Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by NewEdge Wealth LLC

NewEdge Wealth LLC trimmed its stake in Darden Restaurants, Inc. (NYSE:DRIFree Report) by 0.8% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,923 shares of the restaurant operator’s stock after selling 143 shares during the quarter. NewEdge Wealth LLC’s holdings in Darden Restaurants were worth $2,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in DRI. Union Savings Bank purchased a new stake in shares of Darden Restaurants in the second quarter worth approximately $25,000. Quarry LP grew its position in Darden Restaurants by 980.0% in the second quarter. Quarry LP now owns 162 shares of the restaurant operator’s stock worth $27,000 after acquiring an additional 147 shares in the last quarter. Resurgent Financial Advisors LLC acquired a new position in shares of Darden Restaurants during the 4th quarter worth $29,000. Clear Street Markets LLC raised its holdings in shares of Darden Restaurants by 93.5% during the 1st quarter. Clear Street Markets LLC now owns 240 shares of the restaurant operator’s stock valued at $37,000 after purchasing an additional 116 shares in the last quarter. Finally, HHM Wealth Advisors LLC lifted its stake in shares of Darden Restaurants by 59.5% in the 3rd quarter. HHM Wealth Advisors LLC now owns 335 shares of the restaurant operator’s stock valued at $48,000 after purchasing an additional 125 shares during the last quarter. 94.53% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Melvin John Martin sold 6,967 shares of the company’s stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $165.12, for a total value of $1,150,391.04. Following the sale, the insider now directly owns 17,159 shares in the company, valued at approximately $2,833,294.08. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Melvin John Martin sold 6,967 shares of the stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $165.12, for a total transaction of $1,150,391.04. Following the sale, the insider now directly owns 17,159 shares in the company, valued at approximately $2,833,294.08. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Douglas J. Milanes sold 3,496 shares of the stock in a transaction that occurred on Tuesday, December 19th. The stock was sold at an average price of $166.34, for a total value of $581,524.64. Following the sale, the senior vice president now owns 5,458 shares in the company, valued at $907,883.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 21,130 shares of company stock worth $3,475,482. Company insiders own 0.85% of the company’s stock.

Darden Restaurants Trading Down 1.2 %

Shares of DRI opened at $164.55 on Tuesday. Darden Restaurants, Inc. has a 12-month low of $133.36 and a 12-month high of $173.06. The company has a quick ratio of 0.23, a current ratio of 0.36 and a debt-to-equity ratio of 0.67. The firm has a market capitalization of $19.65 billion, a price-to-earnings ratio of 19.90, a P/E/G ratio of 2.36 and a beta of 1.27. The stock’s 50-day moving average price is $161.57 and its 200 day moving average price is $155.11.

Darden Restaurants (NYSE:DRIGet Free Report) last issued its quarterly earnings results on Friday, December 15th. The restaurant operator reported $1.84 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.10. Darden Restaurants had a return on equity of 49.39% and a net margin of 9.16%. The firm had revenue of $2.73 billion for the quarter, compared to analyst estimates of $2.74 billion. During the same period in the previous year, the company posted $1.52 earnings per share. The company’s quarterly revenue was up 9.7% compared to the same quarter last year. As a group, research analysts predict that Darden Restaurants, Inc. will post 8.86 earnings per share for the current year.

Darden Restaurants Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Wednesday, January 10th were paid a $1.31 dividend. The ex-dividend date of this dividend was Tuesday, January 9th. This represents a $5.24 annualized dividend and a dividend yield of 3.18%. Darden Restaurants’s dividend payout ratio is currently 63.36%.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on DRI. StockNews.com lowered Darden Restaurants from a “buy” rating to a “hold” rating in a report on Thursday, January 4th. Truist Financial reaffirmed a “buy” rating and issued a $190.00 price target on shares of Darden Restaurants in a research report on Monday, December 18th. Barclays boosted their price target on Darden Restaurants from $180.00 to $187.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 3rd. Raymond James boosted their price target on Darden Restaurants from $155.00 to $175.00 and gave the stock an “outperform” rating in a research report on Monday, December 18th. Finally, Wedbush boosted their price target on Darden Restaurants from $165.00 to $177.00 and gave the stock an “outperform” rating in a research report on Monday, December 18th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to MarketBeat.com, Darden Restaurants currently has a consensus rating of “Moderate Buy” and an average price target of $174.83.

Check Out Our Latest Report on Darden Restaurants

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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