Pinnacle Associates Ltd. bought a new stake in Darden Restaurants, Inc. (NYSE:DRI – Get Rating) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,602 shares of the restaurant operator’s stock, valued at approximately $222,000.
A number of other institutional investors also recently bought and sold shares of DRI. State Street Corp lifted its holdings in Darden Restaurants by 15.3% in the third quarter. State Street Corp now owns 5,757,686 shares of the restaurant operator’s stock valued at $727,311,000 after acquiring an additional 763,728 shares during the period. Wellington Management Group LLP raised its stake in shares of Darden Restaurants by 33.5% in the first quarter. Wellington Management Group LLP now owns 1,572,849 shares of the restaurant operator’s stock worth $209,110,000 after buying an additional 394,786 shares during the period. Vanguard Group Inc. raised its stake in shares of Darden Restaurants by 2.6% in the first quarter. Vanguard Group Inc. now owns 14,373,923 shares of the restaurant operator’s stock worth $1,911,012,000 after buying an additional 362,658 shares during the period. Federated Hermes Inc. raised its stake in shares of Darden Restaurants by 151.9% in the third quarter. Federated Hermes Inc. now owns 593,130 shares of the restaurant operator’s stock worth $74,924,000 after buying an additional 357,659 shares during the period. Finally, Victory Capital Management Inc. raised its stake in shares of Darden Restaurants by 106.6% in the third quarter. Victory Capital Management Inc. now owns 479,073 shares of the restaurant operator’s stock worth $60,516,000 after buying an additional 247,180 shares during the period. Institutional investors own 89.23% of the company’s stock.
Insider Transactions at Darden Restaurants
In related news, Director William S. Simon sold 2,731 shares of the firm’s stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $153.77, for a total transaction of $419,945.87. Following the completion of the sale, the director now directly owns 6,281 shares of the company’s stock, valued at approximately $965,829.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director William S. Simon sold 2,731 shares of the firm’s stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $153.77, for a total transaction of $419,945.87. Following the completion of the sale, the director now directly owns 6,281 shares of the company’s stock, valued at approximately $965,829.37. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ricardo Cardenas sold 12,735 shares of the firm’s stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $155.02, for a total value of $1,974,179.70. Following the sale, the chief executive officer now directly owns 48,304 shares of the company’s stock, valued at $7,488,086.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 96,611 shares of company stock worth $14,887,160. 0.93% of the stock is currently owned by company insiders.
Darden Restaurants Price Performance
Darden Restaurants (NYSE:DRI – Get Rating) last announced its earnings results on Thursday, March 23rd. The restaurant operator reported $2.34 EPS for the quarter, topping analysts’ consensus estimates of $2.24 by $0.10. The firm had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $2.73 billion. Darden Restaurants had a return on equity of 45.62% and a net margin of 9.19%. The company’s quarterly revenue was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.93 EPS. Equities analysts expect that Darden Restaurants, Inc. will post 7.94 EPS for the current year.
Darden Restaurants Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, May 1st. Stockholders of record on Monday, April 10th will be issued a $1.21 dividend. This represents a $4.84 dividend on an annualized basis and a dividend yield of 3.23%. The ex-dividend date of this dividend is Thursday, April 6th. Darden Restaurants’s dividend payout ratio (DPR) is 63.19%.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on DRI shares. Bank of America raised their price objective on Darden Restaurants from $170.00 to $172.00 in a research note on Friday, March 24th. Stephens raised their price objective on Darden Restaurants from $150.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, March 23rd. BMO Capital Markets raised their price objective on Darden Restaurants from $145.00 to $150.00 in a research note on Friday, March 24th. Guggenheim assumed coverage on Darden Restaurants in a research note on Thursday, February 2nd. They issued a “buy” rating and a $170.00 price objective on the stock. Finally, Truist Financial increased their target price on Darden Restaurants from $156.00 to $163.00 and gave the stock a “buy” rating in a research report on Friday, March 24th. Five investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, Darden Restaurants has an average rating of “Moderate Buy” and a consensus price target of $160.23.
Darden Restaurants 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.
Featured Articles
- Get a free copy of the StockNews.com research report on Darden Restaurants (DRI)
- Finding New Technology to Invest in: A Guide
- Genuine Parts Company Is Genuinely A Good Buy
- Healthcare Sector: Overview and Keys to Investing
- Can D.R. Horton Shares Raise The Roof, Or Is This The Ceiling?
- American Express Growth Riding On Joyful Consumer Spending
Want to see what other hedge funds are holding DRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Darden Restaurants, Inc. (NYSE:DRI – Get Rating).
Receive News & Ratings for Darden Restaurants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Darden Restaurants and related companies with MarketBeat.com's FREE daily email newsletter.
