Bank of New York Mellon Corp lowered its stake in Darden Restaurants, Inc. (NYSE:DRI) by 21.3% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 883,500 shares of the restaurant operator’s stock after selling 239,196 shares during the quarter. Bank of New York Mellon Corp owned about 0.73% of Darden Restaurants worth $48,115,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in DRI. Janney Montgomery Scott LLC lifted its stake in Darden Restaurants by 6.8% in the 4th quarter. Janney Montgomery Scott LLC now owns 18,826 shares of the restaurant operator’s stock worth $2,052,000 after purchasing an additional 1,193 shares in the last quarter. NEXT Financial Group Inc lifted its stake in Darden Restaurants by 21.1% in the 4th quarter. NEXT Financial Group Inc now owns 1,096 shares of the restaurant operator’s stock worth $119,000 after purchasing an additional 191 shares in the last quarter. Advisor Partners LLC lifted its stake in Darden Restaurants by 11.0% in the 4th quarter. Advisor Partners LLC now owns 8,379 shares of the restaurant operator’s stock worth $932,000 after purchasing an additional 827 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Darden Restaurants by 2.6% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 8,540 shares of the restaurant operator’s stock worth $930,000 after purchasing an additional 214 shares in the last quarter. Finally, Braun Stacey Associates Inc. purchased a new stake in Darden Restaurants in the 4th quarter worth $207,000. Institutional investors and hedge funds own 84.31% of the company’s stock.

In other Darden Restaurants news, insider Todd Burrowes acquired 2,564 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were purchased at an average cost of $58.50 per share, for a total transaction of $149,994.00. Following the completion of the purchase, the insider now owns 25,216 shares in the company, valued at $1,475,136. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Ricardo Cardenas bought 2,991 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were purchased at an average cost of $58.50 per share, with a total value of $174,973.50. Following the transaction, the chief financial officer now directly owns 22,432 shares of the company’s stock, valued at $1,312,272. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 37,178 shares of company stock worth $2,174,913. Insiders own 0.47% of the company’s stock.

Shares of DRI stock opened at $75.63 on Friday. The company has a debt-to-equity ratio of 2.24, a current ratio of 0.41 and a quick ratio of 0.27. The company has a market capitalization of $9.33 billion, a P/E ratio of 12.54, a P/E/G ratio of 3.03 and a beta of 1.32. The company’s 50-day simple moving average is $65.65 and its two-hundred day simple moving average is $95.06. Darden Restaurants, Inc. has a one year low of $26.15 and a one year high of $128.41.

Darden Restaurants (NYSE:DRI) last issued its earnings results on Thursday, March 19th. The restaurant operator reported $1.90 EPS for the quarter, topping the Zacks’ consensus estimate of $1.88 by $0.02. Darden Restaurants had a net margin of 7.25% and a return on equity of 32.51%. The business had revenue of $2.35 billion for the quarter, compared to the consensus estimate of $2.33 billion. During the same period in the prior year, the firm earned $1.80 EPS. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, research analysts expect that Darden Restaurants, Inc. will post 2.55 EPS for the current fiscal year.

DRI has been the topic of several recent research reports. Piper Sandler upped their target price on shares of Darden Restaurants from $50.00 to $63.00 in a research report on Monday, March 30th. Oppenheimer upped their target price on shares of Darden Restaurants from $85.00 to $90.00 and gave the company an “outperform” rating in a research report on Wednesday. Cfra decreased their target price on shares of Darden Restaurants from $120.00 to $58.00 and set a “hold” rating on the stock in a research report on Wednesday, April 1st. Wells Fargo & Co decreased their target price on shares of Darden Restaurants from $85.00 to $71.00 and set an “equal weight” rating on the stock in a research report on Friday, March 20th. Finally, Cowen initiated coverage on shares of Darden Restaurants in a research report on Friday, February 28th. They set a “market perform” rating and a $103.00 target price on the stock. Sixteen equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Darden Restaurants has a consensus rating of “Buy” and an average target price of $89.23.

About Darden Restaurants

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

See Also: Asset Allocation

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

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