Cerity Partners LLC Invests $279,000 in Darden Restaurants, Inc. (NYSE:DRI)

Cerity Partners LLC bought a new position in Darden Restaurants, Inc. (NYSE:DRIGet Rating) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor bought 2,465 shares of the restaurant operator’s stock, valued at approximately $279,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Princeton Global Asset Management LLC purchased a new stake in shares of Darden Restaurants in the 1st quarter worth about $27,000. Dravo Bay LLC purchased a new stake in shares of Darden Restaurants in the 1st quarter worth about $27,000. PSI Advisors LLC grew its position in shares of Darden Restaurants by 571.4% in the 2nd quarter. PSI Advisors LLC now owns 235 shares of the restaurant operator’s stock worth $27,000 after buying an additional 200 shares during the period. Prospera Financial Services Inc purchased a new stake in shares of Darden Restaurants in the 1st quarter worth about $33,000. Finally, Selective Wealth Management Inc. grew its position in Darden Restaurants by 618.2% during the 2nd quarter. Selective Wealth Management Inc. now owns 316 shares of the restaurant operator’s stock valued at $36,000 after purchasing an additional 272 shares during the last quarter. 89.62% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, Chairman Eugene I. Lee, Jr. sold 19,000 shares of Darden Restaurants stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $132.75, for a total transaction of $2,522,250.00. Following the sale, the chairman now owns 203,480 shares in the company, valued at $27,011,970. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, insider Daniel J. Kiernan sold 10,290 shares of Darden Restaurants stock in a transaction that occurred on Friday, October 28th. The shares were sold at an average price of $140.53, for a total transaction of $1,446,053.70. Following the sale, the insider now owns 16,043 shares in the company, valued at $2,254,522.79. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Eugene I. Lee, Jr. sold 19,000 shares of Darden Restaurants stock in a transaction that occurred on Friday, October 14th. The shares were sold at an average price of $132.75, for a total transaction of $2,522,250.00. Following the sale, the chairman now owns 203,480 shares in the company, valued at approximately $27,011,970. The disclosure for this sale can be found here. Insiders have sold a total of 45,057 shares of company stock worth $6,092,586 over the last quarter. Insiders own 0.93% of the company’s stock.

Darden Restaurants Price Performance

NYSE DRI opened at $146.70 on Tuesday. Darden Restaurants, Inc. has a 12 month low of $110.96 and a 12 month high of $155.25. The stock has a market cap of $17.95 billion, a price-to-earnings ratio of 20.35, a PEG ratio of 1.94 and a beta of 1.23. The company’s 50 day moving average is $134.51 and its two-hundred day moving average is $126.75. The company has a current ratio of 0.52, a quick ratio of 0.37 and a debt-to-equity ratio of 0.43.

Darden Restaurants (NYSE:DRIGet Rating) last released its earnings results on Thursday, September 22nd. The restaurant operator reported $1.56 EPS for the quarter, hitting analysts’ consensus estimates of $1.56. Darden Restaurants had a net margin of 9.36% and a return on equity of 40.33%. The company had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.47 billion. During the same quarter last year, the business earned $1.76 EPS. The firm’s revenue was up 6.1% compared to the same quarter last year. As a group, research analysts anticipate that Darden Restaurants, Inc. will post 7.68 earnings per share for the current year.

Darden Restaurants Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th were given a dividend of $1.21 per share. This represents a $4.84 annualized dividend and a dividend yield of 3.30%. The ex-dividend date was Friday, October 7th. Darden Restaurants’s payout ratio is currently 67.13%.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on DRI. Truist Financial increased their price objective on shares of Darden Restaurants from $136.00 to $142.00 in a research report on Friday, September 23rd. Citigroup increased their price objective on shares of Darden Restaurants from $140.00 to $156.00 and gave the company a “buy” rating in a research report on Monday, September 12th. Barclays cut their price objective on shares of Darden Restaurants from $137.00 to $136.00 in a research report on Friday, September 23rd. StockNews.com raised shares of Darden Restaurants from a “hold” rating to a “buy” rating in a research report on Thursday, October 20th. Finally, Wedbush raised their price target on shares of Darden Restaurants from $122.00 to $134.00 and gave the company a “neutral” rating in a report on Thursday, September 22nd. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, Darden Restaurants presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.10.

Darden Restaurants Company Profile

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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.

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

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