Abich Financial Wealth Management LLC Buys 387 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Abich Financial Wealth Management LLC grew its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 51.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,137 shares of the restaurant operator’s stock after acquiring an additional 387 shares during the quarter. Darden Restaurants comprises approximately 0.4% of Abich Financial Wealth Management LLC’s portfolio, making the stock its 26th biggest position. Abich Financial Wealth Management LLC’s holdings in Darden Restaurants were worth $187,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of the stock. Westwood Holdings Group Inc. bought a new stake in Darden Restaurants during the 1st quarter valued at about $72,901,000. International Assets Investment Management LLC grew its holdings in shares of Darden Restaurants by 16,996.9% during the third quarter. International Assets Investment Management LLC now owns 377,500 shares of the restaurant operator’s stock valued at $61,959,000 after buying an additional 375,292 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Darden Restaurants by 71.3% during the second quarter. Massachusetts Financial Services Co. MA now owns 696,176 shares of the restaurant operator’s stock valued at $105,345,000 after acquiring an additional 289,876 shares in the last quarter. Toronto Dominion Bank raised its holdings in Darden Restaurants by 139.9% in the 2nd quarter. Toronto Dominion Bank now owns 352,344 shares of the restaurant operator’s stock worth $53,317,000 after acquiring an additional 205,450 shares during the last quarter. Finally, Hsbc Holdings PLC lifted its position in Darden Restaurants by 81.2% in the 2nd quarter. Hsbc Holdings PLC now owns 457,114 shares of the restaurant operator’s stock valued at $69,125,000 after acquiring an additional 204,832 shares in the last quarter. Hedge funds and other institutional investors own 93.64% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DRI. Jefferies Financial Group cut Darden Restaurants from a “hold” rating to an “underperform” rating and decreased their price target for the stock from $154.00 to $124.00 in a research note on Thursday, July 11th. Morgan Stanley boosted their target price on Darden Restaurants from $175.00 to $188.00 and gave the stock an “overweight” rating in a research report on Friday, September 20th. Raymond James reaffirmed an “outperform” rating and set a $160.00 price target on shares of Darden Restaurants in a report on Tuesday, August 20th. TD Cowen reissued a “hold” rating and set a $150.00 price objective on shares of Darden Restaurants in a report on Thursday, September 19th. Finally, Bank of America raised their target price on shares of 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 given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.13.

Insider Buying and Selling

In related news, SVP Douglas J. Milanes sold 5,705 shares of Darden Restaurants stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $172.04, for a total transaction of $981,488.20. Following the completion of the sale, the senior vice president now owns 3,834 shares in the company, valued at $659,601.36. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, SVP Susan M. Connelly sold 3,320 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $163.43, for a total transaction of $542,587.60. Following the transaction, the senior vice president now owns 6,155 shares in the company, valued at approximately $1,005,911.65. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Douglas J. Milanes sold 5,705 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $172.04, for a total transaction of $981,488.20. Following the completion of the sale, the senior vice president now directly owns 3,834 shares of the company’s stock, valued at approximately $659,601.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,265 shares of company stock valued at $10,116,030. Insiders own 0.85% of the company’s stock.

Darden Restaurants Price Performance

NYSE:DRI traded down $0.06 on Tuesday, reaching $162.14. 102,139 shares of the company’s stock traded hands, compared to its average volume of 1,222,444. The company has a quick ratio of 0.22, a current ratio of 0.35 and a debt-to-equity ratio of 0.65. The stock has a 50-day simple moving average of $160.83 and a 200-day simple moving average of $152.58. The firm has a market cap of $19.35 billion, a PE ratio of 19.04, a P/E/G ratio of 1.83 and a beta of 1.30. Darden Restaurants, Inc. has a 12 month low of $135.87 and a 12 month high of $176.84.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, September 19th. The restaurant operator reported $1.75 EPS for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. The firm had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.80 billion. During the same period in the prior year, the firm posted $1.78 earnings per share. Darden Restaurants’s revenue for the quarter was up 1.0% on a year-over-year basis. Equities research analysts forecast that Darden Restaurants, Inc. will post 9.47 earnings per share for the current year.

Darden Restaurants Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.45%. This is an increase from Darden Restaurants’s previous quarterly dividend of $1.29. The ex-dividend date is Thursday, October 10th. Darden Restaurants’s dividend payout ratio is presently 65.73%.

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.