Kestra Private Wealth Services LLC Buys 1,255 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Kestra Private Wealth Services LLC lifted its stake in shares of Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 40.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,390 shares of the restaurant operator's stock after acquiring an additional 1,255 shares during the quarter. Kestra Private Wealth Services LLC's holdings in Darden Restaurants were worth $912,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Grove Bank & Trust lifted its stake in shares of Darden Restaurants by 171.4% during the first quarter. Grove Bank & Trust now owns 133 shares of the restaurant operator's stock worth $28,000 after buying an additional 84 shares during the period. ORG Partners LLC lifted its position in Darden Restaurants by 108.8% during the first quarter. ORG Partners LLC now owns 142 shares of the restaurant operator's stock valued at $30,000 after purchasing an additional 74 shares during the period. Centennial Bank AR acquired a new position in Darden Restaurants during the first quarter valued at $31,000. Alpine Bank Wealth Management acquired a new position in Darden Restaurants during the first quarter valued at $34,000. Finally, Whipplewood Advisors LLC lifted its position in Darden Restaurants by 296.0% during the first quarter. Whipplewood Advisors LLC now owns 198 shares of the restaurant operator's stock valued at $41,000 after purchasing an additional 148 shares during the period. 93.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on DRI shares. JPMorgan Chase & Co. upped their price objective on shares of Darden Restaurants from $218.00 to $240.00 and gave the stock an "overweight" rating in a research report on Wednesday, June 25th. Melius Research upgraded shares of Darden Restaurants to a "hold" rating in a research report on Monday, July 14th. Evercore ISI upped their price objective on shares of Darden Restaurants from $230.00 to $250.00 and gave the stock an "outperform" rating in a research report on Monday, June 16th. BMO Capital Markets upped their price objective on shares of Darden Restaurants from $190.00 to $215.00 and gave the stock a "market perform" rating in a research report on Wednesday, June 25th. Finally, TD Securities reiterated a "hold" rating and issued a $215.00 price objective on shares of Darden Restaurants in a research report on Friday, June 20th. Twelve research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $225.19.

Insider Activity at Darden Restaurants

In other news, SVP Matthew R. Broad sold 733 shares of the business's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $218.50, for a total transaction of $160,160.50. Following the completion of the sale, the senior vice president owned 14,367 shares in the company, valued at $3,139,189.50. The trade was a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Rajesh Vennam sold 5,780 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The shares were 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 approximately $1,012,212.10. This trade represents a 55.93% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,714 shares of company stock valued at $9,609,494. Insiders own 0.58% of the company's stock.

Darden Restaurants Trading Up 0.8%

Shares of NYSE DRI traded up $1.62 during midday trading on Friday, hitting $204.42. The stock had a trading volume of 867,148 shares, compared to its average volume of 1,223,927. The company's 50-day simple moving average is $214.24 and its 200 day simple moving average is $202.06. The firm has a market cap of $23.92 billion, a P/E ratio of 23.02, a price-to-earnings-growth ratio of 1.87 and a beta of 0.74. Darden Restaurants, Inc. has a fifty-two week low of $140.10 and a fifty-two week high of $228.27. The company has a debt-to-equity ratio of 0.92, a current ratio of 0.42 and a quick ratio of 0.28.

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

Darden Restaurants Increases Dividend

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

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

Darden Restaurants 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.