Bank of America Corp DE acquired a new stake in shares of Darden Restaurants, Inc. (NYSE:DRI - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,163,986 shares of the restaurant operator's stock, valued at approximately $651,813,000. Bank of America Corp DE owned 2.77% of Darden Restaurants at the end of the most recent reporting period.
Several other institutional investors have also modified their holdings of DRI. Capital World Investors boosted its stake in Darden Restaurants by 2.2% during the fourth quarter. Capital World Investors now owns 15,161,277 shares of the restaurant operator's stock worth $2,790,128,000 after buying an additional 322,079 shares during the period. BlackRock Inc. purchased a new position in shares of Darden Restaurants during the second quarter valued at approximately $2,015,109,000. JPMorgan Chase & Co. grew its stake in shares of Darden Restaurants by 9.4% during the fourth quarter. JPMorgan Chase & Co. now owns 2,918,165 shares of the restaurant operator's stock valued at $537,001,000 after buying an additional 251,246 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Darden Restaurants by 2.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,265,473 shares of the restaurant operator's stock valued at $248,083,000 after buying an additional 33,965 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Darden Restaurants during the second quarter valued at approximately $204,099,000. 93.64% of the stock is owned by institutional investors.
Darden Restaurants Stock Performance
DRI opened at $208.96 on Wednesday. The company has a quick ratio of 0.21, a current ratio of 0.31 and a debt-to-equity ratio of 0.74. Darden Restaurants, Inc. has a 52-week low of $169.00 and a 52-week high of $229.76. The company has a market cap of $23.84 billion, a price-to-earnings ratio of 20.13, a PEG ratio of 2.06 and a beta of 0.60. The firm's fifty day simple moving average is $210.56 and its two-hundred day simple moving average is $204.70.
Darden Restaurants (NYSE:DRI - Get Free Report) last released its earnings results on Thursday, June 25th. The restaurant operator reported $3.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.63 by $0.03. The business had revenue of $3.72 billion during the quarter, compared to analyst estimates of $3.73 billion. Darden Restaurants had a net margin of 9.13% and a return on equity of 57.44%. The company's revenue for the quarter was up 13.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.98 earnings per share. Darden Restaurants has set its FY 2027 guidance at 11.100-11.350 EPS. Equities analysts anticipate that Darden Restaurants, Inc. will post 11.25 earnings per share for the current fiscal 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 issued a $1.62 dividend. This is an increase from Darden Restaurants's previous quarterly dividend of $1.50. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Friday, July 10th. Darden Restaurants's payout ratio is currently 62.43%.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the company. Bank of America raised their price target on Darden Restaurants from $272.00 to $276.00 and gave the stock a "buy" rating in a research note on Friday, June 5th. Evercore cut shares of Darden Restaurants from an "outperform" rating to an "in-line" rating and set a $230.00 target price on the stock. in a report on Tuesday, June 23rd. BTIG Research increased their target price on Darden Restaurants from $225.00 to $235.00 and gave the company a "buy" rating in a research report on Friday, June 26th. Robert W. Baird upgraded shares of Darden Restaurants from a "neutral" rating to an "outperform" rating and raised their price target for the company from $220.00 to $250.00 in a report on Monday, August 24th. Finally, Oppenheimer boosted their target price on Darden Restaurants from $235.00 to $245.00 and gave the stock an "outperform" rating in a research note on Tuesday. Eighteen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $232.00.
Check Out Our Latest Research Report on Darden Restaurants
Insider Activity
In related news, insider John Wilkerson sold 8,864 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $208.33, for a total transaction of $1,846,637.12. Following the completion of the sale, the insider directly owned 18,794 shares in the company, valued at approximately $3,915,354.02. This trade represents a 32.05% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Susan Connelly sold 2,226 shares of Darden Restaurants stock in a transaction dated Wednesday, July 29th. The stock was sold at an average price of $208.17, for a total transaction of $463,386.42. Following the transaction, the senior vice president directly owned 4,165 shares in the company, valued at $867,028.05. This trade represents a 34.83% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 70,185 shares of company stock valued at $14,636,984 in the last quarter. Insiders own 0.67% of the company's stock.
Darden Restaurants Company Profile
(
Free Report)
Darden Restaurants, Inc NYSE: DRI is a full-service restaurant company headquartered in Orlando, Florida. It operates and franchises a portfolio of dining brands serving a range of cuisines, price points and occasions, with restaurants primarily located in the United States and select international markets.
Its restaurant portfolio includes Olive Garden, an Italian-American dining chain; LongHorn Steakhouse; Cheddar's Scratch Kitchen; Yard House; The Capital Grille; Seasons 52; Bahama Breeze; Eddie V's; Ruth's Chris Steak House; and Chuy's.
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