Federated Hermes Inc. Sells 2,896 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Federated Hermes Inc. reduced its stake in Darden Restaurants, Inc. (NYSE:DRI) by 20.0% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,616 shares of the restaurant operator’s stock after selling 2,896 shares during the quarter. Federated Hermes Inc.’s holdings in Darden Restaurants were worth $1,909,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Fortitude Family Office LLC bought a new stake in Darden Restaurants during the 4th quarter worth about $29,000. Hartford Financial Management Inc. lifted its position in Darden Restaurants by 65.1% during the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock worth $30,000 after buying an additional 71 shares in the last quarter. Tennessee Valley Asset Management Partners bought a new stake in Darden Restaurants during the 4th quarter worth about $33,000. McGlone Suttner Wealth Management Inc. bought a new stake in Darden Restaurants during the 4th quarter worth about $35,000. Finally, Ancora Advisors LLC increased its stake in shares of Darden Restaurants by 324.2% during the 3rd quarter. Ancora Advisors LLC now owns 280 shares of the restaurant operator’s stock worth $40,000 after purchasing an additional 214 shares during the last quarter. 93.64% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

DRI has been the topic of several recent analyst reports. TD Cowen restated a “buy” rating and set a $190.00 price objective on shares of Darden Restaurants in a research note on Monday, April 22nd. Bank of America boosted their price objective on shares of Darden Restaurants from $193.00 to $198.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Stephens initiated coverage on shares of Darden Restaurants in a research note on Friday, April 12th. They set an “equal weight” rating and a $170.00 price objective on the stock. Truist Financial restated a “buy” rating and set a $190.00 price objective on shares of Darden Restaurants in a research note on Friday, March 22nd. Finally, Guggenheim boosted their price objective on shares of Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Darden Restaurants has an average rating of “Moderate Buy” and a consensus target price of $178.85.

Insiders Place Their Bets

In other Darden Restaurants news, SVP Matthew R. Broad sold 6,831 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was 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 in the company, valued at approximately $3,124,959.66. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, insider Melvin John Martin sold 7,673 shares of the business’s 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 sale, the insider now owns 17,208 shares in the company, valued at approximately $2,848,268.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Matthew R. Broad sold 6,831 shares of the business’s stock in a transaction on 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 sale, the senior vice president now owns 19,141 shares in the company, valued at approximately $3,124,959.66. The disclosure for this sale can be found here. Insiders have sold a total of 20,430 shares of company stock worth $3,313,120 in the last 90 days. Company insiders own 0.85% of the company’s stock.

Darden Restaurants Stock Down 0.3 %

Shares of DRI opened at $156.10 on Monday. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The firm’s 50 day moving average is $164.55 and its 200-day moving average is $159.53. The stock has a market capitalization of $18.63 billion, a PE ratio of 18.30, a P/E/G ratio of 1.72 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:DRI) last posted its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 EPS for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the business earned $2.34 EPS. Darden Restaurants’s revenue was up 6.8% on a year-over-year basis. Equities research analysts forecast that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants Announces Dividend

The business 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 dividend of $1.31 per share. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a yield of 3.36%. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

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

Darden Restaurants Company 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.