Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by Adell Harriman & Carpenter Inc.

Adell Harriman & Carpenter Inc. reduced its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 6.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 26,635 shares of the restaurant operator’s stock after selling 1,770 shares during the period. Adell Harriman & Carpenter Inc.’s holdings in Darden Restaurants were worth $4,376,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Fortitude Family Office LLC purchased a new stake in Darden Restaurants in the 4th quarter valued at $29,000. Hartford Financial Management Inc. lifted its stake in shares of Darden Restaurants by 65.1% in the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after purchasing an additional 71 shares during the last quarter. Tennessee Valley Asset Management Partners acquired a new position in shares of Darden Restaurants in the 4th quarter valued at $33,000. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Darden Restaurants in the 4th quarter valued at $35,000. Finally, Ancora Advisors LLC lifted its stake in Darden Restaurants by 324.2% during the 3rd quarter. Ancora Advisors LLC now owns 280 shares of the restaurant operator’s stock worth $40,000 after acquiring an additional 214 shares in the last quarter. 93.64% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. TD Cowen reissued a “buy” rating and set a $190.00 target price on shares of Darden Restaurants in a research note on Monday, April 22nd. Barclays increased their price target on Darden Restaurants from $180.00 to $187.00 and gave the company an “overweight” rating in a research report on Wednesday, January 3rd. Truist Financial reaffirmed a “buy” rating and issued a $190.00 price target on shares of Darden Restaurants in a research report on Friday, March 22nd. Morgan Stanley dropped their price objective on Darden Restaurants from $184.00 to $180.00 and set an “overweight” rating on the stock in a report on Friday, March 22nd. Finally, Stephens initiated coverage on Darden Restaurants in a report on Friday, April 12th. They issued an “equal weight” rating and a $170.00 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $178.85.

Insiders Place Their Bets

In related news, Director William S. Simon sold 1,219 shares of the business’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 transaction, the director now owns 6,281 shares in the company, valued at $993,717.01. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director William S. Simon sold 1,219 shares of the company’s stock in a transaction that occurred on 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 directly owns 6,281 shares of the company’s stock, valued at $993,717.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction that occurred on 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 of the company’s stock, valued at $2,994,800.85. The disclosure for this sale can be found here. Insiders have sold a total of 20,430 shares of company stock worth $3,313,120 over the last quarter. 0.85% of the stock is owned by corporate insiders.

Darden Restaurants Price Performance

Shares of DRI traded down $0.61 during mid-day trading on Monday, hitting $155.49. The company’s stock had a trading volume of 960,585 shares, compared to its average volume of 1,144,303. 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 firm has a 50-day simple moving average of $164.55 and a 200 day simple moving average of $159.53. The firm has a market capitalization of $18.56 billion, a P/E ratio of 18.30, a P/E/G ratio of 1.71 and a beta of 1.25. Darden Restaurants, Inc. has a 1-year low of $133.36 and a 1-year high of $176.84.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.63 by ($0.01). The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The business’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.34 earnings per share. Analysts predict that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be paid a dividend of $1.31 per share. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio is presently 61.43%.

Darden Restaurants announced that its board has initiated a share buyback plan on Thursday, March 21st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to buy up to 5% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

Darden Restaurants 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.