Cidel Asset Management Inc. Purchases 23,502 Shares of Darden Restaurants, Inc. $DRI

Cidel Asset Management Inc. raised its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 57.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 64,239 shares of the restaurant operator’s stock after buying an additional 23,502 shares during the period. Cidel Asset Management Inc. owned about 0.06% of Darden Restaurants worth $13,234,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Union Savings Bank bought a new stake in Darden Restaurants during the 4th quarter worth approximately $28,000. Bell Investment Advisors Inc acquired a new stake in Darden Restaurants during the 2nd quarter valued at $28,000. BOK Financial Private Wealth Inc. bought a new position in Darden Restaurants in the 4th quarter valued at $29,000. DV Equities LLC bought a new position in Darden Restaurants in the 4th quarter valued at $30,000. Finally, Transamerica Financial Advisors LLC bought a new position in Darden Restaurants in the 2nd quarter valued at $34,000. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Down 1.9%

NYSE:DRI opened at $212.82 on Wednesday. The stock’s fifty day moving average price is $209.80 and its two-hundred day moving average price is $204.81. Darden Restaurants, Inc. has a 52-week low of $169.00 and a 52-week high of $229.76. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.21 and a current ratio of 0.31. The company has a market cap of $24.28 billion, a price-to-earnings ratio of 20.50, a P/E/G ratio of 2.04 and a beta of 0.60.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Thursday, June 25th. The restaurant operator reported $3.66 EPS for the quarter, beating analysts’ consensus estimates of $3.63 by $0.03. The firm had revenue of $3.72 billion for the quarter, compared to analyst estimates of $3.73 billion. Darden Restaurants had a return on equity of 57.44% and a net margin of 9.13%.The business’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same period last year, the company earned $2.98 EPS. Darden Restaurants has set its FY 2027 guidance at 11.100-11.350 EPS. On average, analysts anticipate that Darden Restaurants, Inc. will post 11.25 EPS for the current year.

Darden Restaurants Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were given a $1.62 dividend. The ex-dividend date was Friday, July 10th. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.50. This represents a $6.48 dividend on an annualized basis and a yield of 3.0%. Darden Restaurants’s dividend payout ratio is 62.43%.

Insider Transactions at Darden Restaurants

In other news, SVP Susan M. Connelly sold 2,226 shares of the firm’s stock in a transaction dated Wednesday, July 29th. The shares were sold at an average price of $208.17, for a total value of $463,386.42. Following the transaction, the senior vice president owned 4,165 shares of the company’s stock, valued at approximately $867,028.05. This trade represents a 34.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Ricardo Cardenas sold 39,134 shares of Darden Restaurants stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $209.06, for a total transaction of $8,181,354.04. Following the sale, the chief executive officer owned 86,146 shares of the company’s stock, valued at approximately $18,009,682.76. This represents a 31.24% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 70,185 shares of company stock valued at $14,636,984. 0.67% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Guggenheim increased their target price on Darden Restaurants from $230.00 to $235.00 and gave the stock a “buy” rating in a report on Wednesday, June 24th. Weiss Ratings cut Darden Restaurants from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, July 28th. Bank of America lifted their price target on Darden Restaurants from $272.00 to $276.00 and gave the company a “buy” rating in a report on Friday, June 5th. UBS Group upped their price target on shares of Darden Restaurants from $230.00 to $240.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Darden Restaurants in a report on Monday, June 22nd. Eighteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $230.50.

About Darden Restaurants

Darden Restaurants, Inc is a multi-brand, full-service restaurant company headquartered in Orlando, Florida. The company owns and operates a portfolio of casual and fine-dining concepts that together serve millions of guests through company-owned and franchised locations. Its well-known brands include Olive Garden and LongHorn Steakhouse, alongside other dining concepts that span Italian, American, steakhouse and upscale casual formats.

Darden’s restaurants provide a range of guest-facing services including dine-in, takeout, delivery and catering, and feature menus tailored to each brand’s positioning—Italian-American fare at Olive Garden, steaks and grilled items at LongHorn, and more premium steakhouse and chef-driven offerings at its upscale concepts.