Rafferty Asset Management LLC Acquires 1,180 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Rafferty Asset Management LLC lifted its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 12.1% during the 4th quarter, Holdings Channel reports. The firm owned 10,933 shares of the restaurant operator’s stock after purchasing an additional 1,180 shares during the quarter. Rafferty Asset Management LLC’s holdings in Darden Restaurants were worth $2,041,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its position in shares of Darden Restaurants by 4.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,750,658 shares of the restaurant operator’s stock valued at $700,210,000 after purchasing an additional 170,336 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Darden Restaurants during the 4th quarter valued at about $642,967,000. Geode Capital Management LLC boosted its position in shares of Darden Restaurants by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 2,845,302 shares of the restaurant operator’s stock valued at $530,121,000 after purchasing an additional 39,189 shares in the last quarter. Earnest Partners LLC boosted its position in shares of Darden Restaurants by 0.3% during the 4th quarter. Earnest Partners LLC now owns 1,609,329 shares of the restaurant operator’s stock valued at $300,446,000 after purchasing an additional 4,454 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Darden Restaurants by 12.3% during the 4th quarter. Northern Trust Corp now owns 1,441,518 shares of the restaurant operator’s stock valued at $269,117,000 after purchasing an additional 158,168 shares in the last quarter. Institutional investors own 93.64% of the company’s stock.

Darden Restaurants Stock Down 0.8%

DRI stock opened at $207.03 on Wednesday. Darden Restaurants, Inc. has a twelve month low of $135.87 and a twelve month high of $211.82. The company has a quick ratio of 0.23, a current ratio of 0.37 and a debt-to-equity ratio of 1.02. The stock’s 50 day moving average is $200.00 and its 200-day moving average is $188.61. The firm has a market capitalization of $24.23 billion, a PE ratio of 23.71, a P/E/G ratio of 2.15 and a beta of 0.74.

Darden Restaurants (NYSE:DRI) last posted its earnings results on Thursday, March 20th. The restaurant operator reported $2.80 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.80. Darden Restaurants had a return on equity of 50.12% and a net margin of 9.01%. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.22 billion. During the same quarter last year, the company earned $2.60 earnings per share. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Sell-side analysts expect that Darden Restaurants, Inc. will post 9.52 EPS for the current fiscal year.

Darden Restaurants Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Thursday, April 10th were given a dividend of $1.40 per share. This represents a $5.60 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend was Thursday, April 10th. Darden Restaurants’s payout ratio is 63.13%.

Analysts Set New Price Targets

DRI has been the topic of several research analyst reports. Guggenheim upped their target price on Darden Restaurants from $205.00 to $220.00 and gave the company a “buy” rating in a research report on Monday, March 24th. Oppenheimer increased their price target on Darden Restaurants from $218.00 to $230.00 and gave the stock an “outperform” rating in a report on Friday, March 21st. Morgan Stanley increased their price target on Darden Restaurants from $209.00 to $217.00 and gave the stock an “overweight” rating in a report on Friday, March 21st. Wedbush increased their price target on Darden Restaurants from $220.00 to $235.00 and gave the stock an “outperform” rating in a report on Friday, March 21st. Finally, Truist Financial increased their price target on Darden Restaurants from $200.00 to $212.00 and gave the stock a “buy” rating in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $201.38.

Insider Activity at Darden Restaurants

In related news, insider Laura B. Williamson sold 2,289 shares of the stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $207.26, for a total transaction of $474,418.14. Following the completion of the sale, the insider now directly owns 10,056 shares of the company’s stock, valued at approximately $2,084,206.56. This trade represents a 18.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP John W. Madonna sold 1,806 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $207.88, for a total value of $375,431.28. Following the sale, the senior vice president now directly owns 7,192 shares of the company’s stock, valued at $1,495,072.96. The trade was a 20.07% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 24,613 shares of company stock valued at $5,121,492. 0.58% of the stock is owned by insiders.

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.