New York Life Investment Management LLC Sells 203 Shares of Darden Restaurants, Inc. (NYSE:DRI)

New York Life Investment Management LLC trimmed its position in Darden Restaurants, Inc. (NYSE:DRI) by 1.2% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 17,227 shares of the restaurant operator’s stock after selling 203 shares during the period. New York Life Investment Management LLC’s holdings in Darden Restaurants were worth $2,830,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of DRI. Fortitude Family Office LLC acquired a new stake in shares of Darden Restaurants during the fourth quarter valued at about $29,000. Hartford Financial Management Inc. boosted its position in Darden Restaurants by 65.1% during the 4th 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 period. Tennessee Valley Asset Management Partners bought a new stake in Darden Restaurants during the 4th quarter worth approximately $33,000. McGlone Suttner Wealth Management Inc. bought a new stake in Darden Restaurants during the 4th quarter worth approximately $35,000. Finally, Ancora Advisors LLC increased its position in Darden Restaurants by 324.2% in the 3rd quarter. Ancora Advisors LLC now owns 280 shares of the restaurant operator’s stock valued at $40,000 after acquiring an additional 214 shares during the period. Institutional investors and hedge funds own 93.64% of the company’s stock.

Darden Restaurants Stock Performance

Shares of DRI opened at $149.25 on Monday. Darden Restaurants, Inc. has a one year low of $133.36 and a one year high of $176.84. The company has a market cap of $17.81 billion, a PE ratio of 17.50, a P/E/G ratio of 1.64 and a beta of 1.27. The stock has a 50-day moving average of $163.05 and a 200-day moving average of $159.88. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.39 and a quick ratio of 0.25.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm’s revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.34 EPS. On average, equities research analysts predict that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants declared that its Board of Directors has authorized a stock repurchase plan on Thursday, March 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the restaurant operator to repurchase up to 5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Darden Restaurants Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were paid a dividend of $1.31 per share. The ex-dividend date was Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a yield of 3.51%. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

Insiders Place Their Bets

In other news, SVP Matthew R. Broad sold 4,707 shares of Darden Restaurants stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $156.15, for a total transaction of $734,998.05. Following the completion of the transaction, the senior vice president now directly owns 19,179 shares in the company, valued at $2,994,800.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Matthew R. Broad sold 4,707 shares of the firm’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 transaction, the senior vice president now owns 19,179 shares of the company’s stock, valued at approximately $2,994,800.85. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director William S. Simon sold 1,219 shares of Darden Restaurants stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $158.21, for a total value of $192,857.99. Following the transaction, the director now owns 6,281 shares of the company’s stock, valued at approximately $993,717.01. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,599 shares of company stock worth $2,197,891. Insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

DRI has been the topic of a number of recent research reports. Bank of America lifted their price target on shares of Darden Restaurants from $193.00 to $198.00 and gave the stock a “buy” rating in a report on Monday, March 18th. TD Cowen reaffirmed a “buy” rating and set a $190.00 target price on shares of Darden Restaurants in a report on Monday, April 22nd. Citigroup decreased their price target on Darden Restaurants from $200.00 to $192.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. JPMorgan Chase & Co. lifted their price objective on Darden Restaurants from $170.00 to $180.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Finally, Morgan Stanley reduced their target price on Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $178.85.

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.