Hamlin Capital Management LLC reduced its stake in Darden Restaurants, Inc. (NYSE:DRI – Free Report) by 12.0% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 723,779 shares of the restaurant operator’s stock after selling 98,806 shares during the quarter. Darden Restaurants comprises approximately 3.4% of Hamlin Capital Management LLC’s portfolio, making the stock its 15th biggest holding. Hamlin Capital Management LLC owned approximately 0.64% of Darden Restaurants worth $139,870,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. BlackRock Inc. bought a new stake in shares of Darden Restaurants during the 2nd quarter worth $2,015,109,000. Bank of America Corp DE bought a new position in Darden Restaurants during the second quarter valued at approximately $651,813,000. JPMorgan Chase & Co. raised its stake in shares of Darden Restaurants by 9.4% during the fourth quarter. JPMorgan Chase & Co. now owns 2,918,165 shares of the restaurant operator’s stock worth $537,001,000 after acquiring an additional 251,246 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Darden Restaurants by 2.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,265,473 shares of the restaurant operator’s stock worth $248,083,000 after acquiring an additional 33,965 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Darden Restaurants in the 2nd quarter valued at $204,099,000. Hedge funds and other institutional investors own 93.64% of the company’s stock.
Darden Restaurants Trading Up 0.3%
Shares of NYSE DRI traded up $0.51 during trading hours on Thursday, hitting $202.00. The company’s stock had a trading volume of 338,786 shares, compared to its average volume of 1,336,259. Darden Restaurants, Inc. has a 12 month low of $169.00 and a 12 month high of $229.76. The stock has a market cap of $22.85 billion, a price-to-earnings ratio of 19.73, a P/E/G ratio of 1.90 and a beta of 0.63. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.20 and a current ratio of 0.30. The business has a 50-day simple moving average of $211.89 and a 200-day simple moving average of $204.49.
Darden Restaurants Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be given a dividend of $1.62 per share. The ex-dividend date is Friday, October 9th. This represents a $6.48 annualized dividend and a dividend yield of 3.2%. Darden Restaurants’s payout ratio is currently 63.34%.
Analysts Set New Price Targets
A number of brokerages recently commented on DRI. UBS Group reiterated a “buy” rating on shares of Darden Restaurants in a research report on Friday, September 11th. Sanford C. Bernstein reiterated an “outperform” rating and issued a $230.00 price objective on shares of Darden Restaurants in a report on Friday, September 25th. Seaport Research Partners started coverage on Darden Restaurants in a report on Wednesday, September 16th. They set a “buy” rating and a $240.00 target price for the company. Morgan Stanley raised their price target on Darden Restaurants from $236.00 to $255.00 and gave the stock an “overweight” rating in a research report on Monday, September 14th. Finally, Weiss Ratings downgraded Darden Restaurants from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Seventeen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, Darden Restaurants presently has an average rating of “Moderate Buy” and a consensus price target of $232.48.
Read Our Latest Analysis on DRI
Insider Activity at Darden Restaurants
In other Darden Restaurants news, insider John W. Wilkerson sold 8,864 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $208.33, for a total transaction of $1,846,637.12. Following the transaction, the insider owned 18,794 shares in the company, valued at approximately $3,915,354.02. This represents a 32.05% 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 39,134 shares of the firm’s stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $209.06, for a total value of $8,181,354.04. Following the completion of the transaction, the chief executive officer owned 86,146 shares of the company’s stock, valued at approximately $18,009,682.76. The trade was a 31.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 60,255 shares of company stock valued at $12,589,319 over the last three months. Corporate insiders own 0.67% of the company’s stock.
About Darden Restaurants
Darden Restaurants, Inc is a full-service restaurant company that owns and operates a portfolio of well-known dining brands. Its restaurants serve a range of cuisines and occasions, from Italian and American casual dining to seafood, steak, and upscale experiences.
The company’s portfolio includes Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, Ruth’s Chris Steak House, Seasons 52, Bahama Breeze, Eddie V’s, and The Capital Grille. In 2024, Darden expanded its brand portfolio through the acquisition of Chuy’s, a full-service Mexican restaurant concept.
Founded by William B.
Featured Articles
- Five stocks we like better than Darden Restaurants
- PepsiCo Stock Looks Poised to Bottom With High Yield, Deep Value
- Alphabet’s $1.8 Billion Black Hills Deal Powers AI Data Center Push
- This Space ETF Offers SpaceX Exposure—But Investors Are Paying for the Volatilit
- Does Lemonade’s Growth Signal Profits Ahead?
Want to see what other hedge funds are holding DRI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Darden Restaurants, Inc. (NYSE:DRI – Free Report).
Receive News & Ratings for Darden Restaurants Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Darden Restaurants and related companies with MarketBeat.com's FREE daily email newsletter.
