Angeles Investment Advisors LLC Makes New $211,000 Investment in Darden Restaurants, Inc. (NYSE:DRI)

Angeles Investment Advisors LLC acquired a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,484 shares of the restaurant operator’s stock, valued at approximately $211,000.

A number of other institutional investors have also recently made changes to their positions in the business. Capital International Investors boosted its stake in shares of Darden Restaurants by 1.4% in the 1st quarter. Capital International Investors now owns 10,666,465 shares of the restaurant operator’s stock valued at $1,514,648,000 after purchasing an additional 151,896 shares in the last quarter. BlackRock Inc. boosted its stake in shares of Darden Restaurants by 10.8% in the 1st quarter. BlackRock Inc. now owns 9,539,553 shares of the restaurant operator’s stock valued at $1,354,616,000 after purchasing an additional 928,228 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Darden Restaurants by 11.1% in the 1st quarter. Victory Capital Management Inc. now owns 2,330,075 shares of the restaurant operator’s stock valued at $330,871,000 after purchasing an additional 232,619 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Darden Restaurants by 2.5% in the 1st quarter. Geode Capital Management LLC now owns 2,185,241 shares of the restaurant operator’s stock valued at $309,501,000 after purchasing an additional 53,910 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Darden Restaurants in the 4th quarter valued at approximately $192,637,000. Hedge funds and other institutional investors own 87.01% of the company’s stock.

In other news, insider Todd Burrowes sold 4,500 shares of Darden Restaurants stock in a transaction on Wednesday, July 14th. The stock was sold at an average price of $150.02, for a total transaction of $675,090.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Eugene I. Lee, Jr. sold 1,510 shares of the business’s stock in a transaction dated Wednesday, July 14th. The shares were sold at an average price of $150.02, for a total value of $226,530.20. Following the completion of the sale, the chief executive officer now owns 230,217 shares in the company, valued at $34,537,154.34. The disclosure for this sale can be found here. Insiders have sold a total of 109,781 shares of company stock worth $16,152,153 over the last quarter. Company insiders own 1.00% of the company’s stock.

A number of brokerages recently issued reports on DRI. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Darden Restaurants from $145.00 to $152.00 and gave the company a “hold” rating in a report on Monday, June 28th. BTIG Research reiterated a “hold” rating on shares of Darden Restaurants in a report on Sunday, June 27th. Morgan Stanley raised their price objective on shares of Darden Restaurants from $156.00 to $167.00 and gave the company an “overweight” rating in a report on Friday, June 25th. Raymond James raised their price target on shares of Darden Restaurants from $155.00 to $160.00 and gave the stock an “outperform” rating in a report on Monday, March 29th. Finally, Evercore ISI raised their price target on shares of Darden Restaurants from $140.00 to $165.00 and gave the stock an “outperform” rating in a report on Friday, March 26th. Six equities research analysts have rated the stock with a hold rating and twenty-two have issued a buy rating to the stock. Darden Restaurants presently has an average rating of “Buy” and a consensus price target of $154.96.

DRI traded down $0.83 during mid-day trading on Thursday, reaching $144.17. 8,749 shares of the stock were exchanged, compared to its average volume of 1,934,181. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.01 and a quick ratio of 0.91. The stock has a market capitalization of $18.79 billion, a PE ratio of 30.40, a PEG ratio of 1.91 and a beta of 1.53. The business has a 50 day moving average of $140.94. Darden Restaurants, Inc. has a 1 year low of $73.88 and a 1 year high of $150.20.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Wednesday, June 23rd. The restaurant operator reported $2.03 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.80 by $0.23. The firm had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.20 billion. Darden Restaurants had a net margin of 8.74% and a return on equity of 22.25%. The business’s revenue for the quarter was up 79.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($1.24) EPS. On average, equities research analysts expect that Darden Restaurants, Inc. will post 7.42 earnings per share for the current fiscal year.

Darden Restaurants announced that its Board of Directors has initiated a share buyback plan on Thursday, March 25th that permits the company to repurchase $500.00 million in outstanding shares. This repurchase authorization permits the restaurant operator to repurchase up to 2.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 2nd. Stockholders of record on Friday, July 9th will be paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 3.05%. This is a boost from Darden Restaurants’s previous quarterly dividend of $0.88. The ex-dividend date is Thursday, July 8th. Darden Restaurants’s payout ratio is presently 102.09%.

Darden Restaurants Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 31, 2020, it owned and operated approximately 1,804 restaurants, which included 868 under the Olive Garden, 522 under the LongHorn Steakhouse, 165 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 60 under The Capital Grille, 44 under the Seasons 52, 41 under the Bahama Breeze, and 23 under the Eddie V's Prime Seafood brands.

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

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