Kimelman & Baird LLC Invests $30,000 in Darden Restaurants, Inc. (NYSE:DRI)

Kimelman & Baird LLC purchased a new position in Darden Restaurants, Inc. (NYSE:DRI) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 200 shares of the restaurant operator’s stock, valued at approximately $30,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Rise Advisors LLC grew its stake in shares of Darden Restaurants by 131.3% in the first quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator’s stock worth $26,000 after acquiring an additional 88 shares during the last quarter. ESL Trust Services LLC purchased a new stake in Darden Restaurants during the 1st quarter valued at about $27,000. Meeder Asset Management Inc. purchased a new stake in Darden Restaurants during the 2nd quarter valued at about $27,000. Innealta Capital LLC bought a new stake in Darden Restaurants during the 2nd quarter valued at about $31,000. Finally, ZRC Wealth Management LLC purchased a new position in Darden Restaurants in the first quarter worth about $39,000. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Up 0.0 %

DRI stock opened at $164.14 on Wednesday. The business’s 50-day moving average price is $154.28 and its 200-day moving average price is $152.96. The stock has a market cap of $19.59 billion, a P/E ratio of 19.27, a PEG ratio of 1.99 and a beta of 1.30. The company has a quick ratio of 0.22, a current ratio of 0.35 and a debt-to-equity ratio of 0.65. Darden Restaurants, Inc. has a twelve month low of $133.36 and a twelve month high of $176.84.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results 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). The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.80 billion. Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. The business’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.78 earnings per share. On average, equities research analysts forecast that Darden Restaurants, Inc. will post 9.48 EPS for the current year.

Darden Restaurants Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.41%. This is an increase from Darden Restaurants’s previous quarterly dividend of $1.29. The ex-dividend date is Thursday, October 10th. Darden Restaurants’s payout ratio is presently 65.73%.

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 transaction 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Ricardo Cardenas sold 42,403 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $171.68, for a total transaction of $7,279,747.04. Following the transaction, the chief executive officer now directly owns 58,685 shares of the company’s stock, valued at approximately $10,075,040.80. The disclosure for this sale can be found here. Insiders sold a total of 71,386 shares of company stock valued at $11,780,551 over the last 90 days. Company insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

DRI has been the topic of a number of recent analyst reports. UBS Group increased their price target on shares of Darden Restaurants from $188.00 to $195.00 and gave the company a “buy” rating in a report on Friday, September 20th. Argus reduced their target price on Darden Restaurants from $186.00 to $175.00 and set a “buy” rating for the company in a report on Tuesday, June 25th. Barclays upped their price target on Darden Restaurants from $180.00 to $192.00 and gave the company an “overweight” rating in a report on Friday, September 20th. Wedbush lifted their price objective on Darden Restaurants from $170.00 to $200.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Finally, Jefferies Financial Group cut shares of Darden Restaurants from a “hold” rating to an “underperform” rating and lowered their target price for the company from $154.00 to $124.00 in a research note on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $179.25.

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.