Darden Restaurants, Inc. (NYSE:DRI) Shares Acquired by DnB Asset Management AS

DnB Asset Management AS lifted its position in shares of Darden Restaurants, Inc. (NYSE:DRIGet Rating) by 2.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 27,835 shares of the restaurant operator’s stock after buying an additional 786 shares during the quarter. DnB Asset Management AS’s holdings in Darden Restaurants were worth $3,149,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Fulton Bank N.A. raised its stake in shares of Darden Restaurants by 3.4% during the 2nd quarter. Fulton Bank N.A. now owns 29,143 shares of the restaurant operator’s stock worth $3,297,000 after buying an additional 957 shares during the last quarter. Insight Wealth Strategies LLC raised its stake in shares of Darden Restaurants by 13.2% during the 2nd quarter. Insight Wealth Strategies LLC now owns 14,033 shares of the restaurant operator’s stock worth $1,587,000 after buying an additional 1,632 shares during the last quarter. Amalgamated Bank increased its position in Darden Restaurants by 0.6% during the 1st quarter. Amalgamated Bank now owns 33,761 shares of the restaurant operator’s stock worth $4,489,000 after purchasing an additional 204 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Darden Restaurants by 6.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 34,272 shares of the restaurant operator’s stock worth $4,556,000 after purchasing an additional 1,987 shares in the last quarter. Finally, Gradient Investments LLC increased its position in Darden Restaurants by 6.9% during the 1st quarter. Gradient Investments LLC now owns 92,617 shares of the restaurant operator’s stock worth $12,313,000 after purchasing an additional 5,960 shares in the last quarter. Institutional investors and hedge funds own 89.62% of the company’s stock.

Insider Activity

In related news, Director Nana Mensah sold 567 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $117.03, for a total transaction of $66,356.01. Following the transaction, the director now directly owns 10 shares of the company’s stock, valued at approximately $1,170.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Timothy J. Wilmott purchased 10,000 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, June 28th. The shares were purchased at an average cost of $120.00 per share, with a total value of $1,200,000.00. Following the transaction, the director now owns 27,094 shares of the company’s stock, valued at approximately $3,251,280. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Nana Mensah sold 567 shares of the business’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $117.03, for a total value of $66,356.01. Following the transaction, the director now directly owns 10 shares in the company, valued at $1,170.30. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on DRI shares. MKM Partners dropped their price objective on Darden Restaurants from $165.00 to $150.00 and set a “buy” rating for the company in a research report on Tuesday, June 14th. Royal Bank of Canada dropped their price objective on Darden Restaurants from $151.00 to $143.00 and set an “outperform” rating for the company in a research report on Friday, June 24th. UBS Group dropped their price objective on Darden Restaurants from $172.00 to $155.00 in a research report on Friday, June 17th. Deutsche Bank Aktiengesellschaft lifted their price objective on Darden Restaurants from $124.00 to $131.00 in a research report on Wednesday, September 7th. Finally, Stifel Nicolaus restated a “buy” rating on shares of Darden Restaurants in a report on Friday, June 24th. Four research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $143.62.

Darden Restaurants Stock Performance

NYSE DRI opened at $132.75 on Wednesday. The firm has a market capitalization of $16.45 billion, a P/E ratio of 17.94, a P/E/G ratio of 1.71 and a beta of 1.30. Darden Restaurants, Inc. has a 1-year low of $110.96 and a 1-year high of $164.28. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.64 and a quick ratio of 0.49. The business’s 50-day simple moving average is $126.06 and its 200-day simple moving average is $125.43.

Darden Restaurants (NYSE:DRIGet Rating) last released its quarterly earnings data on Thursday, June 23rd. The restaurant operator reported $2.24 earnings per share for the quarter, beating the consensus estimate of $2.21 by $0.03. The business had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.54 billion. Darden Restaurants had a return on equity of 39.05% and a net margin of 9.89%. Equities analysts predict that Darden Restaurants, Inc. will post 7.7 EPS for the current year.

Darden Restaurants declared that its board has approved a stock repurchase program on Thursday, June 23rd that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the restaurant operator to purchase up to 6.6% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.

Darden Restaurants Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 8th were paid a $1.21 dividend. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.10. This represents a $4.84 annualized dividend and a dividend yield of 3.65%. The ex-dividend date was Thursday, July 7th. Darden Restaurants’s payout ratio is currently 65.41%.

About Darden Restaurants

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Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 546 under the LongHorn Steakhouse brand name, 172 under the Cheddar's Scratch Kitchen brand, 85 under the Yard House brand name, 62 under The Capital Grille brand, 45 under the Seasons 52 brand name, 42 under the Bahama Breeze brand, 28 under the Eddie V's Prime Seafood brand name, and 3 under the Capital Burger brand; and franchised 60 restaurants comprising 35 under the Olive Garden brand, 18 under the LongHorn Steakhouse brand name, 4 under the Cheddar's Scratch Kitchen brand, 2 under The Capital Grille brand name, and 1 under the Bahama Breeze brand.Darden Restaurants, Inc was founded in 1968 and is based in Orlando, Florida.

See Also

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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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