MQS Management LLC Acquires Shares of 3,498 Darden Restaurants, Inc. (NYSE:DRI)

MQS Management LLC acquired a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,498 shares of the restaurant operator’s stock, valued at approximately $574,000.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Commonwealth Retirement Investments LLC lifted its position in Darden Restaurants by 10.2% during the 3rd quarter. Commonwealth Retirement Investments LLC now owns 6,797 shares of the restaurant operator’s stock worth $1,116,000 after acquiring an additional 629 shares in the last quarter. Harbour Investments Inc. raised its stake in shares of Darden Restaurants by 3.3% during the third quarter. Harbour Investments Inc. now owns 2,928 shares of the restaurant operator’s stock valued at $481,000 after purchasing an additional 93 shares during the period. Apollon Wealth Management LLC lifted its position in shares of Darden Restaurants by 5.1% during the third quarter. Apollon Wealth Management LLC now owns 2,076 shares of the restaurant operator’s stock worth $341,000 after purchasing an additional 101 shares in the last quarter. Nations Financial Group Inc. IA ADV grew its holdings in Darden Restaurants by 6.5% during the 3rd quarter. Nations Financial Group Inc. IA ADV now owns 2,368 shares of the restaurant operator’s stock valued at $389,000 after purchasing an additional 144 shares in the last quarter. Finally, Laffer Tengler Investments Inc. grew its holdings in Darden Restaurants by 12.7% during the 3rd quarter. Laffer Tengler Investments Inc. now owns 1,655 shares of the restaurant operator’s stock valued at $272,000 after purchasing an additional 187 shares in the last quarter. Hedge funds and other institutional investors own 93.64% of the company’s stock.

Darden Restaurants Price Performance

Shares of NYSE:DRI opened at $167.07 on Wednesday. The company’s fifty day moving average is $162.56 and its two-hundred day moving average is $153.34. The company has a market cap of $19.63 billion, a P/E ratio of 19.27, a price-to-earnings-growth ratio of 1.95 and a beta of 1.31. Darden Restaurants, Inc. has a 12-month low of $135.87 and a 12-month high of $176.84. 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 data on Thursday, September 19th. The restaurant operator reported $1.75 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The business had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.80 billion. Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. The company’s revenue was up 1.0% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.78 earnings per share. Equities analysts expect that Darden Restaurants, Inc. will post 9.47 earnings per share for the current fiscal year.

Darden Restaurants Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a $1.40 dividend. This is an increase from Darden Restaurants’s previous quarterly dividend of $1.29. The ex-dividend date was Thursday, October 10th. This represents a $5.60 dividend on an annualized basis and a yield of 3.35%. Darden Restaurants’s dividend payout ratio is presently 64.59%.

Insider Buying and Selling at Darden Restaurants

In related news, CEO Ricardo Cardenas sold 42,403 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $171.68, for a total transaction of $7,279,747.04. Following the completion of the sale, the chief executive officer now directly owns 58,685 shares in the company, valued at approximately $10,075,040.80. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, SVP Susan M. Connelly sold 3,320 shares of Darden Restaurants stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $163.43, for a total value of $542,587.60. Following the completion of the sale, the senior vice president now owns 6,155 shares of the company’s stock, valued at approximately $1,005,911.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Ricardo Cardenas sold 42,403 shares of the firm’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 transaction, the chief executive officer now owns 58,685 shares in the company, valued at approximately $10,075,040.80. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,265 shares of company stock valued at $10,116,030 in the last quarter. Company insiders own 0.58% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. TD Cowen reissued a “hold” rating and issued a $150.00 price objective on shares of Darden Restaurants in a research report on Thursday, September 19th. Sanford C. Bernstein downgraded Darden Restaurants from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $190.00 to $180.00 in a report on Friday, September 20th. BTIG Research raised their target price on shares of Darden Restaurants from $175.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Wells Fargo & Company upped their price target on shares of Darden Restaurants from $160.00 to $165.00 and gave the stock an “equal weight” rating in a research report on Friday, September 20th. Finally, Bank of America increased their price objective on Darden Restaurants from $184.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, Darden Restaurants presently has a consensus rating of “Moderate Buy” and an average price target of $180.13.

Darden Restaurants 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.