Sumitomo Mitsui DS Asset Management Company Ltd Has $9.90 Million Stake in Darden Restaurants, Inc. (NYSE:DRI)

Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 298.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 47,657 shares of the restaurant operator's stock after purchasing an additional 35,708 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd's holdings in Darden Restaurants were worth $9,901,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in DRI. Envestnet Asset Management Inc. lifted its position in Darden Restaurants by 3.8% in the 4th quarter. Envestnet Asset Management Inc. now owns 358,891 shares of the restaurant operator's stock worth $67,001,000 after buying an additional 13,074 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Darden Restaurants by 31.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,230 shares of the restaurant operator's stock worth $3,164,000 after acquiring an additional 3,677 shares in the last quarter. Twin Capital Management Inc. purchased a new position in Darden Restaurants in the fourth quarter valued at about $286,000. O Shaughnessy Asset Management LLC increased its position in Darden Restaurants by 15.4% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 12,882 shares of the restaurant operator's stock worth $2,405,000 after purchasing an additional 1,720 shares during the last quarter. Finally, Brandywine Global Investment Management LLC raised its stake in shares of Darden Restaurants by 24.4% during the 4th quarter. Brandywine Global Investment Management LLC now owns 164,342 shares of the restaurant operator's stock worth $30,681,000 after purchasing an additional 32,273 shares in the last quarter. 93.64% of the stock is owned by hedge funds and other institutional investors.

Darden Restaurants Price Performance

NYSE:DRI traded down $0.25 during mid-day trading on Wednesday, hitting $219.35. The company's stock had a trading volume of 1,314,513 shares, compared to its average volume of 1,348,056. 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 stock has a fifty day moving average of $210.99 and a 200-day moving average of $198.58. Darden Restaurants, Inc. has a fifty-two week low of $135.87 and a fifty-two week high of $228.27. The company has a market capitalization of $25.67 billion, a price-to-earnings ratio of 24.70, a P/E/G ratio of 2.11 and a beta of 0.74.

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

Darden Restaurants declared that its board has initiated a stock buyback program on Friday, June 20th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the restaurant operator to repurchase up to 3.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

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 issued a $1.50 dividend. This is an increase from Darden Restaurants's previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a dividend yield of 2.74%. The ex-dividend date is Thursday, July 10th. Darden Restaurants's payout ratio is presently 63.06%.

Insider Buying and Selling at Darden Restaurants

In other Darden Restaurants news, SVP Matthew R. Broad sold 733 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $218.50, for a total transaction of $160,160.50. Following the sale, the senior vice president owned 14,367 shares of the company's stock, valued at $3,139,189.50. This represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Rajesh Vennam sold 5,780 shares of the firm's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $222.22, for a total transaction 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 position. The disclosure for this sale can be found here. Insiders sold 43,714 shares of company stock worth $9,609,494 over the last 90 days. Company insiders own 0.58% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on DRI shares. Truist Financial lifted their price objective on shares of Darden Restaurants from $230.00 to $252.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Robert W. Baird upped their price target on Darden Restaurants from $218.00 to $230.00 and gave the stock a "neutral" rating in a research note on Monday, June 23rd. Jefferies Financial Group raised Darden Restaurants from an "underperform" rating to a "hold" rating and raised their price objective for the company from $165.00 to $210.00 in a research note on Friday, June 13th. Citigroup upped their target price on Darden Restaurants from $245.00 to $253.00 and gave the stock a "buy" rating in a research report on Monday, June 23rd. Finally, Barclays lifted their price target on shares of Darden Restaurants from $235.00 to $255.00 and gave the company an "overweight" rating in a research report on Monday, June 23rd. Ten research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $224.60.

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.