Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by M&G Plc

M&G Plc reduced its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 7.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,752 shares of the restaurant operator’s stock after selling 460 shares during the period. M&G Plc’s holdings in Darden Restaurants were worth $943,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. ESL Trust Services LLC bought a new stake in shares of Darden Restaurants in the 1st quarter worth approximately $27,000. Meeder Asset Management Inc. acquired a new position in shares of Darden Restaurants during the second quarter valued at $27,000. Kimelman & Baird LLC acquired a new position in shares of Darden Restaurants during the second quarter valued at $30,000. Innealta Capital LLC bought a new position in shares of Darden Restaurants during the second quarter worth about $31,000. Finally, Wolff Wiese Magana LLC increased its holdings in shares of Darden Restaurants by 1,690.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 197 shares of the restaurant operator’s stock worth $32,000 after acquiring an additional 186 shares during the period. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Darden Restaurants Stock Down 0.0 %

Darden Restaurants stock opened at $168.44 on Friday. The firm’s 50 day moving average price is $162.16 and its two-hundred day moving average price is $153.20. The firm has a market cap of $19.79 billion, a PE ratio of 19.43, a P/E/G ratio of 1.97 and a beta of 1.31. Darden Restaurants, Inc. has a twelve month low of $135.87 and a twelve month high of $176.84. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.22 and a current ratio of 0.35.

Darden Restaurants (NYSE:DRI) last released 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). Darden Restaurants had a net margin of 9.11% and a return on equity of 49.46%. The firm had revenue of $2.76 billion for the quarter, compared to analyst estimates of $2.80 billion. During the same period in the previous year, the business posted $1.78 EPS. Darden Restaurants’s revenue for the quarter was up 1.0% on a year-over-year basis. On average, research analysts predict that Darden Restaurants, Inc. will post 9.47 EPS for the current fiscal year.

Darden Restaurants Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Thursday, October 10th were given a $1.40 dividend. The ex-dividend date was Thursday, October 10th. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.32%. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.29. Darden Restaurants’s payout ratio is currently 64.59%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Truist Financial upped their target price on shares of Darden Restaurants from $185.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. raised their target price on Darden Restaurants from $165.00 to $176.00 and gave the company an “overweight” rating in a research report on Friday, September 20th. Piper Sandler upped their price objective on shares of Darden Restaurants from $159.00 to $177.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. BTIG Research upped their target price on Darden Restaurants from $175.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, UBS Group boosted their price objective on Darden Restaurants from $188.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $180.13.

Insider Transactions at Darden Restaurants

In related news, SVP Susan M. Connelly sold 3,320 shares of the business’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $163.43, for a total value of $542,587.60. Following the completion of the sale, the senior vice president now directly owns 6,155 shares in the company, valued at approximately $1,005,911.65. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, SVP Douglas J. Milanes sold 5,705 shares of Darden Restaurants stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $172.04, for a total value of $981,488.20. Following the completion of the transaction, the senior vice president now owns 3,834 shares in the company, valued at approximately $659,601.36. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Susan M. Connelly sold 3,320 shares of the stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $163.43, for a total value of $542,587.60. Following the sale, the senior vice president now owns 6,155 shares in the company, valued at approximately $1,005,911.65. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,265 shares of company stock worth $10,116,030. 0.58% of the stock is owned by corporate insiders.

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.