SeaCrest Wealth Management LLC Acquires New Position in Darden Restaurants, Inc. (NYSE:DRI)

SeaCrest Wealth Management LLC bought a new position in shares of Darden Restaurants, Inc. (NYSE:DRIGet Rating) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 1,112 shares of the restaurant operator’s stock, valued at approximately $126,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Princeton Global Asset Management LLC bought a new position in Darden Restaurants during the 1st quarter worth approximately $27,000. Dravo Bay LLC bought a new position in shares of Darden Restaurants during the first quarter worth $27,000. PSI Advisors LLC boosted its position in shares of Darden Restaurants by 571.4% during the second quarter. PSI Advisors LLC now owns 235 shares of the restaurant operator’s stock worth $27,000 after purchasing an additional 200 shares in the last quarter. Prospera Financial Services Inc acquired a new position in shares of Darden Restaurants in the 1st quarter valued at $33,000. Finally, Tompkins Financial Corp increased its position in shares of Darden Restaurants by 51.0% in the 1st quarter. Tompkins Financial Corp now owns 308 shares of the restaurant operator’s stock valued at $41,000 after buying an additional 104 shares in the last quarter. Institutional investors own 89.62% of the company’s stock.

Insider Buying and Selling at Darden Restaurants

In other news, insider Daniel J. Kiernan sold 10,290 shares of the stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $140.53, for a total value of $1,446,053.70. Following the transaction, the insider now directly owns 16,043 shares of the company’s stock, valued at $2,254,522.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Darden Restaurants news, insider Daniel J. Kiernan sold 10,290 shares of the stock in a transaction dated Friday, October 28th. The shares were sold at an average price of $140.53, for a total value of $1,446,053.70. Following the transaction, the insider now directly owns 16,043 shares of the company’s stock, valued at approximately $2,254,522.79. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Nana Mensah sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 11th. The stock was sold at an average price of $128.47, for a total transaction of $128,470.00. Following the sale, the director now owns 74 shares of the company’s stock, valued at $9,506.78. The disclosure for this sale can be found here. Insiders sold 45,057 shares of company stock valued at $6,092,586 in the last quarter. 0.93% of the stock is currently owned by insiders.

Darden Restaurants Stock Performance

Shares of DRI stock opened at $145.43 on Thursday. The company has a fifty day moving average price of $133.62 and a two-hundred day moving average price of $126.44. Darden Restaurants, Inc. has a one year low of $110.96 and a one year high of $155.25. The stock has a market cap of $17.80 billion, a P/E ratio of 20.17, a P/E/G ratio of 1.86 and a beta of 1.23. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.52 and a quick ratio of 0.37.

Darden Restaurants (NYSE:DRIGet Rating) last issued its earnings results on Thursday, September 22nd. The restaurant operator reported $1.56 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.56. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.47 billion. Darden Restaurants had a net margin of 9.36% and a return on equity of 40.33%. Darden Restaurants’s revenue was up 6.1% on a year-over-year basis. During the same period last year, the business posted $1.76 EPS. As a group, equities analysts predict that Darden Restaurants, Inc. will post 7.68 EPS for the current year.

Darden Restaurants Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th were issued a dividend of $1.21 per share. This represents a $4.84 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend was Friday, October 7th. Darden Restaurants’s dividend payout ratio is 67.13%.

Wall Street Analysts Forecast Growth

DRI has been the subject of a number of research analyst reports. Citigroup boosted their target price on Darden Restaurants from $140.00 to $156.00 and gave the company a “buy” rating in a research note on Monday, September 12th. Truist Financial raised their target price on shares of Darden Restaurants from $136.00 to $142.00 in a report on Friday, September 23rd. Wedbush upped their price target on shares of Darden Restaurants from $122.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, September 22nd. Stephens initiated coverage on shares of Darden Restaurants in a report on Thursday, September 22nd. They set an “overweight” rating and a $140.00 price objective on the stock. Finally, StockNews.com upgraded Darden Restaurants from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $144.10.

Darden Restaurants Profile

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Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 546 under the LongHorn Steakhouse brand name, 172 under the Cheddar's Scratch Kitchen brand, 85 under the Yard House brand name, 62 under The Capital Grille brand, 45 under the Seasons 52 brand name, 42 under the Bahama Breeze brand, 28 under the Eddie V's Prime Seafood brand name, and 3 under the Capital Burger brand; and franchised 60 restaurants comprising 35 under the Olive Garden brand, 18 under the LongHorn Steakhouse brand name, 4 under the Cheddar's Scratch Kitchen brand, 2 under The Capital Grille brand name, and 1 under the Bahama Breeze brand.Darden Restaurants, Inc was founded in 1968 and is based in Orlando, Florida.

Further Reading

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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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