Covington Investment Advisors Inc. Lowers Stake in Darden Restaurants, Inc. (NYSE:DRI)

Covington Investment Advisors Inc. lessened its stake in Darden Restaurants, Inc. (NYSE:DRI) by 0.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 58,016 shares of the restaurant operator’s stock after selling 310 shares during the period. Darden Restaurants accounts for about 0.9% of Covington Investment Advisors Inc.’s portfolio, making the stock its 23rd largest position. Covington Investment Advisors Inc.’s holdings in Darden Restaurants were worth $10,831,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Impact Investors Inc purchased a new position in shares of Darden Restaurants during the fourth quarter worth approximately $405,000. Comprehensive Financial Consultants Institutional Inc. raised its position in Darden Restaurants by 10.8% during the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 14,912 shares of the restaurant operator’s stock valued at $2,784,000 after purchasing an additional 1,451 shares in the last quarter. US Bancorp DE lifted its holdings in shares of Darden Restaurants by 3.2% in the 4th quarter. US Bancorp DE now owns 146,460 shares of the restaurant operator’s stock worth $27,343,000 after buying an additional 4,543 shares during the period. QV Investors Inc. grew its position in shares of Darden Restaurants by 4.3% during the 4th quarter. QV Investors Inc. now owns 87,702 shares of the restaurant operator’s stock worth $16,373,000 after buying an additional 3,580 shares in the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Darden Restaurants by 14.7% during the fourth quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 32,853 shares of the restaurant operator’s stock valued at $6,133,000 after buying an additional 4,200 shares during the period. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Up 0.2 %

Shares of DRI opened at $207.90 on Friday. The company has a market capitalization of $24.35 billion, a price-to-earnings ratio of 23.81, a PEG ratio of 2.15 and a beta of 1.27. Darden Restaurants, Inc. has a 52 week low of $135.87 and a 52 week high of $211.00. The stock’s 50-day moving average price is $194.15 and its 200-day moving average price is $177.98. The company has a quick ratio of 0.23, a current ratio of 0.37 and a debt-to-equity ratio of 1.02.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, March 20th. The restaurant operator reported $2.80 EPS for the quarter, hitting the consensus estimate of $2.80. The business had revenue of $3.16 billion for 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 quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.60 EPS. On average, sell-side analysts predict that Darden Restaurants, Inc. will post 9.52 EPS for the current year.

Darden Restaurants Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th will be given a $1.40 dividend. The ex-dividend date of this dividend is Thursday, April 10th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.69%. Darden Restaurants’s dividend payout ratio (DPR) is currently 63.13%.

Insider Transactions at Darden Restaurants

In other Darden Restaurants news, SVP Douglas J. Milanes sold 7,892 shares of the stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $195.95, for a total transaction of $1,546,437.40. Following the transaction, the senior vice president now directly owns 3,914 shares of the company’s stock, valued at $766,948.30. This trade represents a 66.85 % decrease in their ownership of the stock. 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 Darden Restaurants stock in a transaction dated Monday, March 24th. The stock was 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 owns 7,192 shares in the company, valued at approximately $1,495,072.96. The trade was a 20.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,022 shares of company stock valued at $13,183,803 in the last ninety days. 0.58% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Barclays increased their target price on shares of Darden Restaurants from $230.00 to $235.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. The Goldman Sachs Group began coverage on shares of Darden Restaurants in a report on Thursday, December 5th. They set a “neutral” rating and a $183.00 price objective on the stock. Sanford C. Bernstein upgraded Darden Restaurants from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $180.00 to $215.00 in a report on Wednesday, January 22nd. KeyCorp lifted their price target on Darden Restaurants from $200.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, March 21st. Finally, Guggenheim upped their price objective on Darden Restaurants from $205.00 to $220.00 and gave the stock a “buy” rating in a research note on Monday. 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, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $202.08.

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.