Victory Capital Management Inc. Has $375.07 Million Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

Victory Capital Management Inc. lessened its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 0.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,282,832 shares of the restaurant operator’s stock after selling 7,392 shares during the period. Victory Capital Management Inc. owned 1.91% of Darden Restaurants worth $375,069,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of the business. Berry Wealth Group LP bought a new stake in shares of Darden Restaurants during the 4th quarter worth about $2,789,000. Jackson Creek Investment Advisors LLC bought a new stake in Darden Restaurants during the fourth quarter worth approximately $569,000. Norden Group LLC grew its holdings in Darden Restaurants by 98.4% during the fourth quarter. Norden Group LLC now owns 6,463 shares of the restaurant operator’s stock valued at $1,062,000 after purchasing an additional 3,206 shares during the last quarter. Kestra Private Wealth Services LLC grew its stake in Darden Restaurants by 5.7% in the 4th quarter. Kestra Private Wealth Services LLC now owns 3,260 shares of the restaurant operator’s stock valued at $536,000 after buying an additional 177 shares during the last quarter. Finally, Choreo LLC bought a new position in Darden Restaurants in the 4th quarter worth $1,458,000. 93.64% of the stock is currently owned by institutional investors.

Darden Restaurants Trading Down 1.4 %

DRI traded down $2.19 during trading on Wednesday, reaching $151.22. 679,412 shares of the company’s stock were exchanged, compared to its average volume of 1,140,417. The company’s fifty day moving average price is $164.41 and its 200-day moving average price is $159.68. The firm has a market capitalization of $18.05 billion, a PE ratio of 17.98, a P/E/G ratio of 1.71 and a beta of 1.25. Darden Restaurants, Inc. has a fifty-two week low of $133.36 and a fifty-two week high of $176.84. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.39.

Darden Restaurants (NYSE:DRI) last posted its earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.01). The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. Darden Restaurants’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.34 earnings per share. As a group, equities analysts forecast that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants declared that its Board of Directors has approved a stock buyback program on Thursday, March 21st that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the restaurant operator to purchase up to 5% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.

Darden Restaurants Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be given a dividend of $1.31 per share. The ex-dividend date is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.47%. Darden Restaurants’s dividend payout ratio is 61.43%.

Insider Activity

In related news, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the sale, the insider now owns 17,208 shares of the company’s stock, valued at approximately $2,848,268.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, SVP Matthew R. Broad sold 4,707 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $156.15, for a total transaction of $734,998.05. Following the completion of the sale, the senior vice president now owns 19,179 shares in the company, valued at approximately $2,994,800.85. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Melvin John Martin sold 7,673 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the completion of the transaction, the insider now directly owns 17,208 shares in the company, valued at $2,848,268.16. The disclosure for this sale can be found here. Insiders sold 13,599 shares of company stock valued at $2,197,891 in the last quarter. Company insiders own 0.85% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. StockNews.com downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Stifel Nicolaus upped their price target on Darden Restaurants from $185.00 to $190.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. TD Cowen restated a “buy” rating and issued a $190.00 price objective on shares of Darden Restaurants in a research note on Monday, April 22nd. Morgan Stanley lowered their target price on shares of Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, March 22nd. Finally, Bank of America lifted their price objective on Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a report on Monday, March 18th. Five research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $178.85.

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.