Norges Bank bought a new position in shares of Darden Restaurants, Inc. (NYSE:DRI – Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 785,147 shares of the restaurant operator’s stock, valued at approximately $144,483,000.
Other institutional investors and hedge funds also recently modified their holdings of the company. Torren Management LLC acquired a new stake in shares of Darden Restaurants during the fourth quarter worth $26,000. Thurston Springer Miller Herd & Titak Inc. raised its holdings in shares of Darden Restaurants by 926.7% during the fourth quarter. Thurston Springer Miller Herd & Titak Inc. now owns 154 shares of the restaurant operator’s stock worth $28,000 after purchasing an additional 139 shares during the period. BOK Financial Private Wealth Inc. acquired a new stake in shares of Darden Restaurants during the fourth quarter worth $29,000. Ameriflex Group Inc. acquired a new stake in shares of Darden Restaurants during the third quarter worth $35,000. Finally, Wealth Watch Advisors INC acquired a new stake in shares of Darden Restaurants during the third quarter worth $39,000. 93.64% of the stock is owned by institutional investors and hedge funds.
Insider Transactions at Darden Restaurants
In other Darden Restaurants news, SVP Lindsay L. Koren sold 300 shares of the company’s stock in a transaction dated Tuesday, April 7th. The shares were sold at an average price of $194.32, for a total value of $58,296.00. Following the completion of the sale, the senior vice president directly owned 1,617 shares of the company’s stock, valued at approximately $314,215.44. This represents a 15.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Douglas J. Milanes sold 3,620 shares of the company’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $202.16, for a total transaction of $731,819.20. Following the completion of the sale, the senior vice president directly owned 274 shares of the company’s stock, valued at $55,391.84. The trade was a 92.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.49% of the stock is currently owned by corporate insiders.
Darden Restaurants Trading Down 0.0%
Darden Restaurants (NYSE:DRI – Get Free Report) last posted its quarterly earnings data on Thursday, March 19th. The restaurant operator reported $2.95 earnings per share for the quarter, topping the consensus estimate of $2.94 by $0.01. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.33 billion. Darden Restaurants had a net margin of 8.66% and a return on equity of 53.54%. The company’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.80 earnings per share. Equities analysts predict that Darden Restaurants, Inc. will post 10.61 earnings per share for the current year.
Darden Restaurants Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Friday, April 10th were issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend was Friday, April 10th. Darden Restaurants’s dividend payout ratio is presently 63.49%.
Analysts Set New Price Targets
A number of analysts have weighed in on the stock. Bank of America increased their target price on shares of Darden Restaurants from $261.00 to $262.00 and gave the stock a “buy” rating in a report on Monday, March 16th. UBS Group reissued a “buy” rating and set a $230.00 target price on shares of Darden Restaurants in a report on Tuesday, March 10th. Citigroup increased their price objective on shares of Darden Restaurants from $235.00 to $238.00 and gave the stock a “buy” rating in a report on Friday, March 20th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Darden Restaurants from $222.00 to $230.00 and gave the company a “buy” rating in a research report on Friday, March 20th. Finally, Sanford C. Bernstein reissued an “outperform” rating on shares of Darden Restaurants in a research note on Friday, March 13th. Eighteen analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. Based on data from MarketBeat, Darden Restaurants presently has a consensus rating of “Moderate Buy” and a consensus target price of $226.32.
About Darden Restaurants
Darden Restaurants, Inc is a multi-brand, full-service restaurant company headquartered in Orlando, Florida. The company owns and operates a portfolio of casual and fine-dining concepts that together serve millions of guests through company-owned and franchised locations. Its well-known brands include Olive Garden and LongHorn Steakhouse, alongside other dining concepts that span Italian, American, steakhouse and upscale casual formats.
Darden’s restaurants provide a range of guest-facing services including dine-in, takeout, delivery and catering, and feature menus tailored to each brand’s positioning—Italian-American fare at Olive Garden, steaks and grilled items at LongHorn, and more premium steakhouse and chef-driven offerings at its upscale concepts.
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