State of Alaska Department of Revenue Has $3.01 Million Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

State of Alaska Department of Revenue reduced its stake in Darden Restaurants, Inc. (NYSE:DRIFree Report) by 6.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 18,345 shares of the restaurant operator’s stock after selling 1,365 shares during the period. State of Alaska Department of Revenue’s holdings in Darden Restaurants were worth $3,014,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Darden Restaurants by 7.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,338 shares of the restaurant operator’s stock worth $478,000 after acquiring an additional 224 shares during the period. Invera Wealth Advisors LLC acquired a new position in shares of Darden Restaurants in the fourth quarter worth approximately $1,038,000. American Century Companies Inc. lifted its stake in shares of Darden Restaurants by 21.1% in the third quarter. American Century Companies Inc. now owns 197,738 shares of the restaurant operator’s stock worth $28,320,000 after acquiring an additional 34,478 shares during the period. Wellington Management Group LLP lifted its stake in shares of Darden Restaurants by 0.6% in the third quarter. Wellington Management Group LLP now owns 1,639,513 shares of the restaurant operator’s stock worth $234,811,000 after acquiring an additional 9,232 shares during the period. Finally, AEGON ASSET MANAGEMENT UK Plc acquired a new position in shares of Darden Restaurants in the fourth quarter worth approximately $45,321,000. 93.64% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on DRI. Morgan Stanley cut their price objective on Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating on the stock in a research note on Friday, March 22nd. Guggenheim boosted their price target on Darden Restaurants from $180.00 to $185.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Wedbush dropped their price target on Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating on the stock in a research note on Friday, March 22nd. StockNews.com lowered Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Finally, Truist Financial reissued a “buy” rating and issued a $190.00 price target on shares of Darden Restaurants in a research note on Friday, March 22nd. Four investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $178.85.

View Our Latest Stock Report on Darden Restaurants

Darden Restaurants Trading Down 0.6 %

Shares of Darden Restaurants stock opened at $162.97 on Thursday. The stock has a fifty day simple moving average of $167.59 and a 200 day simple moving average of $157.86. Darden Restaurants, Inc. has a 12-month low of $133.36 and a 12-month high of $176.84. The company has a market capitalization of $19.46 billion, a P/E ratio of 19.10, a price-to-earnings-growth ratio of 1.84 and a beta of 1.25. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63.

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

Darden Restaurants Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be paid a $1.31 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a yield of 3.22%. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

Darden Restaurants announced that its Board of Directors has initiated a share buyback plan on Thursday, March 21st that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the restaurant operator to reacquire up to 5% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Darden Restaurants

In other news, insider Melvin John Martin sold 7,673 shares of the stock in a transaction on 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 completion of the transaction, the insider now owns 17,208 shares in the company, valued at approximately $2,848,268.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Darden Restaurants news, SVP Matthew R. Broad sold 6,831 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $163.26, for a total value of $1,115,229.06. Following the completion of the transaction, the senior vice president now owns 19,141 shares in the company, valued at approximately $3,124,959.66. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction dated Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total value of $1,270,034.96. Following the completion of the transaction, the insider now 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. Insiders sold 18,340 shares of company stock worth $3,013,601 in the last quarter. 0.85% of the stock is currently owned by company insiders.

Darden Restaurants Company Profile

(Free Report)

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.

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

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