abrdn plc Has $8.31 Million Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

abrdn plc raised its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 70.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 50,605 shares of the restaurant operator’s stock after purchasing an additional 20,871 shares during the period. abrdn plc’s holdings in Darden Restaurants were worth $8,314,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new position in Darden Restaurants during the fourth quarter valued at approximately $29,000. Hartford Financial Management Inc. raised its position in Darden Restaurants by 65.1% during the fourth 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 in the last quarter. Tennessee Valley Asset Management Partners acquired a new position in Darden Restaurants during the fourth quarter valued at approximately $33,000. McGlone Suttner Wealth Management Inc. acquired a new position in Darden Restaurants during the fourth quarter valued at approximately $35,000. Finally, BKM Wealth Management LLC acquired a new position in shares of Darden Restaurants during the fourth quarter worth $41,000. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Darden Restaurants Stock Performance

Shares of DRI opened at $156.10 on Friday. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63. The stock has a market capitalization of $18.63 billion, a P/E ratio of 18.30, a price-to-earnings-growth ratio of 1.72 and a beta of 1.25. The firm’s fifty day simple moving average is $164.55 and its two-hundred day simple moving average is $159.23. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results on Thursday, March 21st. The restaurant operator reported $2.62 EPS for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.02 billion. Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The business’s revenue was up 6.8% compared to the same quarter last year. During the same period last year, the company posted $2.34 EPS. As a group, analysts predict that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants announced that its board has authorized a share buyback program on Thursday, March 21st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the restaurant operator to buy up to 5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Darden Restaurants Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be given a dividend of $1.31 per share. The ex-dividend date is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.36%. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

Insider Transactions at Darden Restaurants

In other news, SVP Matthew R. Broad sold 6,831 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total transaction of $1,115,229.06. Following the transaction, the senior vice president now owns 19,141 shares of the company’s stock, valued at approximately $3,124,959.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, SVP Matthew R. Broad sold 6,831 shares of the stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total transaction of $1,115,229.06. Following the transaction, the senior vice president now owns 19,141 shares of the company’s stock, valued at approximately $3,124,959.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William S. Simon sold 1,219 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $158.21, for a total transaction of $192,857.99. Following the transaction, the director now directly owns 6,281 shares in the company, valued at approximately $993,717.01. The disclosure for this sale can be found here. Insiders have sold 20,430 shares of company stock valued at $3,313,120 in the last 90 days. 0.85% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wedbush lowered their price target on shares of Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Stephens assumed coverage on shares of Darden Restaurants in a report on Friday, April 12th. They set an “equal weight” rating and a $170.00 price target for the company. Truist Financial reiterated a “buy” rating and set a $190.00 price target on shares of Darden Restaurants in a report on Friday, March 22nd. Bank of America upped their price target on shares of Darden Restaurants from $193.00 to $198.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, JPMorgan Chase & Co. upped their price target on shares of Darden Restaurants from $170.00 to $180.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, Darden Restaurants has an average rating of “Moderate Buy” and a consensus target price of $178.85.

Darden Restaurants Profile

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.