has a 50-day moving average price of $197.79 and a 200-day moving average price of $196.30.

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

Darden Restaurants Dividend Announcement

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

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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