Kepler Cheuvreux Suisse SA acquired a new stake in Darden Restaurants, Inc. (NYSE:DRI – Free Report) in the 1st quarter, Holdings Channel.com reports. The institutional investor acquired 3,688 shares of the restaurant operator’s stock, valued at approximately $723,000.
Several other institutional investors have also modified their holdings of the stock. Koshinski Asset Management Inc. boosted its holdings in shares of Darden Restaurants by 26.6% in the 1st quarter. Koshinski Asset Management Inc. now owns 2,254 shares of the restaurant operator’s stock worth $442,000 after purchasing an additional 473 shares during the period. HB Wealth Management LLC raised its holdings in Darden Restaurants by 20.6% during the 1st quarter. HB Wealth Management LLC now owns 6,481 shares of the restaurant operator’s stock valued at $1,271,000 after buying an additional 1,107 shares during the period. PFG Investments LLC purchased a new stake in Darden Restaurants during the 1st quarter valued at $213,000. World Investment Advisors lifted its position in Darden Restaurants by 0.3% in the first quarter. World Investment Advisors now owns 45,165 shares of the restaurant operator’s stock worth $8,854,000 after buying an additional 145 shares during the last quarter. Finally, Sierra Summit Advisors LLC lifted its position in Darden Restaurants by 5.8% in the first quarter. Sierra Summit Advisors LLC now owns 6,957 shares of the restaurant operator’s stock worth $1,364,000 after buying an additional 380 shares during the last quarter. 93.64% of the stock is owned by institutional investors.
Darden Restaurants Price Performance
DRI opened at $203.84 on Monday. The business has a fifty day moving average of $202.39 and a 200 day moving average of $201.93. Darden Restaurants, Inc. has a 52-week low of $169.00 and a 52-week high of $220.85. The company has a quick ratio of 0.21, a current ratio of 0.31 and a debt-to-equity ratio of 0.74. The stock has a market cap of $23.35 billion, a P/E ratio of 19.64, a PEG ratio of 2.03 and a beta of 0.60.
Darden Restaurants Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be paid a $1.62 dividend. The ex-dividend date of this dividend is Friday, July 10th. This represents a $6.48 annualized dividend and a yield of 3.2%. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.50. Darden Restaurants’s payout ratio is 57.80%.
Wall Street Analysts Forecast Growth
Several research firms have commented on DRI. UBS Group lifted their price objective on shares of Darden Restaurants from $230.00 to $240.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. BMO Capital Markets reissued a “market perform” rating on shares of Darden Restaurants in a research note on Monday, June 22nd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Darden Restaurants from $230.00 to $236.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Bank of America lifted their price target on shares of Darden Restaurants from $272.00 to $276.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Finally, Robert W. Baird upped their price target on shares of Darden Restaurants from $210.00 to $220.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Seventeen analysts have rated the stock with a Buy rating and ten have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $229.32.
Check Out Our Latest Analysis on Darden Restaurants
Insider Activity
In other Darden Restaurants news, SVP Lindsay L. Koren sold 300 shares of the business’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 $314,215.44. The trade was a 15.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Douglas J. Milanes sold 3,620 shares of the company’s stock in a transaction dated Friday, April 17th. The stock was sold at an average price of $202.16, for a total transaction of $731,819.20. Following the completion of the transaction, the senior vice president owned 274 shares in the company, valued at $55,391.84. This represents a 92.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.49% of the company’s stock.
Darden Restaurants Company Profile
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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