Darden Restaurants, Inc. (NYSE:DRI) SVP Matthew R. Broad Sells 4,707 Shares

Darden Restaurants, Inc. (NYSE:DRI) SVP Matthew R. Broad sold 4,707 shares of Darden Restaurants stock in a transaction that occurred on Thursday, April 25th. The shares were sold at an average price of $156.15, for a total value of $734,998.05. Following the transaction, the senior vice president now directly owns 19,179 shares in the company, valued at approximately $2,994,800.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Darden Restaurants Stock Performance

Shares of DRI opened at $156.10 on Friday. The firm has a market cap of $18.63 billion, a PE ratio of 18.30, a PEG ratio of 1.72 and a beta of 1.25. The stock’s fifty day moving average price is $164.55 and its two-hundred day moving average price is $159.23. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.39 and a quick ratio of 0.25. Darden Restaurants, Inc. has a 1 year low of $133.36 and a 1 year high of $176.84.

Darden Restaurants (NYSE:DRI) last issued its earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.01). The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.02 billion. Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The business’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.34 earnings per share. On average, equities research analysts forecast that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants announced that its Board of Directors has initiated a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Darden Restaurants Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be paid a $1.31 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $5.24 annualized dividend and a dividend yield of 3.36%. Darden Restaurants’s payout ratio is presently 61.43%.

Institutional Trading of Darden Restaurants

A number of hedge funds and other institutional investors have recently made changes to their positions in DRI. Rise Advisors LLC raised its stake in shares of Darden Restaurants by 131.3% during the 1st quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator’s stock valued at $26,000 after purchasing an additional 88 shares during the period. Fortitude Family Office LLC bought a new stake in shares of Darden Restaurants during the 4th quarter valued at $29,000. Hartford Financial Management Inc. raised its stake in shares of Darden Restaurants by 65.1% during the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after purchasing an additional 71 shares during the period. Tennessee Valley Asset Management Partners bought a new stake in shares of Darden Restaurants during the 4th quarter valued at $33,000. Finally, McGlone Suttner Wealth Management Inc. bought a new stake in shares of Darden Restaurants during the 4th quarter valued at $35,000. 93.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on DRI shares. Bank of America lifted their target price on Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Oppenheimer cut their target price on Darden Restaurants from $186.00 to $182.00 and set an “outperform” rating on the stock in a research report on Friday, March 22nd. StockNews.com cut Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Stifel Nicolaus lifted their target price on Darden Restaurants from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Finally, Truist Financial reaffirmed a “buy” rating and set a $190.00 target price on shares of Darden Restaurants in a research report on Friday, March 22nd. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $178.85.

About Darden Restaurants

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.