Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its stake in shares of Darden Restaurants, Inc. (NYSE:DRIGet Rating) by 4.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 70,696 shares of the restaurant operator’s stock after selling 3,645 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of Darden Restaurants worth $8,929,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. PSI Advisors LLC increased its holdings in Darden Restaurants by 571.4% during the 2nd quarter. PSI Advisors LLC now owns 235 shares of the restaurant operator’s stock worth $27,000 after purchasing an additional 200 shares during the period. Heritage Wealth Management LLC acquired a new position in shares of Darden Restaurants during the second quarter worth about $31,000. Selective Wealth Management Inc. increased its stake in shares of Darden Restaurants by 618.2% during the second quarter. Selective Wealth Management Inc. now owns 316 shares of the restaurant operator’s stock worth $36,000 after buying an additional 272 shares during the period. First Community Trust NA raised its holdings in Darden Restaurants by 61.5% in the second quarter. First Community Trust NA now owns 323 shares of the restaurant operator’s stock valued at $37,000 after acquiring an additional 123 shares in the last quarter. Finally, Charter Oak Capital Management LLC purchased a new position in Darden Restaurants in the second quarter worth approximately $40,000. 89.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. KeyCorp raised their price objective on shares of Darden Restaurants from $150.00 to $160.00 in a report on Friday, December 9th. Raymond James lifted their price target on Darden Restaurants from $136.00 to $160.00 and gave the stock an “outperform” rating in a report on Friday, December 2nd. Stephens increased their price objective on Darden Restaurants from $140.00 to $150.00 and gave the company an “overweight” rating in a report on Monday, December 19th. Barclays boosted their target price on Darden Restaurants from $148.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, January 5th. Finally, Robert W. Baird downgraded Darden Restaurants from an “outperform” rating to a “neutral” rating and upped their price target for the company from $134.00 to $150.00 in a report on Tuesday, November 29th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $150.91.

Insider Transactions at Darden Restaurants

In related news, SVP Matthew R. Broad sold 3,516 shares of the firm’s stock in a transaction dated Tuesday, October 18th. The shares were sold at an average price of $132.73, for a total value of $466,678.68. Following the completion of the sale, the senior vice president now owns 16,893 shares in the company, valued at $2,242,207.89. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, SVP Matthew R. Broad sold 3,516 shares of the firm’s stock in a transaction that occurred on Tuesday, October 18th. The stock was sold at an average price of $132.73, for a total value of $466,678.68. Following the completion of the sale, the senior vice president now directly owns 16,893 shares of the company’s stock, valued at approximately $2,242,207.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Melvin John Martin sold 2,000 shares of Darden Restaurants stock in a transaction that occurred on Wednesday, January 4th. The shares were sold at an average price of $141.95, for a total value of $283,900.00. Following the completion of the sale, the insider now owns 12,364 shares in the company, valued at $1,755,069.80. The disclosure for this sale can be found here. Insiders have sold a total of 22,491 shares of company stock worth $3,165,962 over the last ninety days. 0.93% of the stock is currently owned by company insiders.

Darden Restaurants Price Performance

Darden Restaurants stock opened at $149.80 on Friday. The business has a 50 day simple moving average of $143.54 and a 200-day simple moving average of $132.87. Darden Restaurants, Inc. has a 12 month low of $110.96 and a 12 month high of $152.08. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.47 and a quick ratio of 0.31. The stock has a market capitalization of $18.23 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 1.94 and a beta of 1.21.

Darden Restaurants Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th will be issued a $1.21 dividend. This represents a $4.84 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Monday, January 9th. Darden Restaurants’s payout ratio is 66.76%.

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.

Further Reading

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

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