Schwab Charitable Fund Boosts Holdings in Darden Restaurants, Inc. (NYSE:DRI)


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Schwab Charitable Fund lifted its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 42.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 71,474 shares of the restaurant operator’s stock after purchasing an additional 21,238 shares during the period. Schwab Charitable Fund’s holdings in Darden Restaurants were worth $10,149,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in DRI. Chiron Capital Management LLC purchased a new position in Darden Restaurants in the 3rd quarter valued at about $33,000. Van ECK Associates Corp boosted its stake in Darden Restaurants by 13.0% during the 3rd quarter. Van ECK Associates Corp now owns 8,296 shares of the restaurant operator’s stock valued at $836,000 after acquiring an additional 954 shares during the last quarter. Mercer Global Advisors Inc. ADV increased its position in shares of Darden Restaurants by 34.7% in the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 4,166 shares of the restaurant operator’s stock worth $420,000 after purchasing an additional 1,073 shares during the last quarter. Strs Ohio increased its position in shares of Darden Restaurants by 61.0% in the 3rd quarter. Strs Ohio now owns 91,306 shares of the restaurant operator’s stock worth $9,198,000 after purchasing an additional 34,598 shares during the last quarter. Finally, Wetherby Asset Management Inc. raised its stake in shares of Darden Restaurants by 3.5% in the 3rd quarter. Wetherby Asset Management Inc. now owns 5,613 shares of the restaurant operator’s stock valued at $565,000 after purchasing an additional 190 shares in the last quarter. Institutional investors and hedge funds own 89.35% of the company’s stock.

In other news, SVP Susan M. Connelly sold 7,783 shares of the company’s stock in a transaction on Monday, April 5th. The stock was sold at an average price of $144.83, for a total transaction of $1,127,211.89. Following the completion of the sale, the senior vice president now directly owns 10,143 shares of the company’s stock, valued at $1,469,010.69. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Ricardo Cardenas sold 1,200 shares of the stock in a transaction on Tuesday, April 6th. The shares were sold at an average price of $147.04, for a total value of $176,448.00. Following the completion of the transaction, the chief operating officer now owns 48,169 shares of the company’s stock, valued at approximately $7,082,769.76. The disclosure for this sale can be found here. Insiders sold a total of 134,424 shares of company stock worth $18,249,880 over the last quarter. Insiders own 1.00% of the company’s stock.

DRI has been the subject of several research reports. Wedbush lifted their target price on Darden Restaurants from $126.00 to $146.00 and gave the stock a “neutral” rating in a research report on Thursday, April 1st. Truist boosted their target price on shares of Darden Restaurants from $150.00 to $158.00 in a research note on Friday, March 26th. Barclays increased their target price on shares of Darden Restaurants from $131.00 to $145.00 and gave the stock an “overweight” rating in a report on Thursday, March 25th. Robert W. Baird reaffirmed a “buy” rating on shares of Darden Restaurants in a report on Sunday, February 21st. Finally, Deutsche Bank Aktiengesellschaft raised their target price on shares of Darden Restaurants from $124.00 to $145.00 and gave the stock a “hold” rating in a report on Friday, March 26th. Ten analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $140.48.

NYSE DRI traded up $2.86 on Thursday, reaching $145.76. 11,019 shares of the stock traded hands, compared to its average volume of 1,596,635. Darden Restaurants, Inc. has a 12 month low of $61.21 and a 12 month high of $149.73. The company has a market cap of $19.00 billion, a price-to-earnings ratio of -148.85, a P/E/G ratio of 2.31 and a beta of 1.48. The firm’s fifty day simple moving average is $142.86 and its 200 day simple moving average is $124.90. The company has a quick ratio of 0.59, a current ratio of 0.72 and a debt-to-equity ratio of 0.38.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Wednesday, March 24th. The restaurant operator reported $0.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.29. The business had revenue of $1.73 billion during the quarter, compared to analyst estimates of $1.60 billion. Darden Restaurants had a positive return on equity of 10.47% and a negative net margin of 1.70%. The company’s revenue was down 26.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.90 earnings per share. As a group, equities research analysts forecast that Darden Restaurants, Inc. will post 3.3 EPS for the current fiscal year.

Darden Restaurants announced that its board has approved a share repurchase plan on Thursday, March 25th that permits the company to buyback $500.00 million in shares. This buyback authorization permits the restaurant operator to purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 3rd. Stockholders of record on Friday, April 9th will be given a dividend of $0.88 per share. This is a positive change from Darden Restaurants’s previous quarterly dividend of $0.37. The ex-dividend date is Thursday, April 8th. This represents a $3.52 annualized dividend and a dividend yield of 2.41%. Darden Restaurants’s dividend payout ratio (DPR) is 112.46%.

Darden Restaurants Company Profile

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 31, 2020, it owned and operated approximately 1,804 restaurants, which included 868 under the Olive Garden, 522 under the LongHorn Steakhouse, 165 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 60 under The Capital Grille, 44 under the Seasons 52, 41 under the Bahama Breeze, and 23 under the Eddie V's Prime Seafood brands.

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

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