Principal Financial Group Inc. Sells 962 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Principal Financial Group Inc. decreased its holdings in Darden Restaurants, Inc. (NYSE:DRIGet Rating) by 0.6% during the 2nd quarter, Holdings Channel.com reports. The fund owned 160,106 shares of the restaurant operator’s stock after selling 962 shares during the quarter. Principal Financial Group Inc.’s holdings in Darden Restaurants were worth $18,111,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Cerity Partners LLC bought a new position in Darden Restaurants in the 2nd quarter valued at about $279,000. Mitsubishi UFJ Trust & Banking Corp increased its stake in Darden Restaurants by 15.2% in the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 77,203 shares of the restaurant operator’s stock valued at $8,733,000 after buying an additional 10,215 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in Darden Restaurants in the 2nd quarter valued at about $126,000. Shell Asset Management Co. increased its stake in Darden Restaurants by 15.5% in the 2nd quarter. Shell Asset Management Co. now owns 26,515 shares of the restaurant operator’s stock valued at $2,999,000 after buying an additional 3,553 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in Darden Restaurants by 23.5% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 12,208 shares of the restaurant operator’s stock valued at $1,381,000 after buying an additional 2,325 shares during the last quarter. Institutional investors own 89.62% of the company’s stock.

Insider Buying and Selling at Darden Restaurants

In other Darden Restaurants news, Director Nana Mensah sold 1,000 shares of the firm’s stock in a transaction on Tuesday, October 11th. The shares were sold at an average price of $128.47, for a total value of $128,470.00. Following the completion of the transaction, the director now directly owns 74 shares of the company’s stock, valued at approximately $9,506.78. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, SVP Sarah H. King sold 6,795 shares of Darden Restaurants stock in a transaction on Friday, October 14th. The shares were sold at an average price of $131.59, for a total transaction of $894,154.05. Following the completion of the sale, the senior vice president now directly owns 1,174 shares of the company’s stock, valued at approximately $154,486.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Nana Mensah sold 1,000 shares of Darden Restaurants stock in a transaction on Tuesday, October 11th. The stock was sold at an average price of $128.47, for a total transaction of $128,470.00. Following the sale, the director now directly owns 74 shares of the company’s stock, valued at $9,506.78. The disclosure for this sale can be found here. Insiders sold a total of 45,057 shares of company stock valued at $6,092,586 in the last three months. Company insiders own 0.93% of the company’s stock.

Darden Restaurants Stock Up 0.9 %

Shares of NYSE:DRI opened at $147.99 on Wednesday. The firm has a fifty day moving average price of $134.89 and a two-hundred day moving average price of $126.88. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.52 and a quick ratio of 0.37. Darden Restaurants, Inc. has a one year low of $110.96 and a one year high of $155.25. The company has a market cap of $18.11 billion, a price-to-earnings ratio of 20.53, a PEG ratio of 1.94 and a beta of 1.23.

Darden Restaurants (NYSE:DRIGet Rating) last announced its quarterly earnings results on Thursday, September 22nd. The restaurant operator reported $1.56 EPS for the quarter, meeting the consensus estimate of $1.56. Darden Restaurants had a net margin of 9.36% and a return on equity of 40.33%. The firm had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same period last year, the firm earned $1.76 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. Analysts anticipate that Darden Restaurants, Inc. will post 7.68 EPS for the current fiscal year.

Darden Restaurants Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th were issued a $1.21 dividend. This represents a $4.84 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend was Friday, October 7th. Darden Restaurants’s payout ratio is 67.13%.

Analysts Set New Price Targets

Several research firms have commented on DRI. KeyCorp increased their price objective on shares of Darden Restaurants from $136.00 to $150.00 and gave the company an “overweight” rating in a research note on Thursday, October 6th. 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 note on Monday, September 12th. Barclays decreased their price target on shares of Darden Restaurants from $137.00 to $136.00 in a research note on Friday, September 23rd. Truist Financial raised their price target on shares of Darden Restaurants from $136.00 to $142.00 in a research note on Friday, September 23rd. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Darden Restaurants from $131.00 to $129.00 and set a “hold” rating for the company in a research note on Friday, September 23rd. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $144.10.

Darden Restaurants 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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