Darden Restaurants, Inc. $DRI Stock Bought by Cidel Asset Management Inc.

Key Points

• Cidel Asset Management increased its Darden Restaurants stake by 66.8% in the third quarter, owning 107,146 shares valued at approximately $20.7 million. Institutional investors collectively hold 93.64% of Darden’s stock.
• Darden reported quarterly earnings of $2.05 per share, in line with analyst estimates, while revenue reached $3.20 billion, up 5.1% year over year. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $232.82.
• The company declared a quarterly dividend of $1.62 per share, equivalent to an annualized $6.48 payout and a 2.9% yield. An insider separately sold 8,864 shares for approximately $1.85 million.

Cidel Asset Management Inc. raised its holdings in Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 66.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 107,146 shares of the restaurant operator's stock after buying an additional 42,907 shares during the period. Cidel Asset Management Inc. owned 0.09% of Darden Restaurants worth $20,706,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in DRI. Moss Adams Wealth Advisors LLC bought a new stake in shares of Darden Restaurants in the 3rd quarter valued at about $248,000. Invera Wealth Advisors LLC lifted its holdings in Darden Restaurants by 2.8% during the 3rd quarter. Invera Wealth Advisors LLC now owns 5,131 shares of the restaurant operator's stock worth $992,000 after purchasing an additional 142 shares during the last quarter. Americana Partners LLC boosted its position in shares of Darden Restaurants by 3.8% in the third quarter. Americana Partners LLC now owns 12,735 shares of the restaurant operator's stock valued at $2,461,000 after acquiring an additional 472 shares during the period. Raleigh Capital Management Inc. boosted its holdings in Darden Restaurants by 1.8% in the 3rd quarter. Raleigh Capital Management Inc. now owns 3,865 shares of the restaurant operator's stock valued at $747,000 after purchasing an additional 67 shares during the period. Finally, International Assets Investment Management LLC boosted its stake in shares of Darden Restaurants by 13,052.1% in the third quarter. International Assets Investment Management LLC now owns 300,000 shares of the restaurant operator's stock valued at $57,975,000 after buying an additional 297,719 shares during the period. Institutional investors and hedge funds own 93.64% of the company's stock.

Insider Buying and Selling

In other Darden Restaurants news, insider John Wilkerson sold 8,864 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $208.33, for a total value of $1,846,637.12. Following the completion of the sale, the insider owned 18,794 shares of the company's stock, valued at approximately $3,915,354.02. This trade represents a 32.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.67% of the company's stock.

Darden Restaurants Stock Performance

Shares of DRI opened at $219.92 on Friday. Darden Restaurants, Inc. has a 12 month low of $169.00 and a 12 month high of $229.76. The company has a current ratio of 0.30, a quick ratio of 0.20 and a debt-to-equity ratio of 0.79. The firm's fifty day simple moving average is $210.60 and its two-hundred day simple moving average is $205.87. The stock has a market capitalization of $24.88 billion, a P/E ratio of 21.50, a price-to-earnings-growth ratio of 2.06 and a beta of 0.63.

Darden Restaurants (NYSE:DRI - Get Free Report) last issued its earnings results on Thursday, September 24th. The restaurant operator reported $2.05 earnings per share for the quarter, hitting analysts' consensus estimates of $2.05. The business had revenue of $3.20 billion during the quarter, compared to the consensus estimate of $3.21 billion. Darden Restaurants had a return on equity of 58.64% and a net margin of 8.85%. The firm's revenue for the quarter was up 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $1.97 earnings per share. Darden Restaurants has set its FY 2027 guidance at 11.100-11.350 EPS. As a group, analysts predict that Darden Restaurants, Inc. will post 11.24 EPS for the current year.

Darden Restaurants Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be given a $1.62 dividend. This represents a $6.48 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Friday, October 9th. Darden Restaurants's payout ratio is presently 63.34%.

Wall Street Analyst Weigh In

A number of research analysts recently commented on DRI shares. KeyCorp restated an "overweight" rating on shares of Darden Restaurants in a research report on Wednesday, September 23rd. BTIG Research restated a "buy" rating and issued a $235.00 target price on shares of Darden Restaurants in a research report on Friday, September 25th. Seaport Research Partners initiated coverage on Darden Restaurants in a research report on Wednesday, September 16th. They set a "buy" rating and a $240.00 price objective for the company. Sanford C. Bernstein restated an "outperform" rating and issued a $230.00 target price on shares of Darden Restaurants in a research report on Friday, September 25th. Finally, Morgan Stanley lifted their price target on Darden Restaurants from $236.00 to $255.00 and gave the company an "overweight" rating in a research note on Monday, September 14th. Sixteen analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $232.82.

Darden Restaurants Profile

Darden Restaurants, Inc is a full-service restaurant company that owns and operates a portfolio of dining brands in the United States. Its restaurants offer a range of cuisines and dining formats, including Italian-American, steakhouse, seafood, casual dining and polished casual concepts.

The company's portfolio includes Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Yard House, Ruth's Chris Steak House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V's. These brands serve meals prepared for on-premises dining, as well as takeout and other off-premises occasions.

Darden traces its history to 1968, when founder William “Bill” Darden opened the first Red Lobster restaurant in Lakeland, Florida.

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