Allspring Global Investments Holdings LLC Sells 9,352 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Allspring Global Investments Holdings LLC cut its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 54.0% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,952 shares of the restaurant operator’s stock after selling 9,352 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Darden Restaurants were worth $1,307,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of the stock. Eastern Bank raised its stake in shares of Darden Restaurants by 0.8% during the fourth quarter. Eastern Bank now owns 140,461 shares of the restaurant operator’s stock worth $23,078,000 after acquiring an additional 1,067 shares in the last quarter. International Assets Investment Management LLC purchased a new position in shares of Darden Restaurants during the fourth quarter worth approximately $17,202,000. Americana Partners LLC raised its stake in shares of Darden Restaurants by 4.6% during the fourth quarter. Americana Partners LLC now owns 10,161 shares of the restaurant operator’s stock worth $1,658,000 after acquiring an additional 447 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in shares of Darden Restaurants by 4.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 37,158 shares of the restaurant operator’s stock worth $6,105,000 after acquiring an additional 1,551 shares in the last quarter. Finally, 180 Wealth Advisors LLC raised its stake in shares of Darden Restaurants by 3.8% during the fourth quarter. 180 Wealth Advisors LLC now owns 2,397 shares of the restaurant operator’s stock worth $389,000 after acquiring an additional 88 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors.

Darden Restaurants Stock Performance

Shares of DRI stock opened at $155.91 on Wednesday. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The stock has a market cap of $18.61 billion, a PE ratio of 18.28, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63. The company’s fifty day moving average price is $164.88 and its 200-day moving average price is $159.13.

Darden Restaurants (NYSE:DRI) last announced its 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). Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the firm posted $2.34 EPS. The business’s quarterly revenue was up 6.8% on a year-over-year basis. On average, equities analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Wednesday, April 10th will be paid a $1.31 dividend. This represents a $5.24 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend is Tuesday, April 9th. Darden Restaurants’s payout ratio is 61.43%.

Darden Restaurants declared that its board has initiated a stock buyback plan on Thursday, March 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the restaurant operator to reacquire up to 5% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several research analysts have commented on DRI shares. TD Cowen reissued a “buy” rating and set a $190.00 price target on shares of Darden Restaurants in a research note on Monday. Guggenheim lifted their target price on shares of Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. JPMorgan Chase & Co. lifted their target price on shares of Darden Restaurants from $170.00 to $180.00 and gave the stock an “overweight” rating in a research note on Tuesday, March 19th. Stifel Nicolaus lifted their target price on shares of Darden Restaurants from $185.00 to $190.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $190.00 target price on shares of Darden Restaurants in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $178.85.

Insider Buying and Selling

In related news, SVP Matthew R. Broad sold 6,831 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were 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 in the company, valued at approximately $3,124,959.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, SVP Matthew R. Broad sold 6,831 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were 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 in the company, valued at approximately $3,124,959.66. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director William S. Simon sold 1,219 shares of the company’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $158.21, for a total transaction of $192,857.99. Following the completion of the transaction, the director now owns 6,281 shares in the company, valued at approximately $993,717.01. The disclosure for this sale can be found here. Insiders have sold a total of 15,723 shares of company stock worth $2,578,122 in the last quarter. Corporate insiders own 0.85% of the company’s stock.

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.