Van ECK Associates Corp raised its stake in Darden Restaurants, Inc. (NYSE:DRI – Get Rating) by 6.1% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,516 shares of the restaurant operator’s stock after buying an additional 841 shares during the period. Van ECK Associates Corp’s holdings in Darden Restaurants were worth $1,834,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors also recently added to or reduced their stakes in the company. PSI Advisors LLC raised its holdings in shares of Darden Restaurants by 571.4% in the 2nd quarter. PSI Advisors LLC now owns 235 shares of the restaurant operator’s stock valued at $27,000 after purchasing an additional 200 shares in the last quarter. Heritage Wealth Management LLC bought a new stake in shares of Darden Restaurants in the 2nd quarter valued at about $31,000. Selective Wealth Management Inc. raised its holdings in shares of Darden Restaurants by 618.2% in the 2nd quarter. Selective Wealth Management Inc. now owns 316 shares of the restaurant operator’s stock valued at $36,000 after purchasing an additional 272 shares in the last quarter. First Community Trust NA raised its holdings in shares of Darden Restaurants by 61.5% in the 2nd quarter. First Community Trust NA now owns 323 shares of the restaurant operator’s stock valued at $37,000 after purchasing an additional 123 shares in the last quarter. Finally, Charter Oak Capital Management LLC bought a new stake in shares of Darden Restaurants in the 2nd quarter valued at about $40,000. 89.23% of the stock is owned by hedge funds and other institutional investors.
Insider Activity
In other news, insider Daniel J. Kiernan sold 10,290 shares of the company’s stock in a transaction on Friday, October 28th. The shares were sold at an average price of $140.53, for a total value of $1,446,053.70. Following the sale, the insider now directly owns 16,043 shares of the company’s stock, valued at approximately $2,254,522.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Daniel J. Kiernan sold 10,290 shares of the stock in a transaction on Friday, October 28th. The shares were sold at an average price of $140.53, for a total transaction of $1,446,053.70. Following the sale, the insider now directly owns 16,043 shares of the company’s stock, valued at $2,254,522.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Matthew R. Broad sold 3,516 shares of the stock in a transaction on Tuesday, October 18th. The stock was sold at an average price of $132.73, for a total transaction of $466,678.68. Following the sale, the senior vice president now directly owns 16,893 shares in the company, valued at $2,242,207.89. The disclosure for this sale can be found here. Insiders have sold 22,491 shares of company stock valued at $3,165,962 in the last ninety days. Insiders own 0.93% of the company’s stock.
Analyst Ratings Changes
DRI has been the subject of several recent research reports. KeyCorp boosted their price target on shares of Darden Restaurants from $150.00 to $160.00 in a report on Friday, December 9th. Barclays boosted their price objective on shares of Darden Restaurants from $148.00 to $168.00 and gave the stock an “overweight” rating in a research note on Thursday, January 5th. Raymond James boosted their price objective on shares of Darden Restaurants from $136.00 to $160.00 and gave the stock an “outperform” rating in a research note on Friday, December 2nd. Evercore ISI boosted their price objective on shares of Darden Restaurants from $150.00 to $153.00 and gave the stock an “in-line” rating in a research note on Monday, December 19th. Finally, Wedbush upgraded shares of Darden Restaurants from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $134.00 to $160.00 in a research note on Wednesday, December 14th. Four investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $150.91.
Darden Restaurants Stock Up 0.7 %
DRI stock opened at $149.80 on Friday. The firm’s fifty day simple moving average is $143.54 and its 200-day simple moving average is $132.87. The company has a market capitalization of $18.23 billion, a P/E ratio of 20.66, a price-to-earnings-growth ratio of 1.94 and a beta of 1.21. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.47 and a quick ratio of 0.31. Darden Restaurants, Inc. has a 12 month low of $110.96 and a 12 month high of $152.08.
Darden Restaurants Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th will be issued a $1.21 dividend. This represents a $4.84 annualized dividend and a dividend yield of 3.23%. The ex-dividend date is Monday, January 9th. Darden Restaurants’s dividend payout ratio (DPR) is currently 66.76%.
About Darden Restaurants
Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 546 under the LongHorn Steakhouse brand name, 172 under the Cheddar’s Scratch Kitchen brand, 85 under the Yard House brand name, 62 under The Capital Grille brand, 45 under the Seasons 52 brand name, 42 under the Bahama Breeze brand, 28 under the Eddie V’s Prime Seafood brand name, and 3 under the Capital Burger brand; and franchised 60 restaurants comprising 35 under the Olive Garden brand, 18 under the LongHorn Steakhouse brand name, 4 under the Cheddar’s Scratch Kitchen brand, 2 under The Capital Grille brand name, and 1 under the Bahama Breeze brand.Darden Restaurants, Inc was founded in 1968 and is based in Orlando, Florida.
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