Sagespring Wealth Partners LLC Makes New Investment in Darden Restaurants, Inc. (NYSE:DRI)

Sagespring Wealth Partners LLC acquired a new position in Darden Restaurants, Inc. (NYSE:DRI) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 9,216 shares of the restaurant operator’s stock, valued at approximately $1,720,000.

Several other institutional investors have also recently made changes to their positions in the business. MCF Advisors LLC lifted its holdings in shares of Darden Restaurants by 50.9% in the 4th quarter. MCF Advisors LLC now owns 175 shares of the restaurant operator’s stock valued at $33,000 after buying an additional 59 shares during the period. First Horizon Advisors Inc. raised its position in Darden Restaurants by 2.5% during the fourth quarter. First Horizon Advisors Inc. now owns 2,418 shares of the restaurant operator’s stock valued at $451,000 after acquiring an additional 59 shares in the last quarter. KBC Group NV lifted its holdings in Darden Restaurants by 0.5% in the fourth quarter. KBC Group NV now owns 13,371 shares of the restaurant operator’s stock valued at $2,497,000 after acquiring an additional 60 shares during the period. TIAA Trust National Association boosted its position in Darden Restaurants by 4.8% in the 4th quarter. TIAA Trust National Association now owns 1,401 shares of the restaurant operator’s stock worth $262,000 after purchasing an additional 64 shares in the last quarter. Finally, Lion Street Advisors LLC grew its stake in shares of Darden Restaurants by 0.3% during the 4th quarter. Lion Street Advisors LLC now owns 20,142 shares of the restaurant operator’s stock worth $3,760,000 after purchasing an additional 69 shares during the period. Hedge funds and other institutional investors own 93.64% of the company’s stock.

Darden Restaurants Price Performance

Darden Restaurants stock opened at $194.40 on Monday. The company has a current ratio of 0.37, a quick ratio of 0.23 and a debt-to-equity ratio of 1.02. The company has a 50-day moving average price of $195.89 and a 200 day moving average price of $181.14. Darden Restaurants, Inc. has a 12-month low of $135.87 and a 12-month high of $211.00. The stock has a market cap of $22.75 billion, a P/E ratio of 22.27, a PEG ratio of 2.15 and a beta of 0.93.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings results on Thursday, March 20th. The restaurant operator reported $2.80 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.80. Darden Restaurants had a net margin of 9.01% and a return on equity of 50.12%. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.22 billion. During the same quarter last year, the firm earned $2.60 EPS. The business’s revenue was up 6.2% compared to the same quarter last year. Sell-side analysts anticipate that Darden Restaurants, Inc. will post 9.52 earnings per share for the current year.

Darden Restaurants Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be issued a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date of this dividend is Thursday, April 10th. Darden Restaurants’s dividend payout ratio is presently 63.13%.

Wall Street Analysts Forecast Growth

DRI has been the topic of a number of recent analyst reports. Citigroup increased their price target on shares of Darden Restaurants from $223.00 to $229.00 and gave the stock a “buy” rating in a report on Friday, March 21st. Wells Fargo & Company raised their target price on Darden Restaurants from $180.00 to $200.00 and gave the company an “equal weight” rating in a research report on Friday, March 21st. Guggenheim upped their price target on Darden Restaurants from $205.00 to $220.00 and gave the stock a “buy” rating in a report on Monday, March 24th. Robert W. Baird dropped their price objective on Darden Restaurants from $210.00 to $192.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Finally, Raymond James upped their target price on Darden Restaurants from $200.00 to $210.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, Darden Restaurants presently has an average rating of “Moderate Buy” and a consensus target price of $201.38.

Insider Buying and Selling

In related news, insider Todd Burrowes sold 15,783 shares of the stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $183.03, for a total transaction of $2,888,762.49. Following the completion of the transaction, the insider now owns 46,288 shares of the company’s stock, valued at approximately $8,472,092.64. This trade represents a 25.43 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP John W. Madonna sold 1,806 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $207.88, for a total value of $375,431.28. Following the completion of the sale, the senior vice president now directly owns 7,192 shares in the company, valued at approximately $1,495,072.96. The trade was a 20.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 61,047 shares of company stock valued at $11,947,346. 0.58% of the stock is currently owned by 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.