ING Groep NV Acquires 5,896 Shares of Darden Restaurants, Inc. (NYSE:DRI)

ING Groep NV increased its holdings in Darden Restaurants, Inc. (NYSE:DRIFree Report) by 7,861.3% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 5,971 shares of the restaurant operator’s stock after buying an additional 5,896 shares during the quarter. ING Groep NV’s holdings in Darden Restaurants were worth $981,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its stake in shares of Darden Restaurants by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,576,948 shares of the restaurant operator’s stock valued at $369,070,000 after purchasing an additional 52,864 shares during the period. Victory Capital Management Inc. grew its stake in shares of Darden Restaurants by 9.6% during the 3rd quarter. Victory Capital Management Inc. now owns 2,290,224 shares of the restaurant operator’s stock valued at $328,006,000 after purchasing an additional 200,342 shares during the period. Raymond James & Associates grew its stake in shares of Darden Restaurants by 7.3% during the 4th quarter. Raymond James & Associates now owns 1,968,301 shares of the restaurant operator’s stock valued at $323,392,000 after purchasing an additional 134,098 shares during the period. Morgan Stanley grew its stake in shares of Darden Restaurants by 13.8% during the 3rd quarter. Morgan Stanley now owns 1,669,789 shares of the restaurant operator’s stock valued at $239,148,000 after purchasing an additional 202,139 shares during the period. Finally, Wellington Management Group LLP grew its stake in shares of Darden Restaurants by 0.6% during the 3rd quarter. Wellington Management Group LLP now owns 1,639,513 shares of the restaurant operator’s stock valued at $234,811,000 after acquiring an additional 9,232 shares during the period. 93.64% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DRI. Stephens began coverage on Darden Restaurants in a research note on Friday, April 12th. They set an “equal weight” rating and a $170.00 price objective for the company. Bank of America boosted their price objective on Darden Restaurants from $193.00 to $198.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Morgan Stanley cut their price objective on Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating for the company in a research note on Friday, March 22nd. Truist Financial reiterated a “buy” rating and set a $190.00 price objective on shares of Darden Restaurants in a research note on Friday, March 22nd. Finally, BMO Capital Markets boosted their price objective on Darden Restaurants from $160.00 to $165.00 and gave the company a “market perform” rating in a research note on Thursday, March 7th. Five research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, Darden Restaurants currently has an average rating of “Moderate Buy” and an average target price of $178.67.

Read Our Latest Research Report on Darden Restaurants

Insider Transactions at Darden Restaurants

In other Darden Restaurants news, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $156.15, for a total value of $734,998.05. Following the completion of the sale, the senior vice president now directly owns 19,179 shares in the company, valued at $2,994,800.85. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP Matthew R. Broad sold 4,707 shares of the firm’s stock in a transaction dated Thursday, April 25th. The stock was sold at an average price of $156.15, for a total value of $734,998.05. Following the completion of the transaction, the senior vice president now directly owns 19,179 shares in the company, valued at $2,994,800.85. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director William S. Simon sold 1,219 shares of the firm’s stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $158.21, for a total value of $192,857.99. Following the completion of the transaction, the director now owns 6,281 shares of the company’s stock, valued at $993,717.01. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,599 shares of company stock valued at $2,197,891. 0.85% of the stock is currently owned by corporate insiders.

Darden Restaurants Stock Performance

NYSE:DRI opened at $148.71 on Thursday. The stock’s fifty day moving average is $157.13 and its 200 day moving average is $160.42. Darden Restaurants, Inc. has a fifty-two week low of $133.36 and a fifty-two week high of $176.84. The firm has a market capitalization of $17.75 billion, a PE ratio of 17.43, a PEG ratio of 1.65 and a beta of 1.27. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.39.

Darden Restaurants (NYSE:DRIGet Free Report) last released its quarterly earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share for the quarter, missing the consensus estimate of $2.63 by ($0.01). The company had revenue of $2.97 billion for the quarter, compared to analysts’ expectations of $3.02 billion. Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The business’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.34 EPS. On average, sell-side analysts anticipate that Darden Restaurants, Inc. will post 8.85 earnings per share for the current year.

Darden Restaurants Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were given a dividend of $1.31 per share. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.52%. The ex-dividend date was Tuesday, April 9th. Darden Restaurants’s payout ratio is 61.43%.

Darden Restaurants announced that its board has approved a stock repurchase program on Thursday, March 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the restaurant operator to purchase up to 5% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Darden Restaurants Profile

(Free Report)

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.

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

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