104,698 Shares in Darden Restaurants, Inc. (NYSE:DRI) Bought by International Assets Investment Management LLC

International Assets Investment Management LLC purchased a new stake in Darden Restaurants, Inc. (NYSE:DRI) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 104,698 shares of the restaurant operator’s stock, valued at approximately $17,202,000. International Assets Investment Management LLC owned 0.09% of Darden Restaurants at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the business. Asset Management One Co. Ltd. increased its stake in Darden Restaurants by 44.4% in the fourth quarter. Asset Management One Co. Ltd. now owns 71,691 shares of the restaurant operator’s stock valued at $11,777,000 after acquiring an additional 22,040 shares during the period. Private Trust Co. NA grew its stake in shares of Darden Restaurants by 20.8% in the 4th quarter. Private Trust Co. NA now owns 778 shares of the restaurant operator’s stock valued at $128,000 after purchasing an additional 134 shares during the period. Comprehensive Financial Consultants Institutional Inc. raised its holdings in shares of Darden Restaurants by 16.6% in the 4th quarter. Comprehensive Financial Consultants Institutional Inc. now owns 8,099 shares of the restaurant operator’s stock worth $1,331,000 after buying an additional 1,155 shares in the last quarter. Farmers & Merchants Trust Co of Chambersburg PA lifted its position in shares of Darden Restaurants by 40.5% during the 4th quarter. Farmers & Merchants Trust Co of Chambersburg PA now owns 288 shares of the restaurant operator’s stock worth $47,000 after buying an additional 83 shares during the period. Finally, GAM Holding AG bought a new position in shares of Darden Restaurants during the 4th quarter worth approximately $1,117,000. Institutional investors and hedge funds own 93.64% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on DRI shares. Barclays increased their price objective on Darden Restaurants from $180.00 to $187.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 3rd. StockNews.com downgraded shares of Darden Restaurants from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Bank of America boosted their price target 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. Raymond James raised their price objective on shares of Darden Restaurants from $155.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, December 18th. Finally, Truist Financial reissued a “buy” rating and issued a $190.00 target price on shares of Darden Restaurants in a report on Friday, March 22nd. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $178.85.

Darden Restaurants Price Performance

Shares of DRI stock opened at $155.01 on Friday. The company has a quick ratio of 0.25, a current ratio of 0.39 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 cap of $18.50 billion, a price-to-earnings ratio of 18.17, a PEG ratio of 1.73 and a beta of 1.25. The stock has a 50-day moving average price of $166.82 and a 200 day moving average price of $158.19.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings results 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 business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same quarter in the prior year, the firm earned $2.34 EPS. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. Research analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be given a $1.31 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $5.24 annualized dividend and a dividend yield of 3.38%. Darden Restaurants’s dividend payout ratio is currently 61.43%.

Darden Restaurants announced that its Board of Directors has initiated a stock repurchase program on Thursday, March 21st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to purchase up to 5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In other Darden Restaurants news, Director William S. Simon sold 1,219 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $158.21, for a total value of $192,857.99. Following the transaction, the director now owns 6,281 shares of the company’s stock, valued at $993,717.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director William S. Simon sold 1,219 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $158.21, for a total transaction of $192,857.99. Following the completion of the transaction, the director now owns 6,281 shares in the company, valued at $993,717.01. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Melvin John Martin sold 7,673 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the completion of the sale, the insider now 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 15,723 shares of company stock valued at $2,578,122 over the last three months. Company insiders own 0.85% of the company’s stock.

Darden Restaurants Company Profile

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.