Amalgamated Bank Sells 6,051 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Amalgamated Bank lessened its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 20.0% during the third quarter, Holdings Channel reports. The fund owned 24,192 shares of the restaurant operator’s stock after selling 6,051 shares during the period. Amalgamated Bank’s holdings in Darden Restaurants were worth $3,971,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its position in shares of Darden Restaurants by 206.5% in the first quarter. Russell Investments Group Ltd. now owns 49,082 shares of the restaurant operator’s stock valued at $8,204,000 after purchasing an additional 33,066 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Darden Restaurants by 5.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 136,364 shares of the restaurant operator’s stock worth $21,158,000 after acquiring an additional 7,184 shares during the last quarter. Public Employees Retirement Association of Colorado boosted its holdings in shares of Darden Restaurants by 4.8% during the first quarter. Public Employees Retirement Association of Colorado now owns 134,319 shares of the restaurant operator’s stock worth $22,451,000 after acquiring an additional 6,151 shares during the period. Envestnet Portfolio Solutions Inc. grew its position in shares of Darden Restaurants by 16.4% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 42,281 shares of the restaurant operator’s stock valued at $6,398,000 after purchasing an additional 5,945 shares during the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its stake in shares of Darden Restaurants by 4.6% during the first quarter. CANADA LIFE ASSURANCE Co now owns 103,144 shares of the restaurant operator’s stock worth $17,248,000 after purchasing an additional 4,526 shares during the period. Institutional investors and hedge funds own 93.64% of the company’s stock.

Darden Restaurants Stock Performance

NYSE DRI opened at $168.48 on Friday. The firm’s fifty day moving average price is $162.16 and its two-hundred day moving average price is $153.22. The stock has a market cap of $19.80 billion, a PE ratio of 19.43, a PEG ratio of 1.83 and a beta of 1.31. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.22 and a current ratio of 0.35. Darden Restaurants, Inc. has a fifty-two week low of $135.87 and a fifty-two week high of $176.84.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. The firm had revenue of $2.76 billion for the quarter, compared to the consensus estimate of $2.80 billion. During the same quarter in the prior year, the firm earned $1.78 EPS. The company’s revenue was up 1.0% on a year-over-year basis. On average, equities analysts expect that Darden Restaurants, Inc. will post 9.47 EPS for the current fiscal year.

Darden Restaurants Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were given a dividend of $1.40 per share. The ex-dividend date was Thursday, October 10th. This is an increase from Darden Restaurants’s previous quarterly dividend of $1.29. This represents a $5.60 annualized dividend and a yield of 3.32%. Darden Restaurants’s dividend payout ratio (DPR) is currently 64.59%.

Insiders Place Their Bets

In other news, insider Melvin John Martin sold 3,000 shares of Darden Restaurants stock in a transaction on Friday, October 4th. The shares were sold at an average price of $163.30, for a total transaction of $489,900.00. Following the transaction, the insider now owns 12,601 shares in the company, valued at approximately $2,057,743.30. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Douglas J. Milanes sold 5,705 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $172.04, for a total transaction of $981,488.20. Following the completion of the transaction, the senior vice president now directly owns 3,834 shares in the company, valued at $659,601.36. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Melvin John Martin sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $163.30, for a total value of $489,900.00. Following the completion of the sale, the insider now owns 12,601 shares in the company, valued at $2,057,743.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,265 shares of company stock valued at $10,116,030 in the last ninety days. 0.58% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on DRI shares. Wedbush boosted their price target on Darden Restaurants from $170.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Citigroup decreased their price target on shares of Darden Restaurants from $192.00 to $191.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. Raymond James reissued an “outperform” rating and issued a $160.00 price objective on shares of Darden Restaurants in a report on Tuesday, August 20th. JPMorgan Chase & Co. raised their target price on shares of Darden Restaurants from $165.00 to $176.00 and gave the stock an “overweight” rating in a report on Friday, September 20th. Finally, Sanford C. Bernstein downgraded shares of Darden Restaurants from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $190.00 to $180.00 in a research report on Friday, September 20th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $180.13.

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.