Simplicity Solutions LLC purchased a new position in shares of Darden Restaurants, Inc. (NYSE:DRI – Get Rating) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,756 shares of the restaurant operator’s stock, valued at approximately $243,000.
Other large investors have also recently made changes to their positions in the company. Clear Perspectives Financial Planning LLC purchased a new position in shares of Darden Restaurants during the third quarter worth approximately $28,000. Kistler Tiffany Companies LLC purchased a new position in shares of Darden Restaurants during the fourth quarter worth approximately $31,000. Guardian Wealth Advisors LLC purchased a new position in shares of Darden Restaurants during the third quarter worth approximately $31,000. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. raised its stake in shares of Darden Restaurants by 333.3% during the fourth quarter. Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. now owns 260 shares of the restaurant operator’s stock worth $36,000 after acquiring an additional 200 shares in the last quarter. Finally, McElhenny Sheffield Capital Management LLC purchased a new position in shares of Darden Restaurants during the fourth quarter worth approximately $41,000. 89.23% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling
In related news, Director William S. Simon sold 2,731 shares of the company’s stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $153.77, for a total value of $419,945.87. Following the transaction, the director now owns 6,281 shares in the company, valued at approximately $965,829.37. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Darden Restaurants news, Director William S. Simon sold 2,731 shares of the business’s stock in a transaction dated Monday, March 27th. The stock was sold at an average price of $153.77, for a total value of $419,945.87. Following the completion of the transaction, the director now owns 6,281 shares of the company’s stock, valued at approximately $965,829.37. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Chairman Eugene I. Lee, Jr. sold 78,916 shares of the business’s stock in a transaction dated Tuesday, March 28th. The stock was sold at an average price of $153.93, for a total value of $12,147,539.88. Following the completion of the transaction, the chairman now directly owns 199,856 shares of the company’s stock, valued at approximately $30,763,834.08. The disclosure for this sale can be found here. Insiders have sold a total of 96,611 shares of company stock worth $14,887,160 in the last quarter. Corporate insiders own 0.93% of the company’s stock.
Darden Restaurants Stock Performance
Darden Restaurants (NYSE:DRI – Get Rating) last announced its quarterly earnings results on Thursday, March 23rd. The restaurant operator reported $2.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.24 by $0.10. The company had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $2.73 billion. Darden Restaurants had a net margin of 9.19% and a return on equity of 45.62%. Darden Restaurants’s revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.93 EPS. On average, equities analysts expect that Darden Restaurants, Inc. will post 7.94 EPS for the current fiscal year.
Darden Restaurants Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, May 1st. Investors of record on Monday, April 10th will be paid a $1.21 dividend. This represents a $4.84 dividend on an annualized basis and a yield of 3.24%. The ex-dividend date of this dividend is Thursday, April 6th. Darden Restaurants’s payout ratio is 63.19%.
Analyst Ratings Changes
DRI has been the topic of several analyst reports. Wells Fargo & Company initiated coverage on shares of Darden Restaurants in a research note on Monday, January 23rd. They issued an “equal weight” rating and a $155.00 target price on the stock. Bank of America lifted their target price on shares of Darden Restaurants from $170.00 to $172.00 in a research note on Friday, March 24th. Truist Financial lifted their target price on shares of Darden Restaurants from $156.00 to $163.00 and gave the stock a “buy” rating in a research note on Friday, March 24th. Royal Bank of Canada lifted their target price on shares of Darden Restaurants from $160.00 to $165.00 and gave the stock an “outperform” rating in a research note on Friday, March 24th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Darden Restaurants from $145.00 to $154.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 18th. 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.com, Darden Restaurants currently has an average rating of “Moderate Buy” and an average 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.
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