USA Financial Formulas Invests $1.22 Million in Darden Restaurants, Inc. (NYSE:DRI)

USA Financial Formulas bought a new position in Darden Restaurants, Inc. (NYSE:DRI) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 5,874 shares of the restaurant operator’s stock, valued at approximately $1,220,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Kestra Investment Management LLC purchased a new stake in Darden Restaurants during the 4th quarter valued at about $25,000. TCTC Holdings LLC purchased a new stake in Darden Restaurants during the 4th quarter valued at about $28,000. Whipplewood Advisors LLC grew its position in Darden Restaurants by 296.0% during the 1st quarter. Whipplewood Advisors LLC now owns 198 shares of the restaurant operator’s stock valued at $41,000 after purchasing an additional 148 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. grew its position in Darden Restaurants by 555.3% during the 1st quarter. Thurston Springer Miller Herd & Titak Inc. now owns 308 shares of the restaurant operator’s stock valued at $64,000 after purchasing an additional 261 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Darden Restaurants during the 4th quarter valued at about $61,000. 93.64% of the stock is owned by hedge funds and other institutional investors.

Darden Restaurants Price Performance

Shares of NYSE:DRI opened at $216.17 on Wednesday. The firm’s 50 day moving average price is $203.52 and its 200-day moving average price is $193.47. Darden Restaurants, Inc. has a twelve month low of $135.87 and a twelve month high of $220.79. The company has a quick ratio of 0.23, a current ratio of 0.37 and a debt-to-equity ratio of 1.02. The stock has a market capitalization of $25.30 billion, a PE ratio of 24.76, a price-to-earnings-growth ratio of 2.15 and a beta of 0.75.

Darden Restaurants (NYSE:DRI) last released its earnings results on Thursday, March 20th. The restaurant operator reported $2.80 EPS for the quarter, hitting analysts’ consensus estimates of $2.80. Darden Restaurants had a net margin of 9.01% and a return on equity of 50.12%. The company had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.22 billion. During the same quarter last year, the business earned $2.60 EPS. The firm’s revenue was up 6.2% compared to the same quarter last year. Equities research analysts expect that Darden Restaurants, Inc. will post 9.52 EPS for the current year.

Darden Restaurants Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Thursday, April 10th were paid a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a yield of 2.59%. The ex-dividend date was Thursday, April 10th. Darden Restaurants’s payout ratio is 63.13%.

Insiders Place Their Bets

In other Darden Restaurants news, insider Laura B. Williamson sold 2,289 shares of the firm’s stock in a transaction that occurred on Wednesday, March 26th. The shares were sold at an average price of $207.26, for a total transaction of $474,418.14. Following the sale, the insider now owns 10,056 shares in the company, valued at approximately $2,084,206.56. This trade represents a 18.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ricardo Cardenas sold 20,518 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $208.19, for a total transaction of $4,271,642.42. Following the sale, the chief executive officer now owns 58,836 shares in the company, valued at approximately $12,249,066.84. The trade was a 25.86% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 24,613 shares of company stock worth $5,121,492. Company insiders own 0.58% of the company’s stock.

Wall Street Analyst Weigh In

DRI has been the topic of several recent analyst reports. Truist Financial increased their price objective on shares of Darden Restaurants from $200.00 to $212.00 and gave the company a “buy” rating in a research report on Monday, March 17th. Stifel Nicolaus increased their price objective on shares of Darden Restaurants from $205.00 to $215.00 and gave the company a “buy” rating in a research report on Friday, March 21st. Wedbush increased their price objective on shares of Darden Restaurants from $220.00 to $235.00 and gave the company an “outperform” rating in a research report on Friday, March 21st. Barclays upped their target price on shares of Darden Restaurants from $230.00 to $235.00 and gave the company an “overweight” rating in a research note on Friday, March 21st. Finally, Wall Street Zen upgraded shares of Darden Restaurants from a “hold” rating to a “buy” rating in a research note on Saturday, May 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $201.77.

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.