Concord Asset Management LLC VA Takes Position in Darden Restaurants, Inc. $DRI

Key Points

• Concord Asset Management LLC acquired a new position in Darden Restaurants, Inc. (NYSE: DRI), purchasing 3,073 shares valued at approximately $670,000 in the second quarter of 2023.
• Darden recently reported a quarterly EPS of $1.97, falling short of the consensus estimate of $2.01, despite achieving a revenue of $3.04 billion.
• The company declared a quarterly dividend of $1.50 per share, representing a 3.2% yield, with payment scheduled for November 3rd.

Concord Asset Management LLC VA bought a new stake in Darden Restaurants, Inc. (NYSE:DRI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,073 shares of the restaurant operator's stock, valued at approximately $670,000.

A number of other institutional investors have also recently added to or reduced their stakes in DRI. Sequoia Financial Advisors LLC increased its position in shares of Darden Restaurants by 69.3% during the second quarter. Sequoia Financial Advisors LLC now owns 3,922 shares of the restaurant operator's stock worth $855,000 after acquiring an additional 1,606 shares during the last quarter. MGO One Seven LLC grew its stake in Darden Restaurants by 171.7% during the 2nd quarter. MGO One Seven LLC now owns 6,334 shares of the restaurant operator's stock valued at $1,381,000 after purchasing an additional 4,003 shares in the last quarter. CWM LLC grew its stake in Darden Restaurants by 88.4% during the 2nd quarter. CWM LLC now owns 12,732 shares of the restaurant operator's stock valued at $2,775,000 after purchasing an additional 5,973 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in Darden Restaurants during the 2nd quarter valued at approximately $630,000. Finally, Vanguard Personalized Indexing Management LLC grew its stake in Darden Restaurants by 32.7% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 16,241 shares of the restaurant operator's stock valued at $3,540,000 after purchasing an additional 4,005 shares in the last quarter. Institutional investors and hedge funds own 93.64% of the company's stock.

Darden Restaurants Price Performance

Shares of DRI opened at $184.95 on Tuesday. The stock has a fifty day moving average price of $200.96 and a 200 day moving average price of $205.44. The company has a market cap of $21.51 billion, a P/E ratio of 19.82, a PEG ratio of 1.66 and a beta of 0.77. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.40 and a quick ratio of 0.27. Darden Restaurants, Inc. has a 12 month low of $155.90 and a 12 month high of $228.27.

Darden Restaurants (NYSE:DRI - Get Free Report) last released its quarterly earnings results on Thursday, September 18th. The restaurant operator reported $1.97 EPS for the quarter, missing the consensus estimate of $2.01 by ($0.04). The firm had revenue of $3.04 billion for the quarter, compared to the consensus estimate of $3.03 billion. Darden Restaurants had a return on equity of 52.35% and a net margin of 8.90%.The firm's revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.75 EPS. Darden Restaurants has set its FY 2026 guidance at 10.500-10.700 EPS. On average, research analysts forecast that Darden Restaurants, Inc. will post 9.52 earnings per share for the current year.

Darden Restaurants Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Friday, October 10th. Darden Restaurants's payout ratio is 64.31%.

Darden Restaurants declared that its Board of Directors has initiated a share repurchase plan on Friday, June 20th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the restaurant operator to purchase up to 3.8% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Bank of America increased their target price on Darden Restaurants from $253.00 to $254.00 and gave the company a "buy" rating in a research note on Tuesday, September 16th. Argus cut their price target on shares of Darden Restaurants from $260.00 to $220.00 and set a "buy" rating on the stock in a report on Friday, September 19th. TD Cowen reissued a "hold" rating and issued a $235.00 target price on shares of Darden Restaurants in a research report on Thursday, September 18th. BTIG Research dropped their target price on shares of Darden Restaurants from $235.00 to $225.00 and set a "buy" rating for the company in a research report on Friday, September 19th. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Darden Restaurants from $239.00 to $220.00 and set a "buy" rating for the company in a research note on Friday, September 19th. Nineteen investment analysts have rated the stock with a Buy rating and ten have issued a Hold rating to the company's stock. Based on data from MarketBeat, Darden Restaurants presently has an average rating of "Moderate Buy" and an average target price of $225.59.

Insider Buying and Selling

In other Darden Restaurants news, SVP Matthew R. Broad sold 5,661 shares of the business's stock in a transaction dated Monday, October 6th. The shares were sold at an average price of $193.40, for a total transaction of $1,094,837.40. Following the sale, the senior vice president directly owned 13,916 shares in the company, valued at approximately $2,691,354.40. The trade was a 28.92% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Laura B. Williamson sold 523 shares of the business's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $204.65, for a total transaction of $107,031.95. Following the sale, the insider owned 5,423 shares in the company, valued at $1,109,816.95. This trade represents a 8.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,674 shares of company stock worth $1,507,575. Corporate insiders own 0.49% of the company's stock.

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.

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