Mercer Global Advisors Inc. ADV Cuts Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Mercer Global Advisors Inc. ADV decreased its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 20.1% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,545 shares of the restaurant operator’s stock after selling 8,458 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Darden Restaurants were worth $5,076,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of DRI. Cornerstone Wealth Group LLC raised its position in shares of Darden Restaurants by 0.4% in the 1st quarter. Cornerstone Wealth Group LLC now owns 16,550 shares of the restaurant operator’s stock worth $2,766,000 after acquiring an additional 66 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Darden Restaurants by 34.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 279 shares of the restaurant operator’s stock valued at $43,000 after buying an additional 72 shares in the last quarter. GW Henssler & Associates Ltd. boosted its holdings in shares of Darden Restaurants by 4.9% in the 1st quarter. GW Henssler & Associates Ltd. now owns 1,640 shares of the restaurant operator’s stock valued at $274,000 after buying an additional 77 shares in the last quarter. United Community Bank boosted its holdings in shares of Darden Restaurants by 1.3% in the 1st quarter. United Community Bank now owns 5,918 shares of the restaurant operator’s stock valued at $989,000 after buying an additional 78 shares in the last quarter. Finally, Center for Financial Planning Inc. grew its position in shares of Darden Restaurants by 4.0% in the 1st quarter. Center for Financial Planning Inc. now owns 2,051 shares of the restaurant operator’s stock worth $343,000 after buying an additional 79 shares during the last quarter. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Trading Down 1.2 %

Darden Restaurants stock opened at $170.17 on Friday. The firm 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, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The stock’s 50 day simple moving average is $150.90 and its two-hundred day simple moving average is $153.49. The company has a current ratio of 0.38, a quick ratio of 0.24 and a debt-to-equity ratio of 0.61.

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

Darden Restaurants Increases Dividend

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

Insider Buying and Selling at Darden Restaurants

In other news, insider Melvin John Martin sold 2,500 shares of the company’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 completion of the transaction, the insider now directly owns 11,691 shares of the company’s stock, valued at approximately $1,649,483.19. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, insider Melvin John Martin sold 2,500 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $141.09, for a total transaction of $352,725.00. Following the completion of the sale, the insider now owns 11,691 shares of the company’s stock, valued at $1,649,483.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Sarah H. King sold 15,941 shares of the firm’s stock in a transaction dated 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 in the company, valued at $65,735.82. The disclosure for this sale can be found here. 0.85% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

DRI has been the subject of several recent analyst reports. Argus lowered their target price on shares of Darden Restaurants from $186.00 to $175.00 and set a “buy” rating for the company in a research note on Tuesday, June 25th. BMO Capital Markets boosted their target price on Darden Restaurants from $165.00 to $175.00 and gave the stock a “market perform” rating in a research note on Friday. Morgan Stanley increased their price target on Darden Restaurants from $175.00 to $188.00 and gave the company an “overweight” rating in a research note on Friday. Evercore ISI upgraded Darden Restaurants from an “in-line” rating to an “outperform” rating and boosted their price target for the stock from $165.00 to $205.00 in a research note on Friday. Finally, Wedbush increased their price objective on shares of Darden Restaurants from $170.00 to $200.00 and gave the company an “outperform” rating in a research report on Friday. One 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 company’s stock. According to MarketBeat, Darden Restaurants presently has an average rating of “Moderate Buy” and a consensus price target of $179.28.

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.