Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by Jennison Associates LLC

Jennison Associates LLC lessened its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 1.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 50,393 shares of the restaurant operator’s stock after selling 612 shares during the quarter. Jennison Associates LLC’s holdings in Darden Restaurants were worth $8,280,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of DRI. Fortitude Family Office LLC acquired a new stake in Darden Restaurants during the 4th quarter valued at $29,000. Hartford Financial Management Inc. lifted its stake in shares of Darden Restaurants by 65.1% during the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock worth $30,000 after purchasing an additional 71 shares during the period. Tennessee Valley Asset Management Partners purchased a new position in shares of Darden Restaurants during the 4th quarter worth $33,000. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Darden Restaurants during the 4th quarter worth $35,000. Finally, Ancora Advisors LLC lifted its stake in shares of Darden Restaurants by 324.2% during the 3rd quarter. Ancora Advisors LLC now owns 280 shares of the restaurant operator’s stock worth $40,000 after purchasing an additional 214 shares during the period. Institutional investors and hedge funds own 93.64% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Truist Financial reissued a “buy” rating and set a $190.00 price target on shares of Darden Restaurants in a research note on Friday, March 22nd. Morgan Stanley cut their target price on Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating on the stock in a research report on Friday, March 22nd. StockNews.com lowered Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. BMO Capital Markets increased their target price on Darden Restaurants from $160.00 to $165.00 and gave the stock a “market perform” rating in a research report on Thursday, March 7th. Finally, TD Cowen reaffirmed a “buy” rating and issued a $190.00 target price on shares of Darden Restaurants in a research report on Monday, April 22nd. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Darden Restaurants currently has an average rating of “Moderate Buy” and an average target price of $178.85.

Insider Activity

In other news, insider Melvin John Martin sold 7,673 shares of the company’s stock in a transaction that occurred on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the completion of the transaction, the insider now directly owns 17,208 shares of the company’s stock, valued at $2,848,268.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Darden Restaurants news, SVP Matthew R. Broad sold 6,831 shares of the company’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $163.26, for a total value of $1,115,229.06. Following the transaction, the senior vice president now owns 19,141 shares of the company’s stock, valued at $3,124,959.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Melvin John Martin sold 7,673 shares of the business’s stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the sale, the insider now directly owns 17,208 shares in the company, valued at $2,848,268.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,430 shares of company stock valued at $3,313,120. 0.85% of the stock is currently owned by insiders.

Darden Restaurants Stock Down 0.3 %

Shares of Darden Restaurants stock opened at $156.10 on Friday. The business has a 50-day moving average of $164.55 and a 200-day moving average of $159.23. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.39 and a quick ratio of 0.25. The company has a market capitalization of $18.63 billion, a PE ratio of 18.30, a P/E/G ratio of 1.72 and a beta of 1.25. Darden Restaurants, Inc. has a 1-year low of $133.36 and a 1-year high of $176.84.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings results on Thursday, March 21st. The restaurant operator reported $2.62 EPS for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). The firm had revenue of $2.97 billion during the quarter, compared to analyst estimates of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The firm’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the business posted $2.34 earnings per share. As a group, equities analysts forecast that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be issued a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

Darden Restaurants announced that its Board of Directors has initiated a share buyback program on Thursday, March 21st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to repurchase up to 5% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Darden Restaurants Company 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.