Victory Capital Management Inc. Trims Stock Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Victory Capital Management Inc. decreased its position in Darden Restaurants, Inc. (NYSE:DRI) by 0.8% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,016,788 shares of the restaurant operator’s stock after selling 23,790 shares during the period. Darden Restaurants makes up about 0.5% of Victory Capital Management Inc.’s portfolio, making the stock its 29th biggest holding. Victory Capital Management Inc. owned about 2.53% of Darden Restaurants worth $456,500,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Business Financial Services Inc. raised its stake in Darden Restaurants by 10.0% in the 2nd quarter. First Business Financial Services Inc. now owns 10,061 shares of the restaurant operator’s stock worth $1,522,000 after acquiring an additional 916 shares during the last quarter. National Bank of Canada FI raised its stake in Darden Restaurants by 22.9% in the 2nd quarter. National Bank of Canada FI now owns 33,417 shares of the restaurant operator’s stock worth $4,956,000 after acquiring an additional 6,232 shares during the last quarter. Impact Partnership Wealth LLC purchased a new position in Darden Restaurants in the 2nd quarter worth $473,000. TD Asset Management Inc raised its stake in shares of Darden Restaurants by 2.7% during the 2nd quarter. TD Asset Management Inc now owns 42,504 shares of the restaurant operator’s stock valued at $6,432,000 after buying an additional 1,114 shares during the last quarter. Finally, Berry Wealth Group LP raised its stake in shares of Darden Restaurants by 4.1% during the 2nd quarter. Berry Wealth Group LP now owns 14,661 shares of the restaurant operator’s stock valued at $2,219,000 after buying an additional 575 shares during the last quarter. Hedge funds and other institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Down 0.9 %

Shares of NYSE DRI opened at $157.94 on Friday. The firm has a market cap of $18.85 billion, a price-to-earnings ratio of 18.54, a PEG ratio of 1.77 and a beta of 1.30. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.61. Darden Restaurants, Inc. has a 52-week low of $133.36 and a 52-week high of $176.84. The business’s 50 day moving average is $147.27 and its two-hundred day moving average is $154.11.

Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.61 by $0.04. The company had revenue of $3 billion for the quarter, compared to analyst estimates of $2.97 billion. Darden Restaurants had a return on equity of 49.82% and a net margin of 9.02%. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.58 earnings per share. Research analysts predict that Darden Restaurants, Inc. will post 9.48 EPS for the current year.

Darden Restaurants Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 15th. Shareholders of record on Thursday, July 11th were paid a $1.29 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $5.16 annualized dividend and a dividend yield of 3.27%. Darden Restaurants’s dividend payout ratio (DPR) is 65.73%.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Stephens reiterated an “equal weight” rating and set a $165.00 price objective on shares of Darden Restaurants in a research note on Friday, July 19th. KeyCorp dropped their target price on Darden Restaurants from $177.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, June 13th. Evercore ISI dropped their target price on Darden Restaurants from $170.00 to $165.00 and set an “in-line” rating on the stock in a research report on Thursday, June 13th. Raymond James restated an “outperform” rating and set a $160.00 target price on shares of Darden Restaurants in a research report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. dropped their target price on Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $170.50.

Insiders Place Their Bets

In other Darden Restaurants news, SVP Sarah H. King sold 15,941 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $147.06, for a total value of $2,344,283.46. Following the completion of the transaction, the senior vice president now owns 447 shares in the company, valued at $65,735.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Melvin John Martin sold 2,500 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $141.09, for a total transaction of $352,725.00. Following the completion of the transaction, the insider now owns 11,691 shares in the company, valued at $1,649,483.19. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Sarah H. King sold 15,941 shares of the business’s stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $147.06, for a total transaction of $2,344,283.46. Following the transaction, the senior vice president now owns 447 shares of the company’s stock, valued at approximately $65,735.82. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.

Darden Restaurants Company 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.