SageView Advisory Group LLC Purchases 854 Shares of Darden Restaurants, Inc. (NYSE:DRI)

SageView Advisory Group LLC lifted its position in Darden Restaurants, Inc. (NYSE:DRI) by 35.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 3,272 shares of the restaurant operator’s stock after purchasing an additional 854 shares during the quarter. SageView Advisory Group LLC’s holdings in Darden Restaurants were worth $536,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Willner & Heller LLC bought a new stake in Darden Restaurants during the 4th quarter worth about $213,000. Wellington Management Group LLP increased its stake in shares of Darden Restaurants by 10.3% in the 4th quarter. Wellington Management Group LLP now owns 1,809,155 shares of the restaurant operator’s stock valued at $297,244,000 after buying an additional 169,642 shares during the period. Congress Asset Management Co. MA raised its holdings in Darden Restaurants by 0.5% during the 4th quarter. Congress Asset Management Co. MA now owns 1,418,592 shares of the restaurant operator’s stock worth $233,075,000 after purchasing an additional 6,968 shares during the last quarter. American International Group Inc. lifted its holdings in Darden Restaurants by 0.9% in the fourth quarter. American International Group Inc. now owns 35,430 shares of the restaurant operator’s stock valued at $5,821,000 after buying an additional 306 shares during the period. Finally, Syon Capital LLC acquired a new position in shares of Darden Restaurants in the 4th quarter valued at $273,000. 93.64% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Truist Financial reaffirmed a “buy” rating and set a $190.00 price objective on shares of Darden Restaurants in a research note on Friday, March 22nd. Wedbush decreased their price objective on Darden Restaurants from $181.00 to $170.00 and set an “outperform” rating for the company in a research note on Tuesday, June 11th. Stifel Nicolaus boosted their target price on Darden Restaurants from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Stephens decreased their target price on Darden Restaurants from $170.00 to $165.00 and set an “equal weight” rating for the company in a research note on Friday, June 14th. Finally, Morgan Stanley decreased their target price on Darden Restaurants from $180.00 to $175.00 and set an “overweight” rating for the company in a research note on Wednesday, June 12th. Five investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, Darden Restaurants has a consensus rating of “Moderate Buy” and an average target price of $173.81.

Insider Activity

In other news, 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 of the company’s stock, valued at $2,848,268.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director William S. Simon sold 1,219 shares of the stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $158.21, for a total transaction of $192,857.99. Following the sale, the director now owns 6,281 shares of the company’s stock, valued at $993,717.01. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Melvin John Martin sold 7,673 shares of the 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 sale, the insider now directly owns 17,208 shares in the company, valued at approximately $2,848,268.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 13,599 shares of company stock valued at $2,197,891. 0.85% of the stock is owned by insiders.

Darden Restaurants Price Performance

NYSE:DRI opened at $152.07 on Wednesday. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63. The stock’s 50 day moving average price is $150.91 and its two-hundred day moving average price is $159.84. The firm has a market capitalization of $18.15 billion, a price-to-earnings ratio of 17.83, a P/E/G ratio of 1.57 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.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings data 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). Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The business had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter in the prior year, the company earned $2.34 EPS. Darden Restaurants’s quarterly revenue was up 6.8% on a year-over-year basis. On average, analysts anticipate that Darden Restaurants, Inc. will post 8.85 earnings per share for the current year.

Darden Restaurants Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were given a $1.31 dividend. This represents a $5.24 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend was Tuesday, April 9th. Darden Restaurants’s payout ratio is 61.43%.

Darden Restaurants announced that its Board of Directors has initiated a share buyback program on Thursday, March 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the restaurant operator to reacquire up to 5% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.

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.