Tokio Marine Asset Management Co. Ltd. Acquires 220 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 6.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,558 shares of the restaurant operator’s stock after acquiring an additional 220 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Darden Restaurants were worth $585,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new stake in Darden Restaurants in the 4th quarter worth about $29,000. Hartford Financial Management Inc. grew its position in Darden Restaurants by 65.1% in the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock worth $30,000 after purchasing an additional 71 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in Darden Restaurants in the 4th quarter worth about $33,000. McGlone Suttner Wealth Management Inc. bought a new stake in Darden Restaurants in the 4th quarter worth about $35,000. Finally, Ancora Advisors LLC grew its position in Darden Restaurants by 324.2% in the 3rd quarter. Ancora Advisors LLC now owns 280 shares of the restaurant operator’s stock worth $40,000 after purchasing an additional 214 shares in the last quarter. 93.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DRI shares. Morgan Stanley reduced their price objective on shares of Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating for the company in a research report on Friday, March 22nd. Stephens began coverage on shares of Darden Restaurants in a research note on Friday, April 12th. They issued an “equal weight” rating and a $170.00 target price on the stock. Guggenheim boosted their target price on shares of Darden Restaurants from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. BMO Capital Markets boosted their target price on shares of Darden Restaurants from $160.00 to $165.00 and gave the company a “market perform” rating in a research note on Thursday, March 7th. Finally, Citigroup lowered their target price on shares of Darden Restaurants from $200.00 to $192.00 and set a “buy” rating on the stock in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $178.85.

Insider Activity at Darden Restaurants

In related news, insider Melvin John Martin sold 7,673 shares of the stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the transaction, the insider now owns 17,208 shares of the company’s stock, valued at approximately $2,848,268.16. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Darden Restaurants news, SVP Matthew R. Broad sold 6,831 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total value of $1,115,229.06. Following the sale, the senior vice president now owns 19,141 shares of the company’s stock, valued at approximately $3,124,959.66. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the completion of the sale, the insider now directly owns 17,208 shares in the company, valued at approximately $2,848,268.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,430 shares of company stock valued at $3,313,120. Insiders own 0.85% of the company’s stock.

Darden Restaurants Price Performance

Shares of NYSE:DRI opened at $156.10 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.39 and a quick ratio of 0.25. Darden Restaurants, Inc. has a one year low of $133.36 and a one year high of $176.84. The company’s fifty day moving average price is $164.55 and its 200-day moving average price is $159.38. The firm has a market capitalization of $18.63 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 1.72 and a beta of 1.25.

Darden Restaurants (NYSE:DRI) last released its earnings results on Thursday, March 21st. The restaurant operator reported $2.62 EPS for the quarter, missing the consensus estimate of $2.63 by ($0.01). Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same period in the prior year, the business posted $2.34 EPS. Darden Restaurants’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts anticipate that Darden Restaurants, Inc. will post 8.85 earnings per share for the current fiscal year.

Darden Restaurants Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio is currently 61.43%.

Darden Restaurants announced that its Board of Directors has initiated a share repurchase program on Thursday, March 21st that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the restaurant operator to buy up to 5% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

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.