Edge Capital Group LLC Boosts Stake in Darden Restaurants, Inc. (NYSE:DRI)

Edge Capital Group LLC grew its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 8.3% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 26,843 shares of the restaurant operator’s stock after purchasing an additional 2,046 shares during the period. Edge Capital Group LLC’s holdings in Darden Restaurants were worth $4,062,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of DRI. Westwood Holdings Group Inc. acquired a new position in shares of Darden Restaurants in the 1st quarter worth approximately $72,901,000. Norges Bank purchased a new position in shares of Darden Restaurants during the fourth quarter worth $58,601,000. Massachusetts Financial Services Co. MA grew its stake in shares of Darden Restaurants by 71.3% in the second quarter. Massachusetts Financial Services Co. MA now owns 696,176 shares of the restaurant operator’s stock valued at $105,345,000 after buying an additional 289,876 shares in the last quarter. Hsbc Holdings PLC boosted its holdings in Darden Restaurants by 81.2% during the 2nd quarter. Hsbc Holdings PLC now owns 457,114 shares of the restaurant operator’s stock valued at $69,125,000 after acquiring an additional 204,832 shares during the period. Finally, Wellington Management Group LLP increased its stake in Darden Restaurants by 10.3% during the fourth quarter. Wellington Management Group LLP now owns 1,809,155 shares of the restaurant operator’s stock worth $297,244,000 after purchasing an additional 169,642 shares during the period. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

Darden Restaurants Stock Down 1.2 %

DRI opened at $170.17 on Friday. Darden Restaurants, Inc. has a 52 week low of $133.36 and a 52 week high of $176.84. The business has a 50 day moving average price of $150.90 and a two-hundred day moving average price of $153.34. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $20.31 billion, a PE ratio of 19.97, a P/E/G ratio of 1.76 and a beta of 1.30.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.08). The company had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.80 billion. Darden Restaurants had a return on equity of 49.82% and a net margin of 9.02%. Darden Restaurants’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the prior year, the business earned $1.78 earnings per share. As a group, research analysts anticipate that Darden Restaurants, Inc. will post 9.47 EPS for the current year.

Darden Restaurants Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.29%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.29. The ex-dividend date is Thursday, October 10th. Darden Restaurants’s payout ratio is 65.73%.

Insider Activity at Darden Restaurants

In other Darden Restaurants news, insider Melvin John Martin sold 2,500 shares of the business’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 transaction, the insider now owns 11,691 shares in the company, valued at approximately $1,649,483.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Darden Restaurants news, SVP Sarah H. King sold 15,941 shares of the firm’s stock in a transaction 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 completion of the sale, the senior vice president now owns 447 shares of the company’s stock, valued at $65,735.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Melvin John Martin sold 2,500 shares of the company’s stock in a transaction 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 transaction, the insider now directly owns 11,691 shares in the company, valued at $1,649,483.19. The disclosure for this sale can be found here. 0.85% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DRI. Sanford C. Bernstein downgraded shares of Darden Restaurants from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $190.00 to $180.00 in a research note on Friday. Wedbush increased their price objective on Darden Restaurants from $170.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday. Morgan Stanley lifted their target price on Darden Restaurants from $175.00 to $188.00 and gave the company an “overweight” rating in a report on Friday. Stephens upped their price target on Darden Restaurants from $159.00 to $164.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, Argus decreased their price objective on Darden Restaurants from $186.00 to $175.00 and set a “buy” rating for the company in a research note on Tuesday, June 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, Darden Restaurants presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.28.

About Darden Restaurants

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.