Skandinaviska Enskilda Banken AB publ Acquires 300 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Skandinaviska Enskilda Banken AB publ boosted its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 1.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 23,087 shares of the restaurant operator’s stock after buying an additional 300 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in Darden Restaurants were worth $3,494,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Rise Advisors LLC lifted its position in Darden Restaurants by 131.3% during the first 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. ESL Trust Services LLC bought a new position in shares of Darden Restaurants during the 1st quarter valued at $27,000. Meeder Asset Management Inc. bought a new position in shares of Darden Restaurants during the 2nd quarter valued at $27,000. Innealta Capital LLC purchased a new position in shares of Darden Restaurants in the 2nd quarter worth $31,000. Finally, ZRC Wealth Management LLC bought a new stake in shares of Darden Restaurants in the first quarter worth $39,000. Institutional investors own 93.64% of the company’s stock.

Wall Street Analyst Weigh In

DRI has been the subject of a number of recent research reports. Morgan Stanley boosted their price target on Darden Restaurants from $175.00 to $188.00 and gave the company an “overweight” rating in a research note on Friday. Piper Sandler increased their price target on shares of Darden Restaurants from $159.00 to $177.00 and gave the stock a “neutral” rating in a research report on Friday. Truist Financial boosted their price objective on shares of Darden Restaurants from $185.00 to $195.00 and gave the company a “buy” rating in a research report on Friday. TD Cowen reaffirmed a “hold” rating and issued a $150.00 target price on shares of Darden Restaurants in a report on Thursday. Finally, Wedbush boosted their price target on Darden Restaurants from $170.00 to $200.00 and gave the company an “outperform” rating in a report on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $179.28.

Darden Restaurants Stock Performance

Darden Restaurants stock opened at $170.17 on Monday. The company’s 50-day moving average price is $150.90 and its 200-day moving average price is $153.19. The company has a quick ratio of 0.24, a current ratio of 0.38 and a debt-to-equity ratio of 0.61. The company has a market cap of $20.31 billion, a PE ratio of 19.97, a price-to-earnings-growth ratio of 1.76 and a beta of 1.30. Darden Restaurants, Inc. has a twelve month low of $133.36 and a twelve month high of $176.84.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The company had revenue of $2.76 billion for the quarter, compared to analysts’ expectations of $2.80 billion. Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The company’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same quarter last year, the company earned $1.78 earnings per share. On average, equities research analysts forecast that Darden Restaurants, Inc. will post 9.47 EPS for the current fiscal year.

Darden Restaurants Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $1.40 dividend. This represents a $5.60 annualized dividend and a dividend yield of 3.29%. This is an increase from Darden Restaurants’s previous quarterly dividend of $1.29. The ex-dividend date is Thursday, October 10th. Darden Restaurants’s dividend payout ratio is presently 65.73%.

Insider Buying and Selling

In other news, insider Melvin John Martin sold 2,500 shares of Darden Restaurants stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $141.09, for a total transaction of $352,725.00. Following the completion of the sale, the insider now directly owns 11,691 shares in the company, valued at $1,649,483.19. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Melvin John Martin sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $141.09, for a total transaction of $352,725.00. Following the transaction, the insider now directly owns 11,691 shares of the company’s stock, valued at $1,649,483.19. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Sarah H. King sold 15,941 shares of the business’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $147.06, for a total value of $2,344,283.46. Following the completion of the sale, the senior vice president now owns 447 shares of the company’s stock, valued at approximately $65,735.82. The disclosure for this sale can be found here. 0.85% of the stock is owned by corporate insiders.

Darden Restaurants 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.