Advisors Asset Management Inc. Sells 7,637 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Advisors Asset Management Inc. lessened its stake in shares of Darden Restaurants, Inc. (NYSE:DRI) by 42.7% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,265 shares of the restaurant operator’s stock after selling 7,637 shares during the period. Advisors Asset Management Inc.’s holdings in Darden Restaurants were worth $1,685,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in DRI. Meeder Asset Management Inc. bought a new position in Darden Restaurants during the 2nd quarter worth $27,000. Kimelman & Baird LLC bought a new position in Darden Restaurants during the 2nd quarter worth $30,000. Innealta Capital LLC bought a new position in Darden Restaurants during the 2nd quarter worth $31,000. Wolff Wiese Magana LLC increased its stake in Darden Restaurants by 1,690.9% during the 3rd quarter. Wolff Wiese Magana LLC now owns 197 shares of the restaurant operator’s stock worth $32,000 after acquiring an additional 186 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of Darden Restaurants by 34.8% in the 1st quarter. EverSource Wealth Advisors LLC now owns 279 shares of the restaurant operator’s stock valued at $43,000 after purchasing an additional 72 shares during the last quarter. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Performance

Shares of DRI stock opened at $167.69 on Monday. Darden Restaurants, Inc. has a 12 month low of $135.87 and a 12 month high of $176.84. The company has a current ratio of 0.35, a quick ratio of 0.22 and a debt-to-equity ratio of 0.65. The stock has a market capitalization of $19.70 billion, a P/E ratio of 19.34, a PEG ratio of 1.90 and a beta of 1.31. The firm’s 50 day moving average is $163.80 and its 200 day moving average is $154.23.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.08). The firm had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.80 billion. Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. During the same period in the previous year, the company posted $1.78 EPS. On average, sell-side analysts anticipate that Darden Restaurants, Inc. will post 9.47 earnings per share for the current year.

Darden Restaurants Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Thursday, October 10th. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.29. Darden Restaurants’s dividend payout ratio is currently 64.59%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on DRI shares. Morgan Stanley lifted their price target on Darden Restaurants from $175.00 to $188.00 and gave the company an “overweight” rating in a research note on Friday, September 20th. Truist Financial lifted their price target on Darden Restaurants from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Bank of America lifted their price target on Darden Restaurants from $184.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Sanford C. Bernstein lowered Darden Restaurants from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $190.00 to $180.00 in a research note on Friday, September 20th. Finally, Raymond James reiterated an “outperform” rating and issued a $160.00 price target on shares of Darden Restaurants in a research note on Tuesday, August 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.13.

Insider Activity at Darden Restaurants

In other Darden Restaurants news, insider Laura B. Williamson sold 1,666 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $172.00, for a total transaction of $286,552.00. Following the completion of the sale, the insider now directly owns 5,334 shares in the company, valued at $917,448. This represents a 23.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Douglas J. Milanes sold 5,705 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $172.04, for a total transaction of $981,488.20. Following the sale, the senior vice president now owns 3,834 shares of the company’s stock, valued at approximately $659,601.36. The trade was a 59.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,265 shares of company stock valued at $10,116,030 over the last 90 days. 0.58% of the stock is owned by insiders.

Darden Restaurants Company 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.