McElhenny Sheffield Capital Management LLC bought a new stake in Darden Restaurants, Inc. (NYSE:DRI – Get Rating) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 295 shares of the restaurant operator’s stock, valued at approximately $41,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Ropes Wealth Advisors LLC bought a new stake in Darden Restaurants during the 3rd quarter worth $241,000. Russell Investments Group Ltd. grew its holdings in shares of Darden Restaurants by 3.9% during the third quarter. Russell Investments Group Ltd. now owns 47,257 shares of the restaurant operator’s stock worth $5,973,000 after purchasing an additional 1,774 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Darden Restaurants by 40.6% in the third quarter. CIBC Asset Management Inc now owns 22,118 shares of the restaurant operator’s stock valued at $2,794,000 after buying an additional 6,384 shares during the period. Veriti Management LLC bought a new position in Darden Restaurants in the 3rd quarter valued at approximately $214,000. Finally, Federated Hermes Inc. raised its holdings in Darden Restaurants by 30,362.0% in the 2nd quarter. Federated Hermes Inc. now owns 235,471 shares of the restaurant operator’s stock valued at $26,637,000 after buying an additional 234,698 shares during the last quarter. Institutional investors own 89.23% of the company’s stock.
Insider Activity
In related news, insider Melvin John Martin sold 2,000 shares of the company’s stock in a transaction dated Wednesday, January 4th. The shares were sold at an average price of $141.95, for a total value of $283,900.00. Following the sale, the insider now owns 12,364 shares in the company, valued at approximately $1,755,069.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Richard L. Renninger sold 5,000 shares of Darden Restaurants stock in a transaction that occurred on Friday, January 13th. The stock was sold at an average price of $147.99, for a total transaction of $739,950.00. Following the transaction, the senior vice president now owns 22,368 shares of the company’s stock, valued at $3,310,240.32. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Melvin John Martin sold 2,000 shares of the stock in a transaction on Wednesday, January 4th. The shares were sold at an average price of $141.95, for a total value of $283,900.00. Following the completion of the sale, the insider now directly owns 12,364 shares of the company’s stock, valued at $1,755,069.80. The disclosure for this sale can be found here. Insiders sold 9,229 shares of company stock worth $1,358,200 over the last three months. 0.93% of the stock is currently owned by insiders.
Darden Restaurants Trading Down 1.2 %
Darden Restaurants (NYSE:DRI – Get Rating) last announced its quarterly earnings results on Friday, December 16th. The restaurant operator reported $1.52 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.11. Darden Restaurants had a net margin of 9.10% and a return on equity of 42.51%. The business had revenue of $2.49 billion during the quarter, compared to analyst estimates of $2.43 billion. As a group, equities analysts anticipate that Darden Restaurants, Inc. will post 7.83 earnings per share for the current fiscal year.
Analysts Set New Price Targets
Several brokerages have issued reports on DRI. Stephens upped their price target on shares of Darden Restaurants from $140.00 to $150.00 and gave the company an “overweight” rating in a research report on Monday, December 19th. StockNews.com assumed coverage on Darden Restaurants in a report on Thursday. They set a “buy” rating on the stock. Stifel Nicolaus increased their price target on Darden Restaurants from $150.00 to $160.00 in a research note on Friday, March 10th. Evercore ISI lifted their price objective on Darden Restaurants from $150.00 to $153.00 and gave the stock an “in-line” rating in a research note on Monday, December 19th. Finally, JPMorgan Chase & Co. upped their target price on Darden Restaurants from $145.00 to $154.00 and gave the company an “overweight” rating in a report on Wednesday, January 18th. Five equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $154.76.
Darden Restaurants Company Profile
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.
Further Reading
- Get a free copy of the StockNews.com research report on Darden Restaurants (DRI)
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