SageView Advisory Group LLC Increases Holdings in Darden Restaurants, Inc. (NYSE:DRI)

SageView Advisory Group LLC boosted its position in Darden Restaurants, Inc. (NYSE:DRIFree Report) by 35.3% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,272 shares of the restaurant operator’s stock after purchasing an additional 854 shares during the period. SageView Advisory Group LLC’s holdings in Darden Restaurants were worth $536,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Darden Restaurants by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,576,948 shares of the restaurant operator’s stock worth $369,070,000 after buying an additional 52,864 shares during the last quarter. Raymond James & Associates raised its position in Darden Restaurants by 7.3% during the fourth quarter. Raymond James & Associates now owns 1,968,301 shares of the restaurant operator’s stock worth $323,392,000 after acquiring an additional 134,098 shares during the last quarter. Morgan Stanley lifted its holdings in shares of Darden Restaurants by 13.8% in the third quarter. Morgan Stanley now owns 1,669,789 shares of the restaurant operator’s stock valued at $239,148,000 after purchasing an additional 202,139 shares in the last quarter. Wellington Management Group LLP grew its position 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 valued at $234,811,000 after purchasing an additional 9,232 shares during the last quarter. Finally, Invesco Ltd. increased its stake in shares of Darden Restaurants by 27.0% during the 3rd quarter. Invesco Ltd. now owns 1,602,543 shares of the restaurant operator’s stock worth $229,516,000 after purchasing an additional 340,467 shares in the last quarter. 93.64% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Darden Restaurants

In other news, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction dated 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 of the company’s stock, valued at $2,994,800.85. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director William S. Simon sold 1,219 shares of Darden Restaurants 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 of the company’s stock, valued at $993,717.01. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP Matthew R. Broad sold 4,707 shares of the firm’s stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $156.15, for a total transaction of $734,998.05. Following the sale, the senior vice president now owns 19,179 shares of the company’s stock, valued at $2,994,800.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,599 shares of company stock valued at $2,197,891. Insiders own 0.85% of the company’s stock.

Darden Restaurants Stock Performance

Darden Restaurants stock opened at $147.60 on Monday. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.39 and a quick ratio of 0.25. The firm’s fifty day moving average price is $156.15 and its 200 day moving average price is $160.49. The company has a market capitalization of $17.62 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 1.63 and a beta of 1.27. Darden Restaurants, Inc. has a 12-month low of $133.36 and a 12-month high of $176.84.

Darden Restaurants (NYSE:DRIGet Free Report) last released its quarterly earnings results on Thursday, March 21st. The restaurant operator reported $2.62 EPS 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 analyst estimates of $3.02 billion. During the same quarter last year, the firm posted $2.34 EPS. The company’s revenue was up 6.8% compared to the same quarter last year. On average, research analysts forecast that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants announced that its Board of Directors has approved a stock buyback program on Thursday, March 21st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to buy up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

Darden Restaurants Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were issued a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a yield of 3.55%. The ex-dividend date was Tuesday, April 9th. Darden Restaurants’s dividend payout ratio is currently 61.43%.

Wall Street Analysts Forecast Growth

DRI has been the subject of several analyst reports. Bank of America boosted their target price on shares of Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Guggenheim increased their price target on Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. BTIG Research raised Darden Restaurants from a “neutral” rating to a “buy” rating and set a $175.00 price objective for the company in a research report on Friday, May 17th. Truist Financial reiterated a “buy” rating and set a $190.00 target price on shares of Darden Restaurants in a research report on Friday, March 22nd. Finally, Morgan Stanley dropped their price objective on shares of Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $178.67.

View Our Latest Research Report on Darden Restaurants

Darden Restaurants 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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