Darden Restaurants, Inc. (NYSE:DRI) Shares Acquired by Dakota Wealth Management

Dakota Wealth Management raised its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 27.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,171 shares of the restaurant operator’s stock after acquiring an additional 3,296 shares during the period. Dakota Wealth Management’s holdings in Darden Restaurants were worth $2,493,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Quarry LP lifted its stake in Darden Restaurants by 980.0% during the 2nd quarter. Quarry LP now owns 162 shares of the restaurant operator’s stock valued at $27,000 after acquiring an additional 147 shares during the period. Fortitude Family Office LLC acquired a new position in shares of Darden Restaurants in the 4th quarter valued at $29,000. Hartford Financial Management Inc. lifted its stake in shares of Darden Restaurants by 65.1% in the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after purchasing an additional 71 shares during the period. Tennessee Valley Asset Management Partners acquired a new position in shares of Darden Restaurants in the 4th quarter valued at $33,000. Finally, Resurgent Financial Advisors LLC acquired a new position in shares of Darden Restaurants in the 4th quarter valued at $29,000. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Darden Restaurants Price Performance

Darden Restaurants stock opened at $154.10 on Wednesday. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63. Darden Restaurants, Inc. has a 52-week low of $133.36 and a 52-week high of $176.84. The company has a fifty day simple moving average of $166.11 and a 200-day simple moving average of $158.66. The firm has a market capitalization of $18.39 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 1.69 and a beta of 1.25.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3.02 billion. During the same period in the prior year, the company posted $2.34 EPS. The company’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities analysts anticipate that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be issued a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio is currently 61.43%.

Darden Restaurants declared that its Board of Directors has authorized a stock buyback program on Thursday, March 21st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the restaurant operator to reacquire up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on DRI shares. Barclays boosted their target price on shares of Darden Restaurants from $180.00 to $187.00 and gave the company an “overweight” rating in a research note on Wednesday, January 3rd. Wedbush decreased their target price on shares of Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating for the company in a research note on Friday, March 22nd. Truist Financial reiterated a “buy” rating and issued a $190.00 target price on shares of Darden Restaurants in a research note on Friday, March 22nd. Morgan Stanley decreased their target price on shares of Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, March 22nd. Finally, Oppenheimer decreased their target price on shares of Darden Restaurants from $186.00 to $182.00 and set an “outperform” rating for the company in a research note on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $178.85.

Insider Activity at Darden Restaurants

In related news, Director William S. Simon sold 1,219 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $158.21, for a total value of $192,857.99. Following the completion of the sale, the director now owns 6,281 shares of the company’s stock, valued at $993,717.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director William S. Simon sold 1,219 shares of the company’s stock in a transaction dated Monday, April 8th. The shares were sold at an average price of $158.21, for a total value of $192,857.99. Following the completion of the sale, the director now owns 6,281 shares of the company’s stock, valued at $993,717.01. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Melvin John Martin sold 7,673 shares of the stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the transaction, the insider now directly owns 17,208 shares of the company’s stock, valued at approximately $2,848,268.16. The disclosure for this sale can be found here. Over the last quarter, insiders sold 15,723 shares of company stock valued at $2,578,122. 0.85% of the stock is owned by company insiders.

About Darden Restaurants

Darden Restaurants, Inc, together with 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 brand names.