Raymond James Trust N.A. Acquires 1,355 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Raymond James Trust N.A. raised its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 5.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 26,268 shares of the restaurant operator’s stock after acquiring an additional 1,355 shares during the period. Raymond James Trust N.A.’s holdings in Darden Restaurants were worth $4,311,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in DRI. EP Wealth Advisors LLC boosted its holdings in Darden Restaurants by 10.2% during the first quarter. EP Wealth Advisors LLC now owns 1,343 shares of the restaurant operator’s stock worth $224,000 after buying an additional 124 shares during the last quarter. Advisors Asset Management Inc. grew its holdings in Darden Restaurants by 22.0% during the first quarter. Advisors Asset Management Inc. now owns 17,991 shares of the restaurant operator’s stock valued at $3,007,000 after purchasing an additional 3,249 shares during the period. Public Employees Retirement Association of Colorado grew its holdings in Darden Restaurants by 4.8% during the first quarter. Public Employees Retirement Association of Colorado now owns 134,319 shares of the restaurant operator’s stock valued at $22,451,000 after purchasing an additional 6,151 shares during the period. Steadfast Capital Management LP increased its stake in Darden Restaurants by 10.0% in the first quarter. Steadfast Capital Management LP now owns 933,000 shares of the restaurant operator’s stock valued at $155,951,000 after purchasing an additional 85,000 shares in the last quarter. Finally, Mount Yale Investment Advisors LLC raised its holdings in Darden Restaurants by 1.9% in the first quarter. Mount Yale Investment Advisors LLC now owns 5,403 shares of the restaurant operator’s stock worth $903,000 after purchasing an additional 103 shares during the period. Institutional investors and hedge funds own 93.64% of the company’s stock.

Darden Restaurants Price Performance

NYSE:DRI opened at $167.70 on Friday. Darden Restaurants, Inc. has a 12-month low of $135.87 and a 12-month high of $176.84. The firm has a market capitalization of $19.70 billion, a price-to-earnings ratio of 19.34, a P/E/G ratio of 1.85 and a beta of 1.31. The stock’s 50 day moving average price is $163.80 and its two-hundred day moving average price is $154.13. The company has a quick ratio of 0.22, a current ratio of 0.35 and a debt-to-equity ratio of 0.65.

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 the consensus estimate of $1.83 by ($0.08). Darden Restaurants had a net margin of 9.11% and a return on equity of 49.46%. The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same period in the prior year, the business earned $1.78 EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. On average, 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 announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date was Thursday, October 10th. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.29. Darden Restaurants’s dividend payout ratio is presently 64.59%.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Raymond James restated an “outperform” rating and issued a $160.00 price objective on shares of Darden Restaurants in a research report on Tuesday, August 20th. Evercore ISI upgraded Darden Restaurants from an “in-line” rating to an “outperform” rating and increased their price target for the stock from $165.00 to $205.00 in a report on Friday, September 20th. Bank of America lifted their price objective on Darden Restaurants from $184.00 to $195.00 and gave the company a “buy” rating in a report on Friday, September 20th. KeyCorp increased their target price on Darden Restaurants from $170.00 to $194.00 and gave the stock an “overweight” rating in a research note on Friday, September 20th. Finally, Wells Fargo & Company lifted their price target on shares of Darden Restaurants from $160.00 to $165.00 and gave the company an “equal weight” rating in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $180.13.

Insider Transactions at Darden Restaurants

In other news, insider Melvin John Martin sold 3,000 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $163.30, for a total transaction of $489,900.00. Following the sale, the insider now directly owns 12,601 shares of the company’s stock, valued at approximately $2,057,743.30. This represents a 19.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Ricardo Cardenas sold 42,403 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $171.68, for a total value of $7,279,747.04. Following the completion of the transaction, the chief executive officer now directly owns 58,685 shares of the company’s stock, valued at approximately $10,075,040.80. This trade represents a 41.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,265 shares of company stock valued at $10,116,030. 0.58% of the stock is currently owned by company insiders.

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.