Envestnet Portfolio Solutions Inc. Has $7.31 Million Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Envestnet Portfolio Solutions Inc. decreased its position in Darden Restaurants, Inc. (NYSE:DRI) by 13.5% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 35,204 shares of the restaurant operator’s stock after selling 5,503 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Darden Restaurants were worth $7,314,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Securities Inc. grew its stake in shares of Darden Restaurants by 17.5% in the 4th quarter. Principal Securities Inc. now owns 2,774 shares of the restaurant operator’s stock valued at $518,000 after buying an additional 414 shares in the last quarter. Allworth Financial LP increased its position in Darden Restaurants by 6.6% during the fourth quarter. Allworth Financial LP now owns 3,866 shares of the restaurant operator’s stock worth $718,000 after acquiring an additional 239 shares during the period. J.W. Cole Advisors Inc. acquired a new position in shares of Darden Restaurants during the fourth quarter valued at about $327,000. Principal Financial Group Inc. raised its holdings in Darden Restaurants by 2.1% in the 4th quarter. Principal Financial Group Inc. now owns 154,438 shares of the restaurant operator’s stock valued at $28,832,000 after acquiring an additional 3,145 shares in the last quarter. Finally, CIBC Asset Management Inc raised its stake in shares of Darden Restaurants by 1.8% in the fourth quarter. CIBC Asset Management Inc now owns 20,641 shares of the restaurant operator’s stock valued at $3,853,000 after purchasing an additional 365 shares in the last quarter. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

Darden Restaurants Stock Up 1.5%

NYSE DRI opened at $226.09 on Friday. The stock has a market capitalization of $26.46 billion, a P/E ratio of 25.49, a price-to-earnings-growth ratio of 2.22 and a beta of 0.75. Darden Restaurants, Inc. has a 52 week low of $135.87 and a 52 week high of $228.27. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.24 and a current ratio of 0.39. The stock has a fifty day moving average of $208.33 and a 200-day moving average of $195.96.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Friday, June 20th. The restaurant operator reported $2.98 EPS for the quarter, topping analysts’ consensus estimates of $2.96 by $0.02. The firm had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. Darden Restaurants had a return on equity of 50.68% and a net margin of 8.96%. The company’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $2.65 earnings per share. On average, equities research analysts forecast that Darden Restaurants, Inc. will post 9.52 EPS for the current year.

Darden Restaurants Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.65%. This is an increase from Darden Restaurants’s previous quarterly dividend of $1.40. Darden Restaurants’s payout ratio is 63.13%.

Darden Restaurants announced that its Board of Directors has approved a stock buyback plan on Friday, June 20th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the restaurant operator to reacquire up to 3.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America boosted their price target on shares of Darden Restaurants from $230.00 to $238.00 and gave the company a “buy” rating in a report on Friday, March 21st. Morgan Stanley increased their price target on shares of Darden Restaurants from $215.00 to $235.00 and gave the stock an “overweight” rating in a research report on Wednesday. Wells Fargo & Company lifted their price objective on Darden Restaurants from $200.00 to $225.00 and gave the company an “equal weight” rating in a report on Tuesday. Wall Street Zen upgraded Darden Restaurants from a “hold” rating to a “buy” rating in a research note on Saturday, May 24th. Finally, Citigroup raised their target price on Darden Restaurants from $223.00 to $229.00 and gave the stock a “buy” rating in a research report on Friday, March 21st. Nine analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $213.35.

Insider Activity at Darden Restaurants

In other news, insider Laura B. Williamson sold 2,289 shares of the company’s stock in a transaction dated Wednesday, March 26th. The stock was sold at an average price of $207.26, for a total value of $474,418.14. Following the completion of the sale, the insider now directly owns 10,056 shares of the company’s stock, valued at $2,084,206.56. This represents a 18.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Ricardo Cardenas sold 20,518 shares of Darden Restaurants stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $208.19, for a total transaction of $4,271,642.42. Following the transaction, the chief executive officer now directly owns 58,836 shares in the company, valued at $12,249,066.84. The trade was a 25.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 24,613 shares of company stock worth $5,121,492 over the last ninety days. Company insiders own 0.58% of the company’s stock.

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.