Baldwin Investment Management LLC reduced its stake in shares of Darden Restaurants, Inc. (NYSE:DRI – Free Report) by 15.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,103 shares of the restaurant operator’s stock after selling 1,430 shares during the quarter. Baldwin Investment Management LLC’s holdings in Darden Restaurants were worth $1,330,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of the stock. Meeder Asset Management Inc. purchased a new stake in Darden Restaurants during the second quarter worth $27,000. Kimelman & Baird LLC acquired a new stake in shares of Darden Restaurants during the 2nd quarter valued at about $30,000. Innealta Capital LLC purchased a new position in shares of Darden Restaurants in the 2nd quarter valued at about $31,000. Wolff Wiese Magana LLC raised its holdings in Darden Restaurants by 1,690.9% in the 3rd quarter. Wolff Wiese Magana LLC now owns 197 shares of the restaurant operator’s stock worth $32,000 after purchasing an additional 186 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in Darden Restaurants by 34.8% during the first quarter. EverSource Wealth Advisors LLC now owns 279 shares of the restaurant operator’s stock worth $43,000 after purchasing an additional 72 shares in the last quarter. 93.64% of the stock is owned by institutional investors and hedge funds.
Insider Activity at Darden Restaurants
In related news, CEO Ricardo Cardenas sold 42,403 shares of the business’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $171.68, for a total transaction of $7,279,747.04. Following the completion of the transaction, the chief executive officer now directly owns 58,685 shares of the company’s stock, valued at $10,075,040.80. The trade was a 41.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Douglas J. Milanes sold 5,705 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $172.04, for a total value of $981,488.20. Following the completion of the sale, the senior vice president now directly owns 3,834 shares in the company, valued at $659,601.36. This represents a 59.81 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,265 shares of company stock worth $10,116,030. Corporate insiders own 0.58% of the company’s stock.
Darden Restaurants Stock Performance
Darden Restaurants (NYSE:DRI – Get Free Report) last issued its quarterly earnings data on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). Darden Restaurants had a net margin of 9.11% and a return on equity of 49.46%. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.80 billion. During the same period in the previous year, the firm posted $1.78 earnings per share. The company’s quarterly revenue was up 1.0% compared to the same quarter last year. Equities research analysts forecast that Darden Restaurants, Inc. will post 9.47 EPS for the current year.
Darden Restaurants Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Thursday, October 10th were given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend was Thursday, October 10th. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.29. Darden Restaurants’s dividend payout ratio is currently 64.59%.
Wall Street Analyst Weigh In
DRI has been the subject of a number of recent analyst reports. Piper Sandler boosted their price objective on Darden Restaurants from $159.00 to $177.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Bank of America upped their price objective on shares of Darden Restaurants from $184.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Wells Fargo & Company lifted their target price on shares of Darden Restaurants from $160.00 to $165.00 and gave the company an “equal weight” rating in a research report on Friday, September 20th. Stephens reissued an “equal weight” rating and set a $164.00 target price on shares of Darden Restaurants in a research note on Monday, October 14th. Finally, Sanford C. Bernstein lowered shares of Darden Restaurants from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $190.00 to $180.00 in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, Darden Restaurants presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.13.
Check Out Our Latest Stock Analysis on DRI
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.
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