1832 Asset Management L.P. Sells 2,228 Shares of Darden Restaurants, Inc. (NYSE:DRI)

1832 Asset Management L.P. reduced its position in Darden Restaurants, Inc. (NYSE:DRIFree Report) by 13.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 13,872 shares of the restaurant operator’s stock after selling 2,228 shares during the quarter. 1832 Asset Management L.P.’s holdings in Darden Restaurants were worth $2,279,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of DRI. Atria Wealth Solutions Inc. lifted its position in Darden Restaurants by 1.4% during the third quarter. Atria Wealth Solutions Inc. now owns 9,067 shares of the restaurant operator’s stock valued at $1,299,000 after purchasing an additional 128 shares during the last quarter. Janney Montgomery Scott LLC lifted its position in Darden Restaurants by 16.9% during the third quarter. Janney Montgomery Scott LLC now owns 20,583 shares of the restaurant operator’s stock valued at $2,948,000 after purchasing an additional 2,981 shares during the last quarter. Pathstone Family Office LLC lifted its position in Darden Restaurants by 59.5% during the third quarter. Pathstone Family Office LLC now owns 7,250 shares of the restaurant operator’s stock valued at $1,038,000 after purchasing an additional 2,705 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Darden Restaurants by 15.2% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 24,304 shares of the restaurant operator’s stock valued at $3,481,000 after purchasing an additional 3,214 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in Darden Restaurants during the third quarter valued at approximately $110,000. 93.64% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Melvin John Martin sold 7,673 shares of the stock in a transaction dated Wednesday, March 27th. The shares were 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 directly owns 17,208 shares in the company, valued at approximately $2,848,268.16. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related 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 sale, the senior vice president now directly owns 19,179 shares of the company’s stock, valued at approximately $2,994,800.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Melvin John Martin sold 7,673 shares of the stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the sale, the insider now directly owns 17,208 shares in the company, valued at $2,848,268.16. The disclosure for this sale can be found here. Insiders sold a total of 13,599 shares of company stock worth $2,197,891 in the last three months. 0.85% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Bank of America lifted their target price on shares of Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a research report on Monday, March 18th. BTIG Research upgraded shares of Darden Restaurants from a “neutral” rating to a “buy” rating and set a $175.00 price objective for the company in a report on Friday, May 17th. JPMorgan Chase & Co. lowered their price objective on shares of Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating for the company in a report on Tuesday, May 28th. Stifel Nicolaus boosted their price objective on shares of Darden Restaurants from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. 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 report on Tuesday, March 19th. Five equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Darden Restaurants currently has an average rating of “Moderate Buy” and a consensus price target of $177.90.

Get Our Latest Stock Report on Darden Restaurants

Darden Restaurants Stock Down 1.0 %

Shares of NYSE DRI opened at $148.54 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. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The firm has a market capitalization of $17.73 billion, a PE ratio of 17.41, a price-to-earnings-growth ratio of 1.53 and a beta of 1.29. The firm has a fifty day simple moving average of $152.42 and a two-hundred day simple moving average of $160.10.

Darden Restaurants (NYSE:DRIGet Free Report) last issued its quarterly earnings data 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 company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the company posted $2.34 earnings per share. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. Equities analysts expect that Darden Restaurants, Inc. will post 8.85 earnings per share for the current year.

Darden Restaurants announced that its Board of Directors has approved a stock buyback plan on Thursday, March 21st that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the restaurant operator to purchase up to 5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Darden Restaurants Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were paid a $1.31 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $5.24 annualized dividend and a dividend yield of 3.53%. Darden Restaurants’s payout ratio is 61.43%.

About Darden Restaurants

(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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