Darden Restaurants, Inc. (NYSE:DRI) Shares Purchased by Teacher Retirement System of Texas

Teacher Retirement System of Texas boosted its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 6.8% in the third quarter, HoldingsChannel.com reports. The fund owned 68,027 shares of the restaurant operator’s stock after purchasing an additional 4,353 shares during the period. Teacher Retirement System of Texas’ holdings in Darden Restaurants were worth $10,304,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in DRI. Sawtooth Solutions LLC boosted its stake in shares of Darden Restaurants by 107.5% in the third quarter. Sawtooth Solutions LLC now owns 3,083 shares of the restaurant operator’s stock valued at $467,000 after purchasing an additional 1,597 shares during the period. Beacon Investment Advisory Services Inc. lifted its holdings in Darden Restaurants by 2.5% during the 3rd quarter. Beacon Investment Advisory Services Inc. now owns 40,332 shares of the restaurant operator’s stock worth $6,109,000 after buying an additional 993 shares in the last quarter. Catalyst Capital Advisors LLC boosted its position in Darden Restaurants by 1.7% in the 3rd quarter. Catalyst Capital Advisors LLC now owns 14,569 shares of the restaurant operator’s stock valued at $2,207,000 after buying an additional 249 shares during the period. CIBC Asset Management Inc grew its stake in shares of Darden Restaurants by 3.6% in the third quarter. CIBC Asset Management Inc now owns 11,832 shares of the restaurant operator’s stock worth $1,792,000 after acquiring an additional 415 shares in the last quarter. Finally, Pinebridge Investments L.P. increased its position in shares of Darden Restaurants by 277.4% during the third quarter. Pinebridge Investments L.P. now owns 40,102 shares of the restaurant operator’s stock worth $6,074,000 after acquiring an additional 29,477 shares during the period. 89.13% of the stock is owned by institutional investors.

NYSE DRI opened at $143.00 on Friday. The company has a quick ratio of 0.72, a current ratio of 0.85 and a debt-to-equity ratio of 0.37. Darden Restaurants, Inc. has a 52-week low of $110.89 and a 52-week high of $164.28. The business’s 50-day moving average price is $146.91 and its 200 day moving average price is $147.34. The firm has a market cap of $18.26 billion, a P/E ratio of 20.46, a P/E/G ratio of 1.91 and a beta of 1.46.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Friday, December 17th. The restaurant operator reported $1.48 earnings per share for the quarter, topping analysts’ consensus estimates of $1.43 by $0.05. Darden Restaurants had a return on equity of 30.83% and a net margin of 10.73%. The company had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.23 billion. During the same period last year, the firm earned $0.74 EPS. The firm’s revenue for the quarter was up 37.2% on a year-over-year basis. As a group, analysts anticipate that Darden Restaurants, Inc. will post 7.57 earnings per share for the current year.

Darden Restaurants declared that its Board of Directors has initiated a share buyback plan on Thursday, September 23rd that authorizes the company to repurchase $750.00 million in shares. This repurchase authorization authorizes the restaurant operator to reacquire up to 3.6% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, February 1st. Investors of record on Monday, January 10th will be given a $1.10 dividend. The ex-dividend date is Friday, January 7th. This represents a $4.40 dividend on an annualized basis and a yield of 3.08%. Darden Restaurants’s dividend payout ratio (DPR) is 62.95%.

In other news, CEO Eugene I. Lee, Jr. sold 76,725 shares of the stock in a transaction that occurred on Wednesday, January 5th. The stock was sold at an average price of $152.38, for a total transaction of $11,691,355.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director M Shan Atkins sold 3,123 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, December 28th. The shares were sold at an average price of $151.11, for a total value of $471,916.53. The disclosure for this sale can be found here. Company insiders own 0.95% of the company’s stock.

Several research analysts recently commented on the company. Wedbush lowered their target price on Darden Restaurants from $162.00 to $150.00 and set a “neutral” rating for the company in a research note on Monday, December 20th. KeyCorp cut their target price on shares of Darden Restaurants from $172.00 to $170.00 and set an “overweight” rating on the stock in a research note on Monday, December 20th. Zacks Investment Research upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating and set a $151.00 price target for the company in a report on Tuesday, October 26th. Morgan Stanley lifted their price objective on shares of Darden Restaurants from $167.00 to $171.00 and gave the stock an “overweight” rating in a research report on Friday, September 24th. Finally, BMO Capital Markets increased their target price on Darden Restaurants from $150.00 to $155.00 and gave the company a “market perform” rating in a report on Friday, September 24th. Four equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $167.00.

About Darden Restaurants

Darden Restaurants, Inc is a full-service restaurant company, which engages in the provision of restaurant services. It operates through the following segments: Olive Garden, LongHorn Steakhouse, Fine Dining, and Other Business. The Olive Garden segment is the largest full-service dining Italian restaurant operator.

Featured Article: What Is an EV Stock?

Want to see what other hedge funds are holding DRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Darden Restaurants, Inc. (NYSE:DRI).

Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

Receive News & Ratings for Darden Restaurants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Darden Restaurants and related companies with MarketBeat.com's FREE daily email newsletter.