Kentucky Retirement Systems Cuts Stake in Darden Restaurants, Inc. (NYSE:DRI)

Kentucky Retirement Systems reduced its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 1.4% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 8,141 shares of the restaurant operator’s stock after selling 112 shares during the period. Kentucky Retirement Systems’ holdings in Darden Restaurants were worth $1,520,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in DRI. Mizuho Securities USA LLC increased its stake in Darden Restaurants by 96,162.9% during the 3rd quarter. Mizuho Securities USA LLC now owns 8,861,000 shares of the restaurant operator’s stock worth $1,454,356,000 after buying an additional 8,851,795 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Darden Restaurants by 111.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,469,083 shares of the restaurant operator’s stock worth $241,121,000 after buying an additional 772,907 shares during the period. International Assets Investment Management LLC grew its holdings in Darden Restaurants by 16,996.9% during the 3rd quarter. International Assets Investment Management LLC now owns 377,500 shares of the restaurant operator’s stock worth $61,959,000 after acquiring an additional 375,292 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Darden Restaurants during the 3rd quarter worth approximately $40,048,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Darden Restaurants by 3.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,580,322 shares of the restaurant operator’s stock worth $587,638,000 after acquiring an additional 123,900 shares in the last quarter. 93.64% of the stock is owned by hedge funds and other institutional investors.

Darden Restaurants Stock Down 2.0 %

DRI stock opened at $191.12 on Monday. Darden Restaurants, Inc. has a one year low of $135.87 and a one year high of $201.94. The stock has a market capitalization of $22.39 billion, a PE ratio of 21.89, a price-to-earnings-growth ratio of 2.15 and a beta of 1.31. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.23 and a current ratio of 0.37. The company has a fifty day moving average of $187.90 and a 200-day moving average of $171.04.

Darden Restaurants (NYSE:DRI) last released its earnings results on Thursday, December 19th. The restaurant operator reported $2.03 EPS for the quarter, hitting the consensus estimate of $2.03. Darden Restaurants had a net margin of 9.01% and a return on equity of 50.12%. The company had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter last year, the business earned $1.84 EPS. The business’s revenue was up 6.0% on a year-over-year basis. As a group, analysts expect that Darden Restaurants, Inc. will post 9.52 EPS for the current year.

Darden Restaurants Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 3rd. Stockholders of record on Friday, January 10th were paid a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend was Friday, January 10th. Darden Restaurants’s dividend payout ratio (DPR) is presently 64.15%.

Insider Transactions at Darden Restaurants

In related news, SVP Douglas J. Milanes sold 7,892 shares of the firm’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $195.95, for a total value of $1,546,437.40. Following the completion of the sale, the senior vice president now owns 3,914 shares in the company, valued at $766,948.30. This trade represents a 66.85 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Rajesh Vennam sold 7,228 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $181.71, for a total transaction of $1,313,399.88. Following the completion of the sale, the chief financial officer now owns 10,262 shares of the company’s stock, valued at $1,864,708.02. This trade represents a 41.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 52,926 shares of company stock worth $9,850,129. Company insiders own 0.58% of the company’s stock.

Analysts Set New Price Targets

DRI has been the subject of several analyst reports. The Goldman Sachs Group initiated coverage on shares of Darden Restaurants in a report on Thursday, December 5th. They set a “neutral” rating and a $183.00 price target for the company. Barclays boosted their price target on shares of Darden Restaurants from $206.00 to $230.00 and gave the stock an “overweight” rating in a report on Tuesday, January 7th. Citigroup lowered their price target on shares of Darden Restaurants from $209.00 to $206.00 and set a “buy” rating for the company in a report on Wednesday, December 4th. Bank of America boosted their price target on shares of Darden Restaurants from $195.00 to $211.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Finally, Oppenheimer upped their target price on shares of Darden Restaurants from $200.00 to $218.00 and gave the company an “outperform” rating in a report on Tuesday, January 7th. One analyst has rated the stock with a sell rating, seven have given a hold rating and seventeen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $192.52.

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.