104,698 Shares in Darden Restaurants, Inc. (NYSE:DRI) Acquired by International Assets Investment Management LLC

International Assets Investment Management LLC acquired a new stake in shares of Darden Restaurants, Inc. (NYSE:DRI) in the 4th quarter, HoldingsChannel reports. The firm acquired 104,698 shares of the restaurant operator’s stock, valued at approximately $17,202,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Fortitude Family Office LLC bought a new position in shares of Darden Restaurants in the 4th quarter valued at $29,000. McGlone Suttner Wealth Management Inc. acquired a new stake in Darden Restaurants in the fourth quarter valued at about $35,000. Ancora Advisors LLC grew its position in Darden Restaurants by 324.2% in the third quarter. Ancora Advisors LLC now owns 280 shares of the restaurant operator’s stock valued at $40,000 after acquiring an additional 214 shares during the last quarter. BKM Wealth Management LLC acquired a new position in Darden Restaurants during the fourth quarter worth about $41,000. Finally, Arlington Trust Co LLC bought a new position in shares of Darden Restaurants in the fourth quarter worth about $44,000. 93.64% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wedbush decreased their price target on shares of Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating on the stock in a report on Friday, March 22nd. Stifel Nicolaus boosted their target price on shares of Darden Restaurants from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. 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. Stephens began coverage on Darden Restaurants in a report on Friday, April 12th. They set an “equal weight” rating and a $170.00 price objective on the stock. Finally, Guggenheim boosted their price objective on Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to data from MarketBeat.com, Darden Restaurants currently has a consensus rating of “Moderate Buy” and a consensus target price of $178.85.

Insiders Place Their Bets

In related news, SVP Matthew R. Broad sold 4,707 shares of the business’s stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $156.15, for a total transaction of $734,998.05. Following the transaction, the senior vice president now owns 19,179 shares in the company, valued at approximately $2,994,800.85. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director William S. Simon sold 1,219 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $158.21, for a total transaction of $192,857.99. Following the completion of the sale, the director now owns 6,281 shares in the company, valued at $993,717.01. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $156.15, for a total value of $734,998.05. Following the completion of the transaction, the senior vice president now owns 19,179 shares in the company, valued at $2,994,800.85. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,599 shares of company stock worth $2,197,891. Corporate insiders own 0.85% of the company’s stock.

Darden Restaurants Price Performance

Shares of NYSE DRI opened at $149.25 on Friday. The company has a market capitalization of $17.81 billion, a PE ratio of 17.50, a P/E/G ratio of 1.62 and a beta of 1.27. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63. Darden Restaurants, Inc. has a twelve month low of $133.36 and a twelve month high of $176.84. The firm has a fifty day simple moving average of $163.05 and a 200 day simple moving average of $159.75.

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

Darden Restaurants Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were paid a $1.31 dividend. This represents a $5.24 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend was Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

Darden Restaurants declared that its board has authorized a share repurchase plan on Thursday, March 21st that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the restaurant operator to repurchase up to 5% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

About Darden Restaurants

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.