Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by Bank of Montreal Can

Bank of Montreal Can lowered its stake in shares of Darden Restaurants, Inc. (NYSE:DRIGet Rating) by 6.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,679 shares of the restaurant operator’s stock after selling 5,665 shares during the quarter. Bank of Montreal Can’s holdings in Darden Restaurants were worth $9,101,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Princeton Global Asset Management LLC acquired a new stake in shares of Darden Restaurants during the first quarter worth approximately $27,000. Dravo Bay LLC acquired a new position in Darden Restaurants in the first quarter worth $27,000. PSI Advisors LLC boosted its holdings in Darden Restaurants by 571.4% in the second quarter. PSI Advisors LLC now owns 235 shares of the restaurant operator’s stock worth $27,000 after purchasing an additional 200 shares during the period. Prospera Financial Services Inc acquired a new position in Darden Restaurants in the first quarter worth $33,000. Finally, Tompkins Financial Corp boosted its holdings in Darden Restaurants by 51.0% in the first quarter. Tompkins Financial Corp now owns 308 shares of the restaurant operator’s stock worth $41,000 after purchasing an additional 104 shares during the period. Institutional investors and hedge funds own 89.62% of the company’s stock.

Darden Restaurants Trading Up 0.2 %

Shares of DRI opened at $148.33 on Friday. The business’s 50-day moving average price is $135.61 and its 200 day moving average price is $127.18. The stock has a market capitalization of $18.15 billion, a P/E ratio of 20.57, a P/E/G ratio of 1.95 and a beta of 1.23. Darden Restaurants, Inc. has a 1-year low of $110.96 and a 1-year high of $155.25. 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 issued its quarterly earnings results on Thursday, September 22nd. The restaurant operator reported $1.56 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.56. The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Darden Restaurants had a return on equity of 40.33% and a net margin of 9.36%. Darden Restaurants’s revenue was up 6.1% on a year-over-year basis. During the same quarter last year, the business posted $1.76 EPS. Analysts expect that Darden Restaurants, Inc. will post 7.68 earnings per share for the current year.

Darden Restaurants Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, November 1st. Investors of record on Monday, October 10th were paid a $1.21 dividend. The ex-dividend date was Friday, October 7th. This represents a $4.84 dividend on an annualized basis and a yield of 3.26%. Darden Restaurants’s dividend payout ratio is currently 67.13%.

Insider Buying and Selling

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

Analysts Set New Price Targets

A number of equities analysts have commented on DRI shares. KeyCorp lifted their price objective on shares of Darden Restaurants from $136.00 to $150.00 and gave the stock an “overweight” rating in a report on Thursday, October 6th. Wedbush lifted their price objective on shares of Darden Restaurants from $122.00 to $134.00 and gave the stock a “neutral” rating in a report on Thursday, September 22nd. Barclays decreased their price objective on shares of Darden Restaurants from $137.00 to $136.00 in a report on Friday, September 23rd. Royal Bank of Canada raised their target price on Darden Restaurants from $143.00 to $144.00 and gave the company an “outperform” rating in a research note on Friday, September 23rd. Finally, Stephens started coverage on Darden Restaurants in a research note on Thursday, September 22nd. They issued an “overweight” rating and a $140.00 target price on the stock. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, Darden Restaurants currently has an average rating of “Moderate Buy” and an average target price of $144.10.

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.

Further Reading

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

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