abrdn plc grew its holdings in Darden Restaurants, Inc. (NYSE:DRI – Free Report) by 10.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 37,927 shares of the restaurant operator’s stock after buying an additional 3,580 shares during the quarter. abrdn plc’s holdings in Darden Restaurants were worth $5,885,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. increased 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 valued at $1,911,012,000 after buying an additional 362,658 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Darden Restaurants by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 2,507,294 shares of the restaurant operator’s stock valued at $346,500,000 after buying an additional 45,661 shares in the last quarter. Raymond James & Associates increased its stake in shares of Darden Restaurants by 5.5% in the first quarter. Raymond James & Associates now owns 1,687,732 shares of the restaurant operator’s stock valued at $261,868,000 after buying an additional 88,335 shares in the last quarter. Morgan Stanley increased its stake in shares of Darden Restaurants by 51.1% in the fourth quarter. Morgan Stanley now owns 1,573,384 shares of the restaurant operator’s stock valued at $217,646,000 after buying an additional 532,340 shares in the last quarter. Finally, Wellington Management Group LLP increased 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 valued at $209,110,000 after buying an additional 394,786 shares in the last quarter. 93.75% of the stock is currently owned by institutional investors and hedge funds.
Darden Restaurants Stock Down 1.1 %
Shares of Darden Restaurants stock opened at $170.37 on Friday. The business’s 50 day simple moving average is $164.00 and its 200 day simple moving average is $154.18. Darden Restaurants, Inc. has a 52-week low of $115.07 and a 52-week high of $173.06. The firm has a market cap of $20.60 billion, a PE ratio of 21.30, a P/E/G ratio of 1.85 and a beta of 1.23. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.37 and a current ratio of 0.51.
Darden Restaurants Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Investors of record on Monday, July 10th will be given a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend is Friday, July 7th. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.21. Darden Restaurants’s dividend payout ratio (DPR) is currently 65.50%.
Insider Activity at Darden Restaurants
In other Darden Restaurants news, insider Melvin John Martin sold 5,301 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $161.43, for a total transaction of $855,740.43. Following the transaction, the insider now owns 11,060 shares of the company’s stock, valued at approximately $1,785,415.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Darden Restaurants news, Chairman Eugene I. Lee, Jr. sold 33,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 19th. The stock was sold at an average price of $170.09, for a total transaction of $5,612,970.00. Following the transaction, the chairman now owns 157,957 shares of the company’s stock, valued at approximately $26,866,906.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Melvin John Martin sold 5,301 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $161.43, for a total value of $855,740.43. Following the transaction, the insider now directly owns 11,060 shares in the company, valued at approximately $1,785,415.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 122,052 shares of company stock valued at $20,190,315. 0.93% of the stock is owned by insiders.
Analysts Set New Price Targets
Several equities analysts recently issued reports on DRI shares. BMO Capital Markets raised their price target on Darden Restaurants from $150.00 to $160.00 in a report on Friday, June 23rd. Bank of America raised their price target on Darden Restaurants from $172.00 to $187.00 in a report on Monday, June 19th. Piper Sandler started coverage on Darden Restaurants in a report on Monday, July 17th. They issued a “neutral” rating and a $167.00 price target on the stock. Wedbush raised their price target on Darden Restaurants from $175.00 to $178.00 in a report on Friday, June 23rd. Finally, StockNews.com cut Darden Restaurants from a “buy” rating to a “hold” rating in a report on Friday, June 23rd. Six research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $167.67.
Darden Restaurants Profile
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. It operates under Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze, Eddie V's Prime Seafood, and Capital Burger brands.
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