Calamos Advisors LLC Sells 741 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Calamos Advisors LLC lowered its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 1.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 56,765 shares of the restaurant operator’s stock after selling 741 shares during the period. Calamos Advisors LLC’s holdings in Darden Restaurants were worth $9,326,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Quarry LP raised its stake in shares of Darden Restaurants by 980.0% during the 2nd quarter. Quarry LP now owns 162 shares of the restaurant operator’s stock worth $27,000 after purchasing an additional 147 shares in the last quarter. Fortitude Family Office LLC bought a new stake in shares of Darden Restaurants during the 4th quarter worth approximately $29,000. Resurgent Financial Advisors LLC bought a new stake in shares of Darden Restaurants during the 4th quarter worth approximately $29,000. Hartford Financial Management Inc. raised its stake in shares of Darden Restaurants by 65.1% during the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock worth $30,000 after purchasing an additional 71 shares in the last quarter. Finally, Tennessee Valley Asset Management Partners bought a new stake in shares of Darden Restaurants during the 4th quarter worth approximately $33,000. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Performance

DRI opened at $152.49 on Friday. The firm has a market cap of $18.20 billion, a P/E ratio of 17.88, a price-to-earnings-growth ratio of 1.67 and a beta of 1.25. Darden Restaurants, Inc. has a 52-week low of $133.36 and a 52-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. The business’s fifty day moving average is $165.23 and its 200-day moving average is $158.65.

Darden Restaurants (NYSE:DRI) last released 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%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period last year, the company posted $2.34 earnings per share. Sell-side analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be paid a $1.31 dividend. This represents a $5.24 annualized dividend and a yield of 3.44%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

Darden Restaurants declared that its board has approved a stock repurchase plan on Thursday, March 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the restaurant operator to repurchase up to 5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Oppenheimer dropped their price target on Darden Restaurants from $186.00 to $182.00 and set an “outperform” rating on the stock in a research note on Friday, March 22nd. JPMorgan Chase & Co. increased their price target on Darden Restaurants from $170.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, March 19th. Wedbush dropped their price target on Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating on the stock in a research note on Friday, March 22nd. Bank of America increased their price target on Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Finally, Morgan Stanley dropped their price target on Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $178.85.

Insider Activity at Darden Restaurants

In related news, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total value of $1,270,034.96. Following the sale, the insider now directly owns 17,208 shares of the company’s stock, valued at $2,848,268.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director William S. Simon sold 1,219 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $158.21, for a total value of $192,857.99. Following the sale, the director now directly owns 6,281 shares of the company’s stock, valued at $993,717.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 value of $1,270,034.96. Following the completion of the transaction, the insider now owns 17,208 shares of the company’s stock, valued at $2,848,268.16. The disclosure for this sale can be found here. Insiders have sold 15,723 shares of company stock valued at $2,578,122 over the last ninety days. 0.85% of the stock is owned by corporate insiders.

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.