Louisiana State Employees Retirement System Acquires Shares of 7,300 Darden Restaurants, Inc. (NYSE:DRI)

Louisiana State Employees Retirement System acquired a new stake in Darden Restaurants, Inc. (NYSE:DRI - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 7,300 shares of the restaurant operator's stock, valued at approximately $1,199,000.

Other large investors also recently modified their holdings of the company. Fortitude Family Office LLC bought a new position in shares of Darden Restaurants in the fourth quarter valued at approximately $29,000. Hartford Financial Management Inc. raised its stake in Darden Restaurants by 65.1% in the fourth quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator's stock valued at $30,000 after purchasing an additional 71 shares in the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in Darden Restaurants in the fourth quarter valued at approximately $33,000. McGlone Suttner Wealth Management Inc. purchased a new stake in Darden Restaurants in the fourth quarter valued at approximately $35,000. Finally, BKM Wealth Management LLC purchased a new stake in Darden Restaurants in the fourth quarter valued at approximately $41,000. 93.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP Matthew R. Broad sold 6,831 shares of the company's stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total value of $1,115,229.06. Following the transaction, the senior vice president now owns 19,141 shares in the company, valued at approximately $3,124,959.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Darden Restaurants news, Director William S. Simon sold 1,219 shares of the company's stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $158.21, for a total transaction of $192,857.99. Following the transaction, the director now owns 6,281 shares in the company, valued at approximately $993,717.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Matthew R. Broad sold 6,831 shares of the company's stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total transaction of $1,115,229.06. Following the transaction, the senior vice president now owns 19,141 shares in the company, valued at approximately $3,124,959.66. The disclosure for this sale can be found here. Insiders have sold a total of 15,723 shares of company stock worth $2,578,122 in the last quarter. Corporate insiders own 0.85% of the company's stock.

Darden Restaurants Stock Up 0.9 %

Shares of DRI stock traded up $1.36 during mid-day trading on Tuesday, reaching $155.91. 876,714 shares of the company's stock traded hands, compared to its average volume of 1,146,990. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The company has a market cap of $18.61 billion, a P/E ratio of 18.28, a P/E/G ratio of 1.68 and a beta of 1.25. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63. The company's 50-day moving average price is $164.88 and its 200-day moving average price is $159.13.

Darden Restaurants (NYSE:DRI - Get Free Report) last announced its quarterly earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.63 by ($0.01). The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The business's revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.34 EPS. On average, equities analysts expect that Darden Restaurants, Inc. will post 8.85 earnings per share for the current fiscal year.

Darden Restaurants declared that its Board of Directors has authorized a stock buyback program on Thursday, March 21st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the restaurant operator to buy up to 5% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its shares are undervalued.

Darden Restaurants Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be paid a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants's payout ratio is 61.43%.

Wall Street Analysts Forecast Growth

DRI has been the topic of a number of recent analyst reports. TD Cowen reaffirmed a "buy" rating and issued a $190.00 target price on shares of Darden Restaurants in a research note on Monday. StockNews.com downgraded shares of Darden Restaurants from a "buy" rating to a "hold" rating in a research note on Thursday, January 4th. BMO Capital Markets lifted their price target on shares of Darden Restaurants from $160.00 to $165.00 and gave the stock a "market perform" rating in a research note on Thursday, March 7th. Barclays lifted their price target on shares of Darden Restaurants from $180.00 to $187.00 and gave the stock an "overweight" rating in a research note on Wednesday, January 3rd. Finally, Citigroup decreased their price target on shares of Darden Restaurants from $200.00 to $192.00 and set a "buy" rating on the stock in a research note on Friday, March 22nd. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $178.85.

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.