Norden Group LLC Buys 3,206 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Norden Group LLC increased its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 98.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,463 shares of the restaurant operator’s stock after acquiring an additional 3,206 shares during the quarter. Norden Group LLC’s holdings in Darden Restaurants were worth $1,062,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in DRI. Fortitude Family Office LLC bought a new stake in shares of Darden Restaurants in the 4th quarter worth about $29,000. Hartford Financial Management Inc. lifted its stake in shares of Darden Restaurants by 65.1% in the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after purchasing an additional 71 shares during the period. Tennessee Valley Asset Management Partners acquired a new position in shares of Darden Restaurants during the 4th quarter worth about $33,000. McGlone Suttner Wealth Management Inc. bought a new stake in shares of Darden Restaurants in the 4th quarter valued at about $35,000. Finally, Ancora Advisors LLC raised its position in shares of Darden Restaurants by 324.2% in the 3rd quarter. Ancora Advisors LLC now owns 280 shares of the restaurant operator’s stock valued at $40,000 after acquiring an additional 214 shares during the period. Institutional investors and hedge funds own 93.64% of the company’s stock.

Darden Restaurants Stock Down 1.1 %

Shares of NYSE:DRI traded down $1.68 on Tuesday, reaching $153.81. The company had a trading volume of 595,369 shares, compared to its average volume of 1,136,972. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $18.36 billion, a PE ratio of 18.23, a PEG ratio of 1.71 and a beta of 1.25. The firm’s 50 day simple moving average is $164.41 and its 200-day simple moving average is $159.68. Darden Restaurants, Inc. has a 52-week low of $133.36 and a 52-week high of $176.84.

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

Darden Restaurants Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is 61.43%.

Darden Restaurants declared that its board has initiated a stock buyback program on Thursday, March 21st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the restaurant operator to reacquire up to 5% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. BMO Capital Markets lifted their target price on Darden Restaurants from $160.00 to $165.00 and gave the stock a “market perform” rating in a report on Thursday, March 7th. Guggenheim upped their price objective on shares of Darden Restaurants from $180.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Morgan Stanley decreased 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 report on Friday, March 22nd. Stephens assumed coverage on shares of Darden Restaurants in a report on Friday, April 12th. They set an “equal weight” rating and a $170.00 price target for the company. Finally, Wedbush dropped their price objective on Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $178.85.

Insider Buying and Selling

In related news, insider Melvin John Martin sold 7,673 shares of the stock in a transaction on 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 transaction, the insider now directly owns 17,208 shares of the company’s stock, valued at approximately $2,848,268.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other 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 value of $1,270,034.96. Following the completion of the transaction, the insider now owns 17,208 shares in the company, valued at $2,848,268.16. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, SVP Matthew R. Broad sold 6,831 shares of the business’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $163.26, for a total value of $1,115,229.06. Following the completion of the transaction, the senior vice president now directly owns 19,141 shares of the company’s stock, valued at $3,124,959.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,430 shares of company stock valued at $3,313,120. Corporate insiders own 0.85% of the company’s stock.

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.