Darden Restaurants, Inc. (NYSE:DRI) Position Trimmed by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky decreased its holdings in shares of Darden Restaurants, Inc. (NYSE:DRIGet Rating) by 4.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,535 shares of the restaurant operator’s stock after selling 415 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Darden Restaurants were worth $1,268,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in DRI. Capital International Investors increased its stake in Darden Restaurants by 5.7% during the first quarter. Capital International Investors now owns 15,832,043 shares of the restaurant operator’s stock valued at $2,104,832,000 after purchasing an additional 857,052 shares during the last quarter. Ardevora Asset Management LLP bought a new stake in Darden Restaurants during the first quarter valued at $61,582,000. Capital Research Global Investors increased its stake in Darden Restaurants by 41.2% during the fourth quarter. Capital Research Global Investors now owns 1,426,520 shares of the restaurant operator’s stock valued at $214,886,000 after purchasing an additional 416,048 shares during the last quarter. Wellington Management Group LLP increased its stake in Darden Restaurants by 33.5% during the first quarter. Wellington Management Group LLP now owns 1,572,849 shares of the restaurant operator’s stock valued at $209,110,000 after purchasing an additional 394,786 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Darden Restaurants by 2.6% during the first quarter. Vanguard Group Inc. now owns 14,373,923 shares of the restaurant operator’s stock valued at $1,911,012,000 after purchasing an additional 362,658 shares during the last quarter. Institutional investors own 89.62% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Eugene I. Lee, Jr. sold 41,442 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The stock was sold at an average price of $124.71, for a total value of $5,168,231.82. Following the transaction, the chairman now owns 222,480 shares in the company, valued at approximately $27,745,480.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Darden Restaurants news, Director Timothy J. Wilmott bought 10,000 shares of the company’s stock in a transaction dated Tuesday, June 28th. The shares were bought at an average price of $120.00 per share, for a total transaction of $1,200,000.00. Following the acquisition, the director now directly owns 27,094 shares of the company’s stock, valued at $3,251,280. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Eugene I. Lee, Jr. sold 41,442 shares of the company’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $124.71, for a total value of $5,168,231.82. Following the completion of the transaction, the chairman now owns 222,480 shares in the company, valued at approximately $27,745,480.80. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DRI. Stifel Nicolaus restated a “buy” rating on shares of Darden Restaurants in a research report on Friday, June 24th. Stephens began coverage on shares of Darden Restaurants in a research report on Thursday. They set an “overweight” rating for the company. Sanford C. Bernstein began coverage on shares of Darden Restaurants in a research report on Wednesday, September 7th. They set an “outperform” rating and a $153.00 price target for the company. Raymond James lowered their price target on shares of Darden Restaurants from $153.00 to $136.00 in a research report on Wednesday, June 15th. Finally, StockNews.com lowered shares of Darden Restaurants from a “buy” rating to a “hold” rating in a research report on Saturday, August 27th. Four analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $144.19.

Darden Restaurants Price Performance

NYSE DRI opened at $125.45 on Friday. The stock’s 50-day moving average price is $126.54 and its two-hundred day moving average price is $125.52. The company has a current ratio of 0.64, a quick ratio of 0.49 and a debt-to-equity ratio of 0.41. The company has a market cap of $15.55 billion, a PE ratio of 16.95, a PEG ratio of 1.75 and a beta of 1.30. Darden Restaurants, Inc. has a 1 year low of $110.96 and a 1 year high of $164.28.

Darden Restaurants (NYSE:DRIGet Rating) last posted its quarterly earnings data on Thursday, September 22nd. The restaurant operator reported $1.56 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.56. The firm had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.47 billion. Darden Restaurants had a return on equity of 39.05% and a net margin of 9.89%. The business’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.76 EPS. On average, analysts predict that Darden Restaurants, Inc. will post 7.7 EPS for the current year.

Darden Restaurants declared that its board has approved a share repurchase program on Thursday, June 23rd that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the restaurant operator to buy up to 6.6% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Darden Restaurants Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be issued a dividend of $1.21 per share. This represents a $4.84 annualized dividend and a yield of 3.86%. Darden Restaurants’s payout ratio is presently 65.41%.

About Darden Restaurants

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Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 546 under the LongHorn Steakhouse brand name, 172 under the Cheddar's Scratch Kitchen brand, 85 under the Yard House brand name, 62 under The Capital Grille brand, 45 under the Seasons 52 brand name, 42 under the Bahama Breeze brand, 28 under the Eddie V's Prime Seafood brand name, and 3 under the Capital Burger brand; and franchised 60 restaurants comprising 35 under the Olive Garden brand, 18 under the LongHorn Steakhouse brand name, 4 under the Cheddar's Scratch Kitchen brand, 2 under The Capital Grille brand name, and 1 under the Bahama Breeze brand.Darden Restaurants, Inc was founded in 1968 and is based in Orlando, Florida.

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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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