Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. trimmed its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 0.9% in the third quarter, according to its most recent disclosure with the SEC. The fund owned 17,154 shares of the restaurant operator’s stock after selling 148 shares during the period. First Citizens Bank & Trust Co.’s holdings in Darden Restaurants were worth $2,815,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in DRI. Cornerstone Wealth Group LLC raised its stake in Darden Restaurants by 0.4% during the 1st quarter. Cornerstone Wealth Group LLC now owns 16,550 shares of the restaurant operator’s stock valued at $2,766,000 after acquiring an additional 66 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of 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 during the period. EP Wealth Advisors LLC lifted its holdings in shares of Darden Restaurants by 5.6% during the second quarter. EP Wealth Advisors LLC now owns 1,418 shares of the restaurant operator’s stock worth $215,000 after purchasing an additional 75 shares during the period. GW Henssler & Associates Ltd. grew its position in Darden Restaurants by 4.9% in the 1st quarter. GW Henssler & Associates Ltd. now owns 1,640 shares of the restaurant operator’s stock valued at $274,000 after buying an additional 77 shares during the last quarter. Finally, United Community Bank increased its stake in Darden Restaurants by 1.3% in the 1st quarter. United Community Bank now owns 5,918 shares of the restaurant operator’s stock valued at $989,000 after buying an additional 78 shares during the period. Hedge funds and other institutional investors own 93.64% of the company’s stock.

Insider Buying and Selling at Darden Restaurants

In other news, insider Melvin John Martin sold 2,500 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $141.09, for a total transaction of $352,725.00. Following the sale, the insider now owns 11,691 shares in the company, valued at $1,649,483.19. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Darden Restaurants news, CEO Ricardo Cardenas sold 42,403 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $171.68, for a total transaction of $7,279,747.04. Following the transaction, the chief executive officer now owns 58,685 shares of the company’s stock, valued at $10,075,040.80. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Melvin John Martin sold 2,500 shares of Darden Restaurants stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $141.09, for a total transaction of $352,725.00. Following the completion of the transaction, the insider now owns 11,691 shares in the company, valued at approximately $1,649,483.19. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 77,706 shares of company stock worth $12,813,038. Insiders own 0.85% of the company’s stock.

Wall Street Analysts Forecast Growth

DRI has been the topic of several analyst reports. Bank of America lifted their target price on shares of Darden Restaurants from $184.00 to $195.00 and gave the company a “buy” rating in a report on Friday, September 20th. Stephens reiterated an “equal weight” rating and issued a $164.00 price objective on shares of Darden Restaurants in a research report on Monday, October 14th. Argus reduced their target price on Darden Restaurants from $186.00 to $175.00 and set a “buy” rating for the company in a report on Tuesday, June 25th. Piper Sandler upped their price target on shares of Darden Restaurants from $159.00 to $177.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, Truist Financial raised their price objective on shares of Darden Restaurants from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, September 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $180.13.

Darden Restaurants Stock Performance

NYSE DRI opened at $164.59 on Friday. The company has a quick ratio of 0.22, a current ratio of 0.35 and a debt-to-equity ratio of 0.65. Darden Restaurants, Inc. has a fifty-two week low of $135.87 and a fifty-two week high of $176.84. The business has a fifty day moving average of $158.67 and a 200-day moving average of $152.44. The stock has a market cap of $19.65 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 1.83 and a beta of 1.30.

Darden Restaurants (NYSE:DRI) last announced its earnings results on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share for the quarter, missing the consensus estimate 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 EPS. The company’s revenue for the quarter was up 1.0% compared to the same quarter last year. As a group, analysts predict that Darden Restaurants, Inc. will post 9.47 earnings per share for the current fiscal year.

Darden Restaurants Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be given a dividend of $1.40 per share. The ex-dividend date is Thursday, October 10th. This represents a $5.60 dividend on an annualized basis and a yield of 3.40%. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.29. Darden Restaurants’s dividend payout ratio (DPR) is 65.73%.

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.