Choreo LLC Grows Position in Darden Restaurants, Inc. (NYSE:DRI)

Choreo LLC raised its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 46.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,248 shares of the restaurant operator's stock after buying an additional 5,119 shares during the quarter. Choreo LLC's holdings in Darden Restaurants were worth $3,376,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in DRI. Grove Bank & Trust lifted its position in Darden Restaurants by 171.4% during the first quarter. Grove Bank & Trust now owns 133 shares of the restaurant operator's stock valued at $28,000 after purchasing an additional 84 shares during the last quarter. ORG Partners LLC raised its position in shares of Darden Restaurants by 108.8% during the 1st quarter. ORG Partners LLC now owns 142 shares of the restaurant operator's stock valued at $30,000 after buying an additional 74 shares in the last quarter. Centennial Bank AR purchased a new stake in shares of Darden Restaurants during the 1st quarter valued at $31,000. Alpine Bank Wealth Management bought a new stake in shares of Darden Restaurants during the 1st quarter worth $34,000. Finally, Whipplewood Advisors LLC grew its position in Darden Restaurants by 296.0% in the first quarter. Whipplewood Advisors LLC now owns 198 shares of the restaurant operator's stock worth $41,000 after acquiring an additional 148 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors.

Darden Restaurants Stock Up 0.8%

Shares of DRI traded up $1.62 during trading hours on Friday, hitting $204.42. The company had a trading volume of 867,148 shares, compared to its average volume of 1,223,927. The firm has a fifty day moving average price of $214.24 and a 200-day moving average price of $202.19. The stock has a market capitalization of $23.92 billion, a price-to-earnings ratio of 23.02, a P/E/G ratio of 1.88 and a beta of 0.74. Darden Restaurants, Inc. has a 52-week low of $140.10 and a 52-week high of $228.27. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.28 and a current ratio of 0.42.

Darden Restaurants (NYSE:DRI - Get Free Report) last announced its quarterly earnings data on Friday, June 20th. The restaurant operator reported $2.98 earnings per share for the quarter, topping analysts' consensus estimates of $2.97 by $0.01. The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.25 billion. Darden Restaurants had a net margin of 8.69% and a return on equity of 51.81%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $2.65 EPS. On average, equities research analysts forecast that Darden Restaurants, Inc. will post 9.52 EPS for the current fiscal year.

Darden Restaurants Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Thursday, July 10th will be given a $1.50 dividend. This is a positive change from Darden Restaurants's previous quarterly dividend of $1.40. The ex-dividend date is Thursday, July 10th. This represents a $6.00 dividend on an annualized basis and a yield of 2.94%. Darden Restaurants's payout ratio is 67.57%.

Darden Restaurants announced that its Board of Directors has initiated a stock repurchase plan on Friday, June 20th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the restaurant operator to purchase up to 3.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. KeyCorp raised their price target on Darden Restaurants from $230.00 to $245.00 and gave the company an "overweight" rating in a research report on Monday, June 23rd. Truist Financial upped their target price on Darden Restaurants from $230.00 to $252.00 and gave the stock a "buy" rating in a research note on Wednesday, June 18th. Raymond James Financial increased their price target on shares of Darden Restaurants from $230.00 to $240.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Robert W. Baird upped their price objective on shares of Darden Restaurants from $218.00 to $230.00 and gave the company a "neutral" rating in a research note on Monday, June 23rd. Finally, Citigroup lifted their target price on shares of Darden Restaurants from $245.00 to $253.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Twelve equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $225.19.

Insider Buying and Selling at Darden Restaurants

In related news, CFO Rajesh Vennam sold 5,780 shares of Darden Restaurants stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $222.22, for a total value of $1,284,431.60. Following the completion of the sale, the chief financial officer owned 4,555 shares of the company's stock, valued at $1,012,212.10. The trade was a 55.93% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, SVP Douglas J. Milanes sold 11,948 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $222.08, for a total value of $2,653,411.84. Following the completion of the transaction, the senior vice president directly owned 147 shares in the company, valued at $32,645.76. The trade was a 98.78% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 43,714 shares of company stock worth $9,609,494. 0.58% of the stock is owned by company insiders.

About Darden Restaurants

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.