Pathstone Family Office LLC Buys 321 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Posted by on Mar 13th, 2023

Pathstone Family Office LLC increased its stake in Darden Restaurants, Inc. (NYSE:DRI – Get Rating) by 5.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,683 shares of the restaurant operator’s stock after purchasing an additional 321 shares during the quarter. Pathstone Family Office LLC’s holdings in Darden Restaurants were worth $852,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Glenview Trust Co raised its holdings in Darden Restaurants by 2.7% during the third quarter. Glenview Trust Co now owns 2,892 shares of the restaurant operator’s stock valued at $365,000 after acquiring an additional 75 shares during the period. Cetera Advisor Networks LLC raised its holdings in Darden Restaurants by 2.6% during the first quarter. Cetera Advisor Networks LLC now owns 3,237 shares of the restaurant operator’s stock valued at $430,000 after acquiring an additional 83 shares during the period. Bessemer Group Inc. raised its holdings in Darden Restaurants by 1.5% during the third quarter. Bessemer Group Inc. now owns 5,848 shares of the restaurant operator’s stock valued at $739,000 after acquiring an additional 85 shares during the period. Harrell Investment Partners LLC raised its holdings in Darden Restaurants by 0.5% during the third quarter. Harrell Investment Partners LLC now owns 16,969 shares of the restaurant operator’s stock valued at $2,144,000 after acquiring an additional 86 shares during the period. Finally, Guggenheim Capital LLC raised its holdings in Darden Restaurants by 0.8% during the first quarter. Guggenheim Capital LLC now owns 12,023 shares of the restaurant operator’s stock valued at $1,598,000 after acquiring an additional 92 shares during the period. 89.23% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on DRI. Wells Fargo & Company began coverage on Darden Restaurants in a report on Monday, January 23rd. They set an “equal weight” rating and a $155.00 price target on the stock. Guggenheim started coverage on Darden Restaurants in a report on Thursday, February 2nd. They set a “buy” rating and a $170.00 price target on the stock. Citigroup lifted their target price on Darden Restaurants from $156.00 to $160.00 in a report on Wednesday, December 7th. Cowen lifted their target price on Darden Restaurants from $140.00 to $155.00 in a report on Wednesday, December 7th. Finally, Wedbush raised Darden Restaurants from a “neutral” rating to an “outperform” rating and lifted their target price for the stock from $134.00 to $160.00 in a report on Wednesday, December 14th. Five equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. Based on data from MarketBeat, Darden Restaurants currently has an average rating of “Moderate Buy” and a consensus target price of $153.76.

Insider Activity at Darden Restaurants

In related news, SVP Douglas J. Milanes sold 2,229 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $150.00, for a total value of $334,350.00. Following the completion of the sale, the senior vice president now owns 5,328 shares in the company, valued at $799,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Douglas J. Milanes sold 2,229 shares of the business’s stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $150.00, for a total value of $334,350.00. Following the completion of the sale, the senior vice president now owns 5,328 shares in the company, valued at $799,200. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Richard L. Renninger sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, January 13th. The shares were sold at an average price of $147.99, for a total value of $739,950.00. Following the completion of the sale, the senior vice president now owns 22,368 shares of the company’s stock, valued at approximately $3,310,240.32. The disclosure for this sale can be found here. Over the last quarter, insiders sold 9,229 shares of company stock worth $1,358,200. Company insiders own 0.93% of the company’s stock.

Darden Restaurants Stock Down 0.5 %

Shares of NYSE:DRI opened at $143.97 on Monday. Darden Restaurants, Inc. has a 1 year low of $110.96 and a 1 year high of $152.08. The business has a 50 day simple moving average of $146.76 and a two-hundred day simple moving average of $139.82. The firm has a market capitalization of $17.52 billion, a PE ratio of 19.86, a price-to-earnings-growth ratio of 1.88 and a beta of 1.23. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.47 and a quick ratio of 0.31.

Darden Restaurants (NYSE:DRI – Get Rating) last announced its earnings results on Friday, December 16th. The restaurant operator reported $1.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.11. Darden Restaurants had a return on equity of 42.51% and a net margin of 9.10%. The business had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.43 billion. On average, equities analysts predict that Darden Restaurants, Inc. will post 7.82 EPS for the current year.

Darden Restaurants Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 1st. Investors of record on Tuesday, January 10th were issued a $1.21 dividend. The ex-dividend date was Monday, January 9th. This represents a $4.84 dividend on an annualized basis and a dividend yield of 3.36%. Darden Restaurants’s payout ratio is 66.76%.

About Darden Restaurants

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Darden Restaurants, Inc is a full-service restaurant company, which engages in the provision of restaurant services. It operates through the following segments: Olive Garden, LongHorn Steakhouse, Fine Dining, and Other Business. The Olive Garden segment is the largest full-service dining Italian restaurant operator.

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

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