Mackenzie Financial Corp Has $2.97 Million Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

Mackenzie Financial Corp increased its position in shares of Darden Restaurants, Inc. (NYSE:DRIGet Rating) by 3.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 26,210 shares of the restaurant operator’s stock after buying an additional 789 shares during the quarter. Mackenzie Financial Corp’s holdings in Darden Restaurants were worth $2,965,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in DRI. Atria Investments LLC raised its stake in shares of Darden Restaurants by 9.6% in the first quarter. Atria Investments LLC now owns 8,835 shares of the restaurant operator’s stock worth $1,175,000 after purchasing an additional 772 shares during the last quarter. DAVENPORT & Co LLC raised its stake in shares of Darden Restaurants by 5.0% in the first quarter. DAVENPORT & Co LLC now owns 1,957 shares of the restaurant operator’s stock worth $260,000 after purchasing an additional 94 shares during the last quarter. Metis Global Partners LLC purchased a new stake in shares of Darden Restaurants in the first quarter worth approximately $274,000. Arizona State Retirement System raised its stake in shares of Darden Restaurants by 1.8% in the first quarter. Arizona State Retirement System now owns 36,127 shares of the restaurant operator’s stock worth $4,803,000 after purchasing an additional 645 shares during the last quarter. Finally, Versor Investments LP raised its stake in shares of Darden Restaurants by 49.7% in the first quarter. Versor Investments LP now owns 9,132 shares of the restaurant operator’s stock worth $1,214,000 after purchasing an additional 3,032 shares during the last quarter. 89.62% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Nana Mensah sold 1,000 shares of the stock in a transaction on Tuesday, October 11th. The stock was sold at an average price of $128.47, for a total value of $128,470.00. Following the sale, the director now owns 74 shares in the company, valued at $9,506.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Darden Restaurants news, SVP Sarah H. King sold 6,795 shares of the firm’s stock in a transaction dated Friday, October 14th. The stock was sold at an average price of $131.59, for a total transaction of $894,154.05. Following the sale, the senior vice president now owns 1,174 shares in the company, valued at $154,486.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Nana Mensah sold 1,000 shares of the firm’s stock in a transaction dated Tuesday, October 11th. The shares were sold at an average price of $128.47, for a total value of $128,470.00. Following the sale, the director now owns 74 shares in the company, valued at approximately $9,506.78. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 45,057 shares of company stock worth $6,092,586. Corporate insiders own 0.93% of the company’s stock.

Darden Restaurants Price Performance

Darden Restaurants stock opened at $146.70 on Tuesday. Darden Restaurants, Inc. has a one year low of $110.96 and a one year high of $155.25. The business has a fifty day moving average price of $134.51 and a 200-day moving average price of $126.75. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.52 and a quick ratio of 0.37. The firm has a market capitalization of $17.95 billion, a P/E ratio of 20.35, a PEG ratio of 1.94 and a beta of 1.23.

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

Darden Restaurants Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Monday, October 10th were given a $1.21 dividend. The ex-dividend date was Friday, October 7th. This represents a $4.84 dividend on an annualized basis and a dividend yield of 3.30%. Darden Restaurants’s dividend payout ratio (DPR) is presently 67.13%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. StockNews.com raised Darden Restaurants from a “hold” rating to a “buy” rating in a research note on Thursday, October 20th. KeyCorp increased their price target on Darden Restaurants from $136.00 to $150.00 and gave the company an “overweight” rating in a research report on Thursday, October 6th. Truist Financial increased their price target on Darden Restaurants from $136.00 to $142.00 in a research report on Friday, September 23rd. Royal Bank of Canada increased their price target on Darden Restaurants from $143.00 to $144.00 and gave the company an “outperform” rating in a research report on Friday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Darden Restaurants from $131.00 to $129.00 and set a “hold” rating for the company in a research report on Friday, September 23rd. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, Darden Restaurants has an average rating of “Moderate Buy” and a consensus price target of $144.10.

About Darden Restaurants

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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.

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

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