Darden Restaurants, Inc. (NYSE:DRI) CFO Sells $1,313,399.88 in Stock

Darden Restaurants, Inc. (NYSE:DRI) CFO Rajesh Vennam sold 7,228 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $181.71, for a total value of $1,313,399.88. Following the completion of the transaction, the chief financial officer now directly owns 10,262 shares of the company’s stock, valued at $1,864,708.02. This represents a 41.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website.

Darden Restaurants Stock Performance

Shares of NYSE DRI opened at $187.58 on Friday. Darden Restaurants, Inc. has a 12-month low of $135.87 and a 12-month high of $189.18. The company has a current ratio of 0.35, a quick ratio of 0.22 and a debt-to-equity ratio of 0.65. The company has a market cap of $22.04 billion, a PE ratio of 21.64, a P/E/G ratio of 1.90 and a beta of 1.31. The stock has a 50 day simple moving average of $169.38 and a 200-day simple moving average of $158.63.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, December 19th. The restaurant operator reported $2.03 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.03. Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. The company had revenue of $2.89 billion during the quarter, compared to analysts’ expectations of $2.87 billion. During the same quarter in the prior year, the business posted $1.84 earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, equities research analysts forecast that Darden Restaurants, Inc. will post 9.47 EPS for the current year.

Darden Restaurants Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Friday, January 10th will be paid a dividend of $1.40 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $5.60 annualized dividend and a yield of 2.99%. Darden Restaurants’s dividend payout ratio is currently 64.15%.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DRI. BTIG Research increased their target price on Darden Restaurants from $175.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Bank of America increased their price objective on shares of Darden Restaurants from $195.00 to $211.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Wells Fargo & Company boosted their target price on shares of Darden Restaurants from $160.00 to $165.00 and gave the stock an “equal weight” rating in a research report on Friday, September 20th. Stifel Nicolaus upped their target price on shares of Darden Restaurants from $190.00 to $205.00 and gave the company a “buy” rating in a research note on Friday, December 20th. Finally, Piper Sandler lifted their price target on Darden Restaurants from $159.00 to $177.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $187.44.

Institutional Investors Weigh In On Darden Restaurants

Hedge funds have recently modified their holdings of the stock. Mizuho Securities USA LLC raised its holdings in Darden Restaurants by 96,162.9% during the 3rd quarter. Mizuho Securities USA LLC now owns 8,861,000 shares of the restaurant operator’s stock worth $1,454,356,000 after buying an additional 8,851,795 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Darden Restaurants by 111.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,469,083 shares of the restaurant operator’s stock valued at $241,121,000 after acquiring an additional 772,907 shares during the period. International Assets Investment Management LLC lifted its position in shares of Darden Restaurants by 16,996.9% in the 3rd quarter. International Assets Investment Management LLC now owns 377,500 shares of the restaurant operator’s stock valued at $61,959,000 after acquiring an additional 375,292 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Darden Restaurants during the 3rd quarter worth approximately $40,048,000. Finally, Toronto Dominion Bank raised its stake in Darden Restaurants by 139.9% during the 2nd quarter. Toronto Dominion Bank now owns 352,344 shares of the restaurant operator’s stock valued at $53,317,000 after purchasing an additional 205,450 shares during the period. 93.64% of the stock is owned by hedge funds and other institutional investors.

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.