Darden Restaurants, Inc. (NYSE:DRI) Shares Purchased by Spire Wealth Management

Spire Wealth Management raised its stake in shares of Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 33.0% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 36,177 shares of the restaurant operator's stock after acquiring an additional 8,969 shares during the period. Spire Wealth Management's holdings in Darden Restaurants were worth $5,761,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of DRI. Fortitude Family Office LLC bought a new position in Darden Restaurants during the 4th quarter valued at about $29,000. Hartford Financial Management Inc. lifted its stake in shares of Darden Restaurants by 65.1% in the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator's stock worth $30,000 after purchasing an additional 71 shares during the period. Tennessee Valley Asset Management Partners bought a new position in shares of Darden Restaurants in the 4th quarter worth approximately $33,000. McGlone Suttner Wealth Management Inc. bought a new position in shares of Darden Restaurants in the 4th quarter worth approximately $35,000. Finally, Ancora Advisors LLC lifted its stake in shares of Darden Restaurants by 324.2% in the 3rd quarter. Ancora Advisors LLC now owns 280 shares of the restaurant operator's stock worth $40,000 after purchasing an additional 214 shares during the period. Institutional investors own 93.64% of the company's stock.

Insider Buying and Selling at Darden Restaurants

In other Darden Restaurants news, SVP Matthew R. Broad sold 4,707 shares of the firm's stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $156.15, for a total value of $734,998.05. Following the completion of the sale, the senior vice president now owns 19,179 shares of the company's stock, valued at $2,994,800.85. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Darden Restaurants news, SVP Matthew R. Broad sold 4,707 shares of the stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $156.15, for a total value of $734,998.05. Following the sale, the senior vice president now owns 19,179 shares in the company, valued at $2,994,800.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Melvin John Martin sold 7,673 shares of Darden Restaurants 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 owns 17,208 shares of the company's stock, valued at $2,848,268.16. The disclosure for this sale can be found here. Insiders have sold 13,599 shares of company stock worth $2,197,891 over the last quarter. Insiders own 0.85% of the company's stock.

Darden Restaurants Price Performance

DRI traded down $1.83 during trading on Monday, reaching $147.42. 1,545,205 shares of the company traded hands, compared to its average volume of 1,180,609. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.39. Darden Restaurants, Inc. has a 12-month low of $133.36 and a 12-month high of $176.84. The firm has a fifty day simple moving average of $163.05 and a 200 day simple moving average of $160.01. The company has a market cap of $17.60 billion, a P/E ratio of 17.42, a PEG ratio of 1.64 and a beta of 1.27.

Darden Restaurants (NYSE:DRI - Get Free Report) last posted 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 net margin of 9.24% and a return on equity of 49.94%. The business had revenue of $2.97 billion during the quarter, compared to analysts' expectations of $3.02 billion. During the same period last year, the business posted $2.34 earnings per share. The company's revenue for the quarter was up 6.8% compared to the same quarter last year. On average, equities analysts forecast that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants announced that its Board of Directors has authorized a stock buyback program on Thursday, March 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the restaurant operator to purchase up to 5% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Darden Restaurants Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Wednesday, April 10th were paid a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a yield of 3.55%. The ex-dividend date was Tuesday, April 9th. Darden Restaurants's payout ratio is 61.43%.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. increased their price objective on shares of Darden Restaurants from $170.00 to $180.00 and gave the stock an "overweight" rating in a research note on Tuesday, March 19th. Bank of America increased their price objective on shares of Darden Restaurants from $193.00 to $198.00 and gave the stock a "buy" rating in a research note on Monday, March 18th. Truist Financial reiterated a "buy" rating and issued a $190.00 price objective on shares of Darden Restaurants in a research note on Friday, March 22nd. TD Cowen reiterated a "buy" rating and issued a $190.00 price objective on shares of Darden Restaurants in a research note on Monday, April 22nd. Finally, Oppenheimer decreased their target price on shares of Darden Restaurants from $186.00 to $182.00 and set an "outperform" rating on the stock in a research note on Friday, March 22nd. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $178.85.

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.