Hallmark Capital Management Inc. Sells 1,596 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Hallmark Capital Management Inc. lessened its position in Darden Restaurants, Inc. (NYSE:DRI) by 29.0% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 3,903 shares of the restaurant operator’s stock after selling 1,596 shares during the period. Hallmark Capital Management Inc.’s holdings in Darden Restaurants were worth $475,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. DekaBank Deutsche Girozentrale raised its holdings in Darden Restaurants by 1,273.3% during the 2nd quarter. DekaBank Deutsche Girozentrale now owns 319,230 shares of the restaurant operator’s stock worth $38,850,000 after purchasing an additional 295,985 shares during the last quarter. American Century Companies Inc. grew its position in shares of Darden Restaurants by 17.8% during the 1st quarter. American Century Companies Inc. now owns 1,589,442 shares of the restaurant operator’s stock worth $193,070,000 after buying an additional 240,234 shares during the period. Teacher Retirement System of Texas grew its position in shares of Darden Restaurants by 112.8% in the 2nd quarter. Teacher Retirement System of Texas now owns 438,658 shares of the restaurant operator’s stock valued at $53,398,000 after purchasing an additional 232,481 shares during the period. Nordea Investment Management AB grew its position in shares of Darden Restaurants by 54.8% in the 1st quarter. Nordea Investment Management AB now owns 622,263 shares of the restaurant operator’s stock valued at $75,586,000 after purchasing an additional 220,327 shares during the period. Finally, Geode Capital Management LLC grew its position in shares of Darden Restaurants by 11.6% in the 4th quarter. Geode Capital Management LLC now owns 1,825,671 shares of the restaurant operator’s stock valued at $182,031,000 after purchasing an additional 189,466 shares during the period. Institutional investors own 91.28% of the company’s stock.

Several equities analysts recently issued reports on the company. Stephens lowered Darden Restaurants from an “overweight” rating to an “equal weight” rating and set a $121.75 price objective for the company. in a research report on Friday, June 28th. Citigroup reduced their price target on Darden Restaurants from $146.00 to $144.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Maxim Group downgraded Darden Restaurants from a “buy” rating to a “hold” rating and set a $126.00 price target for the company. in a research report on Tuesday, July 16th. Wells Fargo & Co upped their price target on Darden Restaurants from $116.00 to $117.00 and gave the stock a “market perform” rating in a research report on Thursday. Finally, Deutsche Bank initiated coverage on Darden Restaurants in a research note on Friday, June 28th. They set a “hold” rating and a $123.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and fourteen have issued a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $130.82.

DRI opened at $126.16 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.46 and a current ratio of 0.61. The firm has a market cap of $15.63 billion, a P/E ratio of 21.68, a price-to-earnings-growth ratio of 1.97 and a beta of 0.34. Darden Restaurants, Inc. has a 52-week low of $95.83 and a 52-week high of $127.99. The business’s fifty day moving average is $121.62 and its 200-day moving average is $119.14.

Darden Restaurants (NYSE:DRI) last posted its earnings results on Thursday, June 20th. The restaurant operator reported $1.76 EPS for the quarter, beating the consensus estimate of $1.73 by $0.03. Darden Restaurants had a return on equity of 31.61% and a net margin of 8.38%. The firm had revenue of $2.23 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period last year, the company earned $1.39 earnings per share. The business’s quarterly revenue was up 4.5% on a year-over-year basis. On average, research analysts predict that Darden Restaurants, Inc. will post 6.39 earnings per share for the current fiscal year.

In related news, SVP John W. Madonna sold 1,000 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, July 30th. The stock was sold at an average price of $124.12, for a total transaction of $124,120.00. Following the transaction, the senior vice president now owns 8,726 shares of the company’s stock, valued at $1,083,071.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Ricardo Cardenas sold 14,128 shares of the business’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $124.87, for a total value of $1,764,163.36. Following the completion of the transaction, the chief financial officer now directly owns 23,848 shares in the company, valued at approximately $2,977,899.76. The disclosure for this sale can be found here. Insiders sold 96,907 shares of company stock valued at $11,975,585 in the last three months. Insiders own 0.47% of the company’s stock.

Darden Restaurants Company Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 27, 2018, it owned and operated approximately 1,746 restaurants under the Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Bahama Breeze, Seasons 52, and Eddie V's brands.

Further Reading: What defines an oversold asset?

Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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