Free Trial

Alaska Permanent Fund Corp Lowers Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

Darden Restaurants logo with Retail/Wholesale background

Alaska Permanent Fund Corp cut its stake in Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 37.6% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,187 shares of the restaurant operator's stock after selling 6,148 shares during the period. Alaska Permanent Fund Corp's holdings in Darden Restaurants were worth $1,703,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Rise Advisors LLC increased its stake in Darden Restaurants by 131.3% in the first quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator's stock valued at $26,000 after acquiring an additional 88 shares during the last quarter. Fortitude Family Office LLC bought a new position in shares of Darden Restaurants in the fourth quarter worth about $29,000. Hartford Financial Management Inc. grew its stake in shares of Darden Restaurants by 65.1% during the fourth quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator's stock worth $30,000 after buying an additional 71 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of Darden Restaurants during the fourth quarter worth $33,000. Finally, McGlone Suttner Wealth Management Inc. acquired a new stake in Darden Restaurants during the 4th quarter worth approximately $35,000. 93.64% of the stock is currently owned by institutional investors.

Darden Restaurants Stock Down 0.7 %

DRI stock traded down $1.01 during mid-day trading on Friday, reaching $153.28. 2,620,599 shares of the company traded hands, compared to its average volume of 1,201,533. 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 firm's 50 day moving average price is $150.69 and its 200 day moving average price is $159.69. The stock has a market cap of $18.30 billion, a price-to-earnings ratio of 17.87, a P/E/G ratio of 1.60 and a beta of 1.29. Darden Restaurants, Inc. has a fifty-two week low of $133.36 and a fifty-two week high of $176.84.


Darden Restaurants (NYSE:DRI - Get Free Report) last announced its earnings results on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.61 by $0.04. The company had revenue of $3 billion for the quarter, compared to analysts' expectations of $2.97 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. Darden Restaurants's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.58 earnings per share. As a group, equities research analysts predict that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants declared that its board has approved a share repurchase plan on Thursday, March 21st that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the restaurant operator to repurchase up to 5% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board of directors believes its shares are undervalued.

Darden Restaurants Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Investors of record on Thursday, July 11th will be given a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Wednesday, July 10th. Darden Restaurants's payout ratio is currently 61.43%.

Insider Activity at Darden Restaurants

In other Darden Restaurants news, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $156.15, for a total value of $734,998.05. Following the completion of the sale, the senior vice president now owns 19,179 shares in the company, valued at approximately $2,994,800.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Darden Restaurants news, insider Melvin John Martin sold 7,673 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the completion of the transaction, the insider now directly owns 17,208 shares of the company's stock, valued at $2,848,268.16. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Matthew R. Broad sold 4,707 shares of the business's stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $156.15, for a total value of $734,998.05. Following the completion of the sale, the senior vice president now owns 19,179 shares in the company, valued at $2,994,800.85. The disclosure for this sale can be found here. Insiders have sold 13,599 shares of company stock valued at $2,197,891 over the last ninety days. Corporate insiders own 0.85% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Bank of America boosted their price objective on shares of Darden Restaurants from $180.00 to $185.00 and gave the stock a "buy" rating in a research note on Friday. Evercore ISI decreased their target price on shares of Darden Restaurants from $170.00 to $165.00 and set an "in-line" rating for the company in a research report on Thursday, June 13th. Citigroup boosted their price target on shares of Darden Restaurants from $191.00 to $192.00 and gave the stock a "buy" rating in a research report on Friday. Stephens reiterated an "equal weight" rating and set a $165.00 price target on shares of Darden Restaurants in a report on Thursday. Finally, KeyCorp lowered their price objective on Darden Restaurants from $177.00 to $170.00 and set an "overweight" rating for the company in a research report on Thursday, June 13th. Five investment 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, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $173.76.

Check Out Our Latest Stock Analysis on Darden Restaurants

About Darden Restaurants

(Free Report)

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.

Recommended Stories

Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

→ AI’s Biggest Problem (From Weiss Ratings) (Ad)

Should you invest $1,000 in Darden Restaurants right now?

Before you consider Darden Restaurants, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Darden Restaurants wasn't on the list.

While Darden Restaurants currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

10 "Recession Proof" Stocks That Will Thrive in Any Market Cover

Which stocks are likely to thrive in today's challenging market? Click the link below and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

3 Top Market Leaders Splitting Their Stocks
How to Navigate Stock Downgrades
CPI News Breakdown: Key Market Moves to Follow

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines