International Assets Investment Management LLC Purchases New Holdings in Darden Restaurants, Inc. (NYSE:DRI)

International Assets Investment Management LLC acquired a new position in shares of Darden Restaurants, Inc. (NYSE:DRI - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 104,698 shares of the restaurant operator's stock, valued at approximately $17,202,000. International Assets Investment Management LLC owned about 0.09% of Darden Restaurants as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Quarry LP raised its holdings in Darden Restaurants by 980.0% in the second quarter. Quarry LP now owns 162 shares of the restaurant operator's stock valued at $27,000 after buying an additional 147 shares during the period. Fortitude Family Office LLC purchased a new stake in Darden Restaurants during the fourth quarter worth approximately $29,000. Resurgent Financial Advisors LLC acquired a new stake in shares of Darden Restaurants in the fourth quarter worth $29,000. McGlone Suttner Wealth Management Inc. purchased a new position in shares of Darden Restaurants in the 4th quarter valued at $35,000. Finally, Clear Street Markets LLC lifted its holdings in shares of Darden Restaurants by 93.5% during the 1st quarter. Clear Street Markets LLC now owns 240 shares of the restaurant operator's stock valued at $37,000 after acquiring an additional 116 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Darden Restaurants news, insider Melvin John Martin sold 7,673 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total value of $1,270,034.96. Following the sale, the insider now directly owns 17,208 shares of the company's stock, valued at $2,848,268.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Darden Restaurants news, insider Melvin John Martin sold 7,673 shares of the business's stock in a transaction dated Wednesday, March 27th. The shares were sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the completion of the transaction, the insider now directly owns 17,208 shares of the company's stock, valued at approximately $2,848,268.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Matthew R. Broad sold 6,831 shares of the company's stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $163.26, for a total transaction of $1,115,229.06. Following the completion of the transaction, the senior vice president now owns 19,141 shares of the company's stock, valued at approximately $3,124,959.66. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,723 shares of company stock valued at $2,578,122. 0.85% of the stock is currently owned by insiders.

Analysts Set New Price Targets

DRI has been the subject of several recent research reports. Oppenheimer lowered their price target on Darden Restaurants from $186.00 to $182.00 and set an "outperform" rating for the company in a report on Friday, March 22nd. Wedbush dropped their target price on Darden Restaurants from $187.00 to $181.00 and set an "outperform" rating on the stock in a report on Friday, March 22nd. Citigroup reduced their price target on Darden Restaurants from $200.00 to $192.00 and set a "buy" rating on the stock in a research report on Friday, March 22nd. Truist Financial reiterated a "buy" rating and set a $190.00 price objective on shares of Darden Restaurants in a research note on Friday, March 22nd. Finally, Guggenheim upped their target price on shares of Darden Restaurants from $180.00 to $185.00 and gave the company a "buy" rating in a research note on Tuesday, March 19th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $178.85.

Darden Restaurants Stock Performance

DRI traded down $1.96 during trading hours on Friday, hitting $153.05. 1,414,228 shares of the stock were exchanged, compared to its average volume of 1,157,962. The stock has a market cap of $18.27 billion, a price-to-earnings ratio of 17.92, a price-to-earnings-growth ratio of 1.71 and a beta of 1.25. The stock has a 50-day simple moving average of $166.82 and a 200-day simple moving average of $158.19. The company has a debt-to-equity ratio of 0.63, a current ratio of 0.39 and a quick ratio of 0.25. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84.

Darden Restaurants (NYSE:DRI - Get Free Report) last issued its earnings results on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share for the quarter, missing analysts' consensus estimates of $2.63 by ($0.01). Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $3.02 billion. During the same period last year, the company posted $2.34 earnings per share. The firm's revenue for the quarter was up 6.8% on a year-over-year basis. Analysts anticipate that Darden Restaurants, Inc. will post 8.85 earnings per share for the current year.

Darden Restaurants declared that its board has initiated a stock buyback program on Thursday, March 21st that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the restaurant operator to buy up to 5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board believes its stock is undervalued.

Darden Restaurants Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th will be paid a $1.31 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a yield of 3.42%. Darden Restaurants's payout ratio is currently 61.43%.

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.