Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC decreased its position in Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 22.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 13,632 shares of the restaurant operator's stock after selling 4,005 shares during the period. Mutual of America Capital Management LLC's holdings in Darden Restaurants were worth $2,832,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. HighTower Advisors LLC increased its holdings in shares of Darden Restaurants by 10.0% during the fourth quarter. HighTower Advisors LLC now owns 17,448 shares of the restaurant operator's stock valued at $3,257,000 after acquiring an additional 1,579 shares in the last quarter. Commonwealth Equity Services LLC grew its stake in shares of Darden Restaurants by 4.2% during the 4th quarter. Commonwealth Equity Services LLC now owns 34,788 shares of the restaurant operator's stock valued at $6,495,000 after acquiring an additional 1,415 shares during the period. Cibc World Markets Corp grew its stake in shares of Darden Restaurants by 14.8% during the 4th quarter. Cibc World Markets Corp now owns 18,534 shares of the restaurant operator's stock valued at $3,460,000 after acquiring an additional 2,387 shares during the period. Generali Asset Management SPA SGR bought a new position in shares of Darden Restaurants during the 4th quarter valued at approximately $423,000. Finally, Vinva Investment Management Ltd lifted its holdings in Darden Restaurants by 10.3% in the 4th quarter. Vinva Investment Management Ltd now owns 5,407 shares of the restaurant operator's stock worth $1,010,000 after purchasing an additional 504 shares in the last quarter. Institutional investors own 93.64% of the company's stock.

Darden Restaurants Price Performance

DRI traded up $2.32 on Friday, hitting $209.45. 1,052,164 shares of the company's stock were exchanged, compared to its average volume of 1,342,483. Darden Restaurants, Inc. has a fifty-two week low of $138.21 and a fifty-two week high of $228.27. The company has a current ratio of 0.42, a quick ratio of 0.28 and a debt-to-equity ratio of 0.92. The firm has a 50-day moving average price of $214.38 and a 200-day moving average price of $201.45. The stock has a market cap of $24.51 billion, a price-to-earnings ratio of 23.59, a P/E/G ratio of 2.03 and a beta of 0.74.

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

Darden Restaurants Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.86%. The ex-dividend date of this dividend is Thursday, July 10th. This is a positive change from Darden Restaurants's previous quarterly dividend of $1.40. Darden Restaurants's dividend payout ratio (DPR) is 67.57%.

Darden Restaurants announced that its board has approved a stock repurchase plan on Friday, June 20th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to repurchase up to 3.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on DRI. JPMorgan Chase & Co. increased their price target on Darden Restaurants from $218.00 to $240.00 and gave the company an "overweight" rating in a report on Wednesday, June 25th. Stephens increased their price target on Darden Restaurants from $200.00 to $212.00 and gave the company an "equal weight" rating in a report on Monday, June 23rd. Truist Financial upped their price objective on Darden Restaurants from $230.00 to $252.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Raymond James Financial upped their price objective on Darden Restaurants from $230.00 to $240.00 and gave the company an "outperform" rating in a research report on Monday, June 23rd. Finally, Barclays upped their price objective on Darden Restaurants from $235.00 to $255.00 and gave the company an "overweight" rating in a research report on Monday, June 23rd. Twelve analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $225.19.

Insider Buying and Selling at Darden Restaurants

In other news, insider Todd Burrowes sold 13,569 shares of the firm's stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $216.45, for a total transaction of $2,937,010.05. Following the sale, the insider owned 46,327 shares of the company's stock, valued at approximately $10,027,479.15. This trade represents a 22.65% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Douglas J. Milanes sold 11,948 shares of the firm's stock in a transaction that occurred on 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 transaction, the senior vice president owned 147 shares in the company, valued at $32,645.76. This represents a 98.78% decrease in their position. 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 currently owned by corporate insiders.

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.