Tower Research Capital LLC TRC Raises Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

Posted by Defense World Staff on Aug 19th, 2023

Tower Research Capital LLC TRC boosted its holdings in Darden Restaurants, Inc. (NYSE:DRI – Free Report) by 77.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 4,445 shares of the restaurant operator’s stock after buying an additional 1,947 shares during the period. Tower Research Capital LLC TRC’s holdings in Darden Restaurants were worth $689,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Resurgent Financial Advisors LLC purchased a new stake in Darden Restaurants in the 4th quarter worth $29,000. HHM Wealth Advisors LLC bought a new position in shares of Darden Restaurants during the 1st quarter valued at about $33,000. Sugarloaf Wealth Management LLC boosted its holdings in shares of Darden Restaurants by 159.0% during the 4th quarter. Sugarloaf Wealth Management LLC now owns 259 shares of the restaurant operator’s stock valued at $36,000 after purchasing an additional 159 shares during the last quarter. Hanson & Doremus Investment Management boosted its holdings in shares of Darden Restaurants by 43.3% during the 1st quarter. Hanson & Doremus Investment Management now owns 235 shares of the restaurant operator’s stock valued at $36,000 after purchasing an additional 71 shares during the last quarter. Finally, Ellevest Inc. boosted its holdings in shares of Darden Restaurants by 37.1% during the 4th quarter. Ellevest Inc. now owns 270 shares of the restaurant operator’s stock valued at $37,000 after purchasing an additional 73 shares during the last quarter. Hedge funds and other institutional investors own 93.75% of the company’s stock.

Darden Restaurants Stock Performance

Shares of NYSE:DRI opened at $158.47 on Friday. The firm has a market cap of $19.15 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 1.75 and a beta of 1.24. The firm’s 50 day simple moving average is $165.53 and its 200-day simple moving average is $156.55. Darden Restaurants, Inc. has a one year low of $120.20 and a one year high of $173.06. 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 (NYSE:DRI – Get Free Report) last issued its earnings results on Thursday, June 22nd. The restaurant operator reported $2.58 EPS for the quarter, topping analysts’ consensus estimates of $2.54 by $0.04. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.77 billion. Darden Restaurants had a net margin of 9.36% and a return on equity of 47.22%. The company’s quarterly revenue was up 6.4% compared to the same quarter last year. During the same period last year, the company posted $2.24 earnings per share. As a group, equities analysts predict that Darden Restaurants, Inc. will post 8.8 EPS for the current year.

Darden Restaurants Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, August 1st. Investors of record on Monday, July 10th were issued a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a yield of 3.31%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.21. The ex-dividend date of this dividend was Friday, July 7th. Darden Restaurants’s dividend payout ratio (DPR) is presently 65.50%.

Insider Activity at Darden Restaurants

In related news, CEO Ricardo Cardenas sold 23,222 shares of Darden Restaurants stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $170.04, for a total transaction of $3,948,668.88. Following the transaction, the chief executive officer now directly owns 48,007 shares of the company’s stock, valued at $8,163,110.28. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Darden Restaurants news, CEO Ricardo Cardenas sold 23,222 shares of Darden Restaurants stock in a transaction on Monday, July 24th. The shares were sold at an average price of $170.04, for a total value of $3,948,668.88. Following the transaction, the chief executive officer now directly owns 48,007 shares of the company’s stock, valued at $8,163,110.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Eugene I. Lee, Jr. sold 31,818 shares of Darden Restaurants stock in a transaction on Monday, June 26th. The stock was sold at an average price of $160.29, for a total transaction of $5,100,107.22. Following the completion of the transaction, the chairman now directly owns 199,856 shares in the company, valued at $32,034,918.24. The disclosure for this sale can be found here. Insiders have sold a total of 260,775 shares of company stock valued at $43,532,251 over the last ninety days. 0.85% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have commented on DRI. StockNews.com began coverage on shares of Darden Restaurants in a report on Thursday. They set a “hold” rating for the company. Royal Bank of Canada lowered their price target on shares of Darden Restaurants from $185.00 to $183.00 in a report on Friday, June 23rd. VNET Group reaffirmed a “reiterates” rating on shares of Darden Restaurants in a report on Monday, June 26th. BMO Capital Markets increased their price target on shares of Darden Restaurants from $150.00 to $160.00 in a report on Friday, June 23rd. Finally, Bank of America increased their price target on shares of Darden Restaurants from $172.00 to $187.00 in a report on Monday, June 19th. Six equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $168.04.

Check Out Our Latest Stock Report on DRI

Darden Restaurants Company Profile

(Free Report)

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.