Cerity Partners LLC Has $1.06 Million Stake in Darden Restaurants, Inc. (NYSE:DRI)

Cerity Partners LLC boosted its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 99.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,467 shares of the restaurant operator’s stock after buying an additional 3,221 shares during the quarter. Cerity Partners LLC’s holdings in Darden Restaurants were worth $1,063,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Geneos Wealth Management Inc. boosted its holdings in Darden Restaurants by 8,428.8% during the fourth quarter. Geneos Wealth Management Inc. now owns 20,469 shares of the restaurant operator’s stock valued at $3,363,000 after acquiring an additional 20,229 shares during the period. Sequoia Financial Advisors LLC bought a new stake in Darden Restaurants during the fourth quarter valued at about $298,000. Tobam bought a new stake in Darden Restaurants during the fourth quarter valued at about $60,000. Turtle Creek Wealth Advisors LLC bought a new stake in Darden Restaurants during the fourth quarter valued at about $42,000. Finally, Eastern Bank boosted its holdings in Darden Restaurants by 0.8% during the fourth quarter. Eastern Bank now owns 140,461 shares of the restaurant operator’s stock valued at $23,078,000 after acquiring an additional 1,067 shares during the period. 93.64% of the stock is owned by institutional investors and hedge funds.

Darden Restaurants Stock Up 0.1 %

Shares of DRI opened at $152.50 on Monday. The stock has a market cap of $18.20 billion, a price-to-earnings ratio of 17.88, a P/E/G ratio of 1.68 and a beta of 1.25. The company has a quick ratio of 0.25, a current ratio of 0.39 and a debt-to-equity ratio of 0.63. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The company has a 50-day moving average price of $165.23 and a two-hundred day moving average price of $158.90.

Darden Restaurants (NYSE:DRI) last announced 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 business had revenue of $2.97 billion for the quarter, compared to the consensus estimate 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 in the prior year, the business earned $2.34 EPS. Equities analysts predict that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants Dividend Announcement

The company also recently disclosed 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 3.44%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s payout ratio is 61.43%.

Darden Restaurants announced that its Board of Directors has authorized a share repurchase plan on Thursday, March 21st that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the restaurant operator to buy up to 5% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on DRI shares. Guggenheim upped their price target on shares of Darden Restaurants from $180.00 to $185.00 and gave the company a “buy” rating in a report on Tuesday, March 19th. Citigroup decreased their price target on shares of Darden Restaurants from $200.00 to $192.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Truist Financial restated a “buy” rating and set a $190.00 price target on shares of Darden Restaurants in a report on Friday, March 22nd. BMO Capital Markets increased their target price on shares of Darden Restaurants from $160.00 to $165.00 and gave the company a “market perform” rating in a research note on Thursday, March 7th. Finally, Morgan Stanley reduced their target price on shares of Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $178.85.

Insider Transactions at Darden Restaurants

In other news, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 17,208 shares of the company’s stock, valued at $2,848,268.16. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total value of $1,270,034.96. Following the completion of the sale, the insider now owns 17,208 shares of the company’s stock, valued at $2,848,268.16. 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 firm’s stock in a transaction that occurred on Monday, April 8th. The shares were sold at an average price of $158.21, for a total transaction of $192,857.99. Following the completion of the sale, the director now directly owns 6,281 shares of the company’s stock, valued at approximately $993,717.01. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 15,723 shares of company stock valued at $2,578,122. 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.