Levin Capital Strategies L.P. purchased a new stake in Darden Restaurants, Inc. (NYSE:DRI – Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 30,909 shares of the restaurant operator’s stock, valued at approximately $6,059,000.
Other hedge funds have also recently made changes to their positions in the company. Meridian Wealth Management LLC bought a new position in Darden Restaurants in the 4th quarter worth about $2,404,000. Sanctuary Advisors LLC raised its holdings in shares of Darden Restaurants by 33.0% in the 4th quarter. Sanctuary Advisors LLC now owns 23,473 shares of the restaurant operator’s stock valued at $4,319,000 after acquiring an additional 5,830 shares in the last quarter. Concurrent Investment Advisors LLC boosted its position in shares of Darden Restaurants by 313.9% during the 4th quarter. Concurrent Investment Advisors LLC now owns 13,598 shares of the restaurant operator’s stock valued at $2,502,000 after acquiring an additional 10,313 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Darden Restaurants by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 14,063,355 shares of the restaurant operator’s stock valued at $2,587,939,000 after acquiring an additional 43,965 shares during the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Darden Restaurants by 9.5% during the fourth quarter. Truist Financial Corp now owns 61,922 shares of the restaurant operator’s stock worth $11,395,000 after purchasing an additional 5,348 shares in the last quarter. 93.64% of the stock is currently owned by hedge funds and other institutional investors.
Darden Restaurants Price Performance
Shares of Darden Restaurants stock opened at $193.91 on Thursday. Darden Restaurants, Inc. has a 52-week low of $169.00 and a 52-week high of $220.65. The stock has a market capitalization of $22.21 billion, a price-to-earnings ratio of 18.68, a price-to-earnings-growth ratio of 1.92 and a beta of 0.60. The company has a fifty day moving average of $202.77 and a 200-day moving average of $202.93. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.21 and a current ratio of 0.31.
Darden Restaurants Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Friday, July 10th will be issued a dividend of $1.62 per share. The ex-dividend date is Friday, July 10th. This represents a $6.48 annualized dividend and a yield of 3.3%. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.50. Darden Restaurants’s dividend payout ratio (DPR) is currently 62.43%.
Insiders Place Their Bets
In related news, SVP Susan M. Connelly sold 9,930 shares of the firm’s stock in a transaction that occurred on Tuesday, July 7th. The stock was sold at an average price of $206.21, for a total transaction of $2,047,665.30. Following the transaction, the senior vice president directly owned 4,165 shares in the company, valued at $858,864.65. This trade represents a 70.45% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.49% of the stock is owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several research firms recently weighed in on DRI. KeyCorp upped their price objective on shares of Darden Restaurants from $226.00 to $228.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 27th. UBS Group lifted their target price on shares of Darden Restaurants from $230.00 to $240.00 and gave the company a “buy” rating in a research report 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 price objective on shares of Darden Restaurants from $230.00 to $236.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Finally, BTIG Research lifted their price objective on shares of Darden Restaurants from $225.00 to $235.00 and gave the stock a “buy” rating in a report on Friday, June 26th. Seventeen analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $228.88.
View Our Latest Stock Report on DRI
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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