DNB Asset Management AS Has $2.92 Million Stock Holdings in Darden Restaurants, Inc. (NYSE:DRI)

DNB Asset Management AS boosted its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 6.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,263 shares of the restaurant operator’s stock after purchasing an additional 1,145 shares during the period. DNB Asset Management AS’s holdings in Darden Restaurants were worth $2,915,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Westwood Holdings Group Inc. bought a new stake in Darden Restaurants during the first quarter worth about $72,901,000. Norges Bank bought a new stake in shares of Darden Restaurants during the fourth quarter valued at approximately $58,601,000. California Public Employees Retirement System increased its holdings in shares of Darden Restaurants by 129.6% in the fourth quarter. California Public Employees Retirement System now owns 553,721 shares of the restaurant operator’s stock valued at $90,976,000 after purchasing an additional 312,531 shares in the last quarter. Raymond James & Associates raised its position in Darden Restaurants by 11.9% in the 1st quarter. Raymond James & Associates now owns 2,202,711 shares of the restaurant operator’s stock worth $368,183,000 after purchasing an additional 234,410 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in Darden Restaurants by 10.3% during the 4th quarter. Wellington Management Group LLP now owns 1,809,155 shares of the restaurant operator’s stock worth $297,244,000 after buying an additional 169,642 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors.

Insider Transactions at Darden Restaurants

In related news, SVP Sarah H. King sold 15,941 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $147.06, for a total value of $2,344,283.46. Following the sale, the senior vice president now owns 447 shares of the company’s stock, valued at approximately $65,735.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Melvin John Martin sold 2,500 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $141.09, for a total transaction of $352,725.00. Following the sale, the insider now owns 11,691 shares in the company, valued at approximately $1,649,483.19. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Sarah H. King sold 15,941 shares of the firm’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $147.06, for a total transaction of $2,344,283.46. Following the completion of the transaction, the senior vice president now directly owns 447 shares of the company’s stock, valued at $65,735.82. The disclosure for this sale can be found here. 0.85% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

DRI has been the topic of several recent research reports. Barclays decreased their price target on Darden Restaurants from $187.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, June 14th. Jefferies Financial Group cut shares of Darden Restaurants from a “hold” rating to an “underperform” rating and lowered their price target for the stock from $154.00 to $124.00 in a research report on Thursday, July 11th. JPMorgan Chase & Co. cut their price objective on shares of Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating on the stock in a report on Tuesday, May 28th. Raymond James lifted their target price on shares of Darden Restaurants from $167.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Finally, Wedbush reissued an “outperform” rating and issued a $170.00 price target on shares of Darden Restaurants in a research note on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Darden Restaurants presently has an average rating of “Moderate Buy” and an average target price of $170.95.

Darden Restaurants Stock Up 1.6 %

NYSE DRI traded up $2.25 during trading hours on Tuesday, reaching $143.47. 1,202,498 shares of the company’s stock were exchanged, compared to its average volume of 1,230,471. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.24 and a current ratio of 0.38. Darden Restaurants, Inc. has a one year low of $133.36 and a one year high of $176.84. The company’s 50-day moving average is $146.92 and its two-hundred day moving average is $156.01. The company has a market capitalization of $17.12 billion, a price-to-earnings ratio of 16.85, a price-to-earnings-growth ratio of 1.62 and a beta of 1.29.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.61 by $0.04. The company had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.97 billion. Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The firm’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.58 earnings per share. On average, analysts forecast that Darden Restaurants, Inc. will post 9.48 EPS for the current fiscal year.

Darden Restaurants Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, July 11th will be issued a $1.29 dividend. The ex-dividend date is Wednesday, July 10th. This represents a $5.16 dividend on an annualized basis and a dividend yield of 3.60%. Darden Restaurants’s dividend payout ratio (DPR) is 65.73%.

Darden Restaurants Company 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.