Cullen Investment Group LTD. Grows Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

Cullen Investment Group LTD. increased its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 2.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,265 shares of the restaurant operator’s stock after buying an additional 649 shares during the period. Cullen Investment Group LTD.’s holdings in Darden Restaurants were worth $5,837,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in DRI. Meeder Asset Management Inc. acquired a new stake in Darden Restaurants during the 2nd quarter worth approximately $27,000. Kimelman & Baird LLC acquired a new stake in Darden Restaurants during the 2nd quarter worth approximately $30,000. Wolff Wiese Magana LLC increased its position in Darden Restaurants by 1,690.9% during the 3rd quarter. Wolff Wiese Magana LLC now owns 197 shares of the restaurant operator’s stock worth $32,000 after purchasing an additional 186 shares in the last quarter. Bangor Savings Bank increased its position in Darden Restaurants by 395.0% during the 3rd quarter. Bangor Savings Bank now owns 297 shares of the restaurant operator’s stock worth $49,000 after purchasing an additional 237 shares in the last quarter. Finally, Fortitude Family Office LLC increased its position in Darden Restaurants by 78.3% during the 4th quarter. Fortitude Family Office LLC now owns 312 shares of the restaurant operator’s stock worth $58,000 after purchasing an additional 137 shares in the last quarter. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

Darden Restaurants Price Performance

Shares of NYSE DRI opened at $182.81 on Tuesday. Darden Restaurants, Inc. has a fifty-two week low of $135.87 and a fifty-two week high of $189.18. The firm’s 50-day simple moving average is $174.58 and its 200 day simple moving average is $161.25. 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 market cap of $21.42 billion, a P/E ratio of 21.09, a P/E/G ratio of 1.89 and a beta of 1.31.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, December 19th. The restaurant operator reported $2.03 EPS for the quarter, hitting the consensus estimate of $2.03. Darden Restaurants had a net margin of 9.11% and a return on equity of 49.46%. The firm had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.87 billion. During the same period in the previous year, the business earned $1.84 earnings per share. Darden Restaurants’s revenue for the quarter was up 6.0% compared to the same quarter last year. Equities analysts expect that Darden Restaurants, Inc. will post 9.47 EPS for the current year.

Darden Restaurants Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 3.06%. The ex-dividend date is Friday, January 10th. Darden Restaurants’s dividend payout ratio (DPR) is presently 64.15%.

Insiders Place Their Bets

In related news, CFO Rajesh Vennam sold 7,228 shares of Darden Restaurants stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $181.71, for a total value of $1,313,399.88. Following the transaction, the chief financial officer now owns 10,262 shares of the company’s stock, valued at approximately $1,864,708.02. This trade represents a 41.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Susan M. Connelly sold 9,264 shares of Darden Restaurants stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $184.68, for a total value of $1,710,875.52. Following the completion of the transaction, the senior vice president now directly owns 4,567 shares in the company, valued at $843,433.56. This represents a 66.98 % decrease in their position. The disclosure for this sale can be found here. 0.58% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on DRI. BMO Capital Markets upped their price target on Darden Restaurants from $165.00 to $175.00 and gave the stock a “market perform” rating in a report on Friday, December 20th. Morgan Stanley raised their price objective on Darden Restaurants from $193.00 to $209.00 and gave the stock an “overweight” rating in a research note on Monday, December 23rd. Barclays raised their price objective on Darden Restaurants from $206.00 to $230.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 7th. BTIG Research raised their price objective on Darden Restaurants from $175.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. Finally, The Goldman Sachs Group initiated coverage on Darden Restaurants in a research note on Thursday, December 5th. They set a “neutral” rating and a $183.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $189.12.

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.