Edge Capital Group LLC Has $3.64 Million Stock Position in Darden Restaurants, Inc. (NYSE:DRI)

Edge Capital Group LLC boosted its holdings in Darden Restaurants, Inc. (NYSE:DRIFree Report) by 5.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,124 shares of the restaurant operator’s stock after acquiring an additional 1,177 shares during the quarter. Edge Capital Group LLC’s holdings in Darden Restaurants were worth $3,635,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Fortitude Family Office LLC bought a new stake in shares of Darden Restaurants in the 4th quarter worth $29,000. Hartford Financial Management Inc. increased its stake in Darden Restaurants by 65.1% in the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after buying an additional 71 shares during the last quarter. Tennessee Valley Asset Management Partners purchased a new stake in Darden Restaurants in the 4th quarter valued at about $33,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Darden Restaurants during the 4th quarter worth approximately $35,000. Finally, Union Savings Bank boosted its stake in shares of Darden Restaurants by 44.0% in the 4th quarter. Union Savings Bank now owns 216 shares of the restaurant operator’s stock worth $35,000 after buying an additional 66 shares during the last quarter. 93.64% of the stock is owned by institutional investors.

Darden Restaurants Stock Up 0.5 %

DRI opened at $150.61 on Thursday. The company has a market cap of $17.98 billion, a P/E ratio of 17.66, a P/E/G ratio of 1.53 and a beta of 1.29. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The business’s 50-day moving average price is $153.13 and its 200-day moving average price is $160.20. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63.

Darden Restaurants (NYSE:DRIGet Free Report) last released its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.02 billion. During the same period last year, the company posted $2.34 EPS. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants declared that its Board of Directors has initiated a share buyback plan on Thursday, March 21st that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the restaurant operator to reacquire up to 5% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Darden Restaurants Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th were issued a dividend of $1.31 per share. The ex-dividend date was Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a yield of 3.48%. Darden Restaurants’s dividend payout ratio is presently 61.43%.

Insider Buying and Selling at Darden Restaurants

In related news, SVP Matthew R. Broad sold 4,707 shares of Darden Restaurants stock in a transaction 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 sale, the senior vice president now owns 19,179 shares in the company, valued at $2,994,800.85. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Darden Restaurants news, SVP Matthew R. Broad sold 4,707 shares of the firm’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $156.15, for a total value of $734,998.05. Following the completion of the sale, the senior vice president now directly owns 19,179 shares in the company, valued at $2,994,800.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Melvin John Martin sold 7,673 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now owns 17,208 shares in the company, valued at approximately $2,848,268.16. The disclosure for this sale can be found here. Insiders sold 13,599 shares of company stock valued at $2,197,891 in the last 90 days. Insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DRI. JPMorgan Chase & Co. cut their price objective on Darden Restaurants from $176.00 to $165.00 and set an “overweight” rating on the stock in a research report on Tuesday, May 28th. Truist Financial reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Darden Restaurants in a research report on Friday, March 22nd. Wedbush reduced their target price on shares of Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating for the company in a research report on Friday, March 22nd. Bank of America lifted their price target on shares of Darden Restaurants from $193.00 to $198.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Finally, Morgan Stanley reduced their price objective on Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating for the company in a report on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat, Darden Restaurants currently has a consensus rating of “Moderate Buy” and an average target price of $177.90.

Get Our Latest Analysis on DRI

About Darden Restaurants

(Free Report)

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.

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

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