Saxon Interests Inc. Makes New Investment in Darden Restaurants, Inc. (NYSE:DRI)

Saxon Interests Inc. acquired a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 3,579 shares of the restaurant operator’s stock, valued at approximately $588,000.

A number of other large investors have also recently bought and sold shares of DRI. Victory Capital Management Inc. raised its holdings in Darden Restaurants by 223.4% in the 4th quarter. Victory Capital Management Inc. now owns 1,549,545 shares of the restaurant operator’s stock valued at $214,349,000 after buying an additional 1,070,472 shares during the last quarter. Morgan Stanley raised its holdings in Darden Restaurants by 51.1% in the 4th quarter. Morgan Stanley now owns 1,573,384 shares of the restaurant operator’s stock valued at $217,646,000 after buying an additional 532,340 shares during the last quarter. BlackRock Inc. raised its holdings in Darden Restaurants by 5.4% in the 1st quarter. BlackRock Inc. now owns 8,899,291 shares of the restaurant operator’s stock valued at $1,380,814,000 after buying an additional 455,588 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in Darden Restaurants by 55.9% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,168,604 shares of the restaurant operator’s stock valued at $167,359,000 after buying an additional 418,860 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Darden Restaurants by 33.5% during the 1st quarter. Wellington Management Group LLP now owns 1,572,849 shares of the restaurant operator’s stock worth $209,110,000 after purchasing an additional 394,786 shares during the last quarter. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Darden Restaurants Trading Up 0.1 %

Shares of Darden Restaurants stock traded up $0.18 during midday trading on Friday, reaching $167.15. 975,000 shares of the company’s stock traded hands, compared to its average volume of 1,388,895. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.25 and a current ratio of 0.39. The company has a market cap of $19.96 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 1.83 and a beta of 1.26. The stock has a 50 day moving average of $167.25 and a 200-day moving average of $157.37. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84.

Darden Restaurants (NYSE:DRI) last posted its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.63 by ($0.01). The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.02 billion. Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. Darden Restaurants’s revenue for the quarter was up 6.8% compared to the same quarter last year. During the same quarter last year, the company posted $2.34 EPS. As a group, equities analysts expect that Darden Restaurants, Inc. will post 8.85 EPS for the current fiscal year.

Darden Restaurants Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be paid a $1.31 dividend. The ex-dividend date of this dividend is Tuesday, April 9th. This represents a $5.24 dividend on an annualized basis and a dividend yield of 3.13%. Darden Restaurants’s dividend payout ratio is currently 61.43%.

Insider Transactions at Darden Restaurants

In other news, SVP Matthew R. Broad sold 6,831 shares of the stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $163.26, for a total value of $1,115,229.06. Following the sale, the senior vice president now directly owns 19,141 shares of the company’s stock, valued at $3,124,959.66. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Darden Restaurants news, SVP John W. Madonna sold 3,836 shares of the firm’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $163.80, for a total value of $628,336.80. Following the transaction, the senior vice president now directly owns 6,971 shares of the company’s stock, valued at $1,141,849.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Matthew R. Broad sold 6,831 shares of the firm’s stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $163.26, for a total value of $1,115,229.06. Following the completion of the transaction, the senior vice president now directly owns 19,141 shares in the company, valued at $3,124,959.66. The disclosure for this sale can be found here. Insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Oppenheimer lowered their price target on shares of Darden Restaurants from $186.00 to $182.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Guggenheim raised their price objective on shares of Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research report on Tuesday, March 19th. Truist Financial reissued a “buy” rating and issued a $190.00 price target on shares of Darden Restaurants in a research report on Friday, March 22nd. Raymond James lifted their price objective on shares of Darden Restaurants from $155.00 to $175.00 and gave the stock an “outperform” rating in a report on Monday, December 18th. Finally, Stifel Nicolaus lifted their price objective on shares of Darden Restaurants from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Four investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $178.85.

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.