Lazard Asset Management LLC Boosts Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

Lazard Asset Management LLC boosted its stake in shares of Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 237.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,876 shares of the restaurant operator's stock after purchasing an additional 32,286 shares during the period. Lazard Asset Management LLC's holdings in Darden Restaurants were worth $8,564,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Kestra Investment Management LLC bought a new position in shares of Darden Restaurants during the fourth quarter worth $25,000. Compass Wealth Management LLC purchased a new position in Darden Restaurants during the 4th quarter valued at approximately $28,000. TCTC Holdings LLC bought a new stake in Darden Restaurants in the 4th quarter worth approximately $28,000. MCF Advisors LLC raised its holdings in shares of Darden Restaurants by 50.9% during the 4th quarter. MCF Advisors LLC now owns 175 shares of the restaurant operator's stock worth $33,000 after acquiring an additional 59 shares in the last quarter. Finally, HHM Wealth Advisors LLC boosted its position in shares of Darden Restaurants by 103.2% during the 4th quarter. HHM Wealth Advisors LLC now owns 254 shares of the restaurant operator's stock valued at $47,000 after acquiring an additional 129 shares during the last quarter. Institutional investors own 93.64% of the company's stock.

Insider Buying and Selling

In related news, SVP John W. Madonna sold 1,806 shares of Darden Restaurants stock in a transaction on Monday, March 24th. The shares were sold at an average price of $207.88, for a total value of $375,431.28. Following the sale, the senior vice president now owns 7,192 shares of the company's stock, valued at approximately $1,495,072.96. This trade represents a 20.07% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Ricardo Cardenas sold 20,518 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $208.19, for a total value of $4,271,642.42. Following the completion of the transaction, the chief executive officer now owns 58,836 shares in the company, valued at $12,249,066.84. The trade was a 25.86% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,613 shares of company stock worth $5,121,492. 0.58% of the stock is owned by company insiders.

Darden Restaurants Stock Down 1.6%

Darden Restaurants stock traded down $3.42 during midday trading on Monday, reaching $208.23. The company's stock had a trading volume of 1,001,324 shares, compared to its average volume of 1,303,225. Darden Restaurants, Inc. has a 52-week low of $135.87 and a 52-week high of $211.82. The stock has a market capitalization of $24.37 billion, a P/E ratio of 23.85, a PEG ratio of 2.15 and a beta of 0.74. The company has a debt-to-equity ratio of 1.02, a current ratio of 0.37 and a quick ratio of 0.23. The stock's 50-day simple moving average is $199.11 and its 200-day simple moving average is $188.14.

Darden Restaurants (NYSE:DRI - Get Free Report) last released its earnings results on Thursday, March 20th. The restaurant operator reported $2.80 EPS for the quarter, hitting analysts' consensus estimates of $2.80. Darden Restaurants had a net margin of 9.01% and a return on equity of 50.12%. The company had revenue of $3.16 billion during the quarter, compared to analysts' expectations of $3.22 billion. During the same period last year, the business earned $2.60 EPS. Darden Restaurants's revenue for the quarter was up 6.2% on a year-over-year basis. On average, sell-side analysts expect that Darden Restaurants, Inc. will post 9.52 EPS for the current year.

Darden Restaurants Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were given a $1.40 dividend. The ex-dividend date was Thursday, April 10th. This represents a $5.60 dividend on an annualized basis and a yield of 2.69%. Darden Restaurants's dividend payout ratio is currently 63.13%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. KeyCorp increased their price objective on shares of Darden Restaurants from $200.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, March 21st. Citigroup raised their price objective on shares of Darden Restaurants from $223.00 to $229.00 and gave the stock a "buy" rating in a research note on Friday, March 21st. Guggenheim increased their price target on Darden Restaurants from $205.00 to $220.00 and gave the stock a "buy" rating in a report on Monday, March 24th. Stifel Nicolaus raised their price target on Darden Restaurants from $205.00 to $215.00 and gave the stock a "buy" rating in a research note on Friday, March 21st. Finally, Robert W. Baird cut their price objective on Darden Restaurants from $210.00 to $192.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $201.38.

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.