UMB Bank n.a. Lowers Position in Darden Restaurants, Inc. (NYSE:DRI)

Posted by Defense World Staff on Mar 20th, 2023

UMB Bank n.a. decreased its stake in shares of Darden Restaurants, Inc. (NYSE:DRI – Get Rating) by 2.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,597 shares of the restaurant operator’s stock after selling 140 shares during the quarter. UMB Bank n.a.’s holdings in Darden Restaurants were worth $912,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. Coldstream Capital Management Inc. purchased a new position in Darden Restaurants during the fourth quarter valued at $388,000. Brookstone Capital Management raised its stake in Darden Restaurants by 26.3% during the fourth quarter. Brookstone Capital Management now owns 4,361 shares of the restaurant operator’s stock valued at $641,000 after buying an additional 907 shares during the last quarter. Yousif Capital Management LLC raised its stake in Darden Restaurants by 2.4% during the fourth quarter. Yousif Capital Management LLC now owns 15,383 shares of the restaurant operator’s stock valued at $2,128,000 after buying an additional 364 shares during the last quarter. Fulton Bank N.A. raised its stake in Darden Restaurants by 2.4% during the fourth quarter. Fulton Bank N.A. now owns 28,784 shares of the restaurant operator’s stock valued at $3,981,000 after buying an additional 674 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Darden Restaurants by 3.4% during the third quarter. Bank of New York Mellon Corp now owns 1,284,266 shares of the restaurant operator’s stock valued at $162,228,000 after buying an additional 42,079 shares during the last quarter. Hedge funds and other institutional investors own 89.23% of the company’s stock.

Insider Buying and Selling

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

Darden Restaurants Stock Performance

NYSE:DRI opened at $148.50 on Monday. The stock has a 50-day simple moving average of $147.31 and a two-hundred day simple moving average of $140.61. Darden Restaurants, Inc. has a 52-week low of $110.96 and a 52-week high of $152.08. The firm has a market capitalization of $18.07 billion, a PE ratio of 20.48, a P/E/G ratio of 1.95 and a beta of 1.23. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.31 and a current ratio of 0.47.

Darden Restaurants (NYSE:DRI – Get Rating) last announced its quarterly earnings data on Friday, December 16th. The restaurant operator reported $1.52 EPS for the quarter, beating the consensus estimate of $1.41 by $0.11. The business had revenue of $2.49 billion for the quarter, compared to the consensus estimate of $2.43 billion. Darden Restaurants had a return on equity of 42.51% and a net margin of 9.10%. Analysts forecast that Darden Restaurants, Inc. will post 7.83 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on DRI. Guggenheim began coverage on Darden Restaurants in a research note on Thursday, February 2nd. They set a “buy” rating and a $170.00 price objective for the company. Morgan Stanley boosted their price target on Darden Restaurants from $148.00 to $168.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 18th. Stifel Nicolaus boosted their price target on Darden Restaurants from $150.00 to $160.00 in a research note on Friday, March 10th. Credit Suisse Group boosted their price target on Darden Restaurants from $152.00 to $157.00 and gave the stock an “outperform” rating in a research note on Monday, December 19th. Finally, Oppenheimer restated an “outperform” rating and issued a $175.00 price target on shares of Darden Restaurants in a research note on Wednesday, March 15th. Five research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $154.76.

Darden Restaurants Profile

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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.