Sequoia Financial Advisors LLC Purchases New Stake in Darden Restaurants, Inc. (NYSE:DRI)

Sequoia Financial Advisors LLC acquired a new position in Darden Restaurants, Inc. (NYSE:DRI) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 1,811 shares of the restaurant operator’s stock, valued at approximately $298,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tobam bought a new position in Darden Restaurants during the fourth quarter worth about $60,000. Turtle Creek Wealth Advisors LLC bought a new position in shares of Darden Restaurants in the fourth quarter worth $42,000. Eastern Bank grew its position in shares of Darden Restaurants by 0.8% in the fourth quarter. Eastern Bank now owns 140,461 shares of the restaurant operator’s stock valued at $23,078,000 after purchasing an additional 1,067 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Darden Restaurants during the 4th quarter valued at $17,202,000. Finally, Americana Partners LLC lifted its holdings in Darden Restaurants by 4.6% during the 4th quarter. Americana Partners LLC now owns 10,161 shares of the restaurant operator’s stock worth $1,658,000 after purchasing an additional 447 shares in the last quarter. 93.64% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on DRI. BMO Capital Markets lifted their target price on Darden Restaurants from $160.00 to $165.00 and gave the company a “market perform” rating in a report on Thursday, March 7th. Truist Financial reiterated a “buy” rating and issued a $190.00 target price on shares of Darden Restaurants in a research note on Friday, March 22nd. JPMorgan Chase & Co. raised their price target on shares of Darden Restaurants from $170.00 to $180.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. Citigroup decreased their price target on shares of Darden Restaurants from $200.00 to $192.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Finally, StockNews.com lowered Darden Restaurants from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat, Darden Restaurants presently has an average rating of “Moderate Buy” and a consensus price target of $178.85.

Darden Restaurants Trading Up 0.1 %

DRI stock opened at $152.49 on Friday. The company has a market capitalization of $18.20 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.39. Darden Restaurants, Inc. has a one year low of $133.36 and a one year high of $176.84. The company’s 50 day moving average price is $165.23 and its two-hundred day moving average price is $158.65.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 EPS for the quarter, missing the consensus estimate of $2.63 by ($0.01). The company had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The firm’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.34 EPS. As a group, analysts predict that Darden Restaurants, Inc. will post 8.85 earnings per share for the current fiscal year.

Darden Restaurants Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be issued a $1.31 dividend. This represents a $5.24 annualized dividend and a dividend yield of 3.44%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio is 61.43%.

Darden Restaurants announced that its Board of Directors has authorized a stock buyback program on Thursday, March 21st that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the restaurant operator to purchase up to 5% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Darden Restaurants

In other Darden Restaurants news, Director William S. Simon sold 1,219 shares of the business’s stock in a transaction dated Monday, April 8th. The shares were 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 in the company, valued at $993,717.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total value of $1,270,034.96. Following the completion of the sale, the insider now owns 17,208 shares of the company’s stock, valued at $2,848,268.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William S. Simon sold 1,219 shares of Darden Restaurants stock in a transaction 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 sale, the director now owns 6,281 shares in the company, valued at approximately $993,717.01. The disclosure for this sale can be found here. Insiders sold 15,723 shares of company stock worth $2,578,122 in the last three months. 0.85% of the stock is owned by insiders.

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.