Sowell Financial Services LLC Purchases Shares of 10,602 Darden Restaurants, Inc. (NYSE:DRI)

Sowell Financial Services LLC acquired a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor acquired 10,602 shares of the restaurant operator’s stock, valued at approximately $2,203,000.

Several other hedge funds have also modified their holdings of the stock. First Horizon Advisors Inc. raised its stake 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 worth $451,000 after purchasing an additional 59 shares during the period. TIAA Trust National Association raised its position in shares of 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 buying an additional 64 shares during the period. Beacon Investment Advisors LLC boosted its holdings in Darden Restaurants by 0.3% in the fourth quarter. Beacon Investment Advisors LLC now owns 21,527 shares of the restaurant operator’s stock valued at $4,019,000 after acquiring an additional 66 shares during the last quarter. Coldstream Capital Management Inc. grew its position in Darden Restaurants by 2.1% during the fourth quarter. Coldstream Capital Management Inc. now owns 3,199 shares of the restaurant operator’s stock valued at $597,000 after acquiring an additional 66 shares during the period. Finally, Jacobi Capital Management LLC increased its stake in Darden Restaurants by 0.7% during the fourth quarter. Jacobi Capital Management LLC now owns 9,624 shares of the restaurant operator’s stock worth $1,797,000 after acquiring an additional 69 shares during the last quarter. 93.64% of the stock is owned by institutional investors and hedge funds.

Darden Restaurants Price Performance

Shares of NYSE:DRI opened at $224.63 on Tuesday. The firm’s 50 day moving average is $206.00 and its two-hundred day moving average is $194.83. The firm has a market capitalization of $26.29 billion, a P/E ratio of 25.73, a PEG ratio of 2.15 and a beta of 0.75. The company has a current ratio of 0.37, a quick ratio of 0.23 and a debt-to-equity ratio of 1.02. Darden Restaurants, Inc. has a 52 week low of $135.87 and a 52 week high of $225.41.

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

Darden Restaurants Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were given a $1.40 dividend. The ex-dividend date of this dividend was Thursday, April 10th. This represents a $5.60 dividend on an annualized basis and a yield of 2.49%. Darden Restaurants’s dividend payout ratio is presently 63.13%.

Analyst Ratings Changes

DRI has been the topic of a number of recent research reports. Stifel Nicolaus lifted their price target on shares of Darden Restaurants from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, March 21st. Morgan Stanley upped their price target on shares of Darden Restaurants from $209.00 to $217.00 and gave the stock an “overweight” rating in a research report on Friday, March 21st. Bank of America increased their price target on Darden Restaurants from $230.00 to $238.00 and gave the company a “buy” rating in a report on Friday, March 21st. BMO Capital Markets boosted their price objective on Darden Restaurants from $175.00 to $190.00 and gave the stock a “market perform” rating in a research note on Friday, March 21st. Finally, Guggenheim upped their target price on Darden Restaurants from $205.00 to $220.00 and gave the stock a “buy” rating in a research report on Monday, March 24th. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $206.69.

Insiders Place Their Bets

In other news, CEO Ricardo Cardenas sold 20,518 shares of Darden Restaurants stock in a transaction 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 approximately $12,249,066.84. This trade represents a 25.86% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Laura B. Williamson sold 2,289 shares of the firm’s stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $207.26, for a total transaction of $474,418.14. Following the transaction, the insider now owns 10,056 shares of the company’s stock, valued at approximately $2,084,206.56. This trade represents a 18.54% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,613 shares of company stock worth $5,121,492. 0.58% of the stock is owned by corporate insiders.

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.