Darden Restaurants, Inc. (NYSE:DRI - Get Free Report) CFO Rajesh Vennam sold 7,228 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer now directly owns 10,262 shares of the company's stock, valued at approximately $1,864,708.02. The trade was a 41.33 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.
Darden Restaurants stock traded up $2.01 during midday trading on Thursday, reaching $188.66. The company's stock had a trading volume of 1,209,716 shares, compared to its average volume of 1,255,264. The business has a 50-day moving average price of $168.43 and a 200-day moving average price of $158.06. The stock has a market cap of $22.17 billion, a PE ratio of 21.76, a price-to-earnings-growth ratio of 1.90 and a beta of 1.31. Darden Restaurants, Inc. has a 52 week low of $135.87 and a 52 week high of $188.95. The company has a current ratio of 0.35, a quick ratio of 0.22 and a debt-to-equity ratio of 0.65.
Darden Restaurants (NYSE:DRI - Get Free Report) last issued its quarterly earnings data on Thursday, December 19th. The restaurant operator reported $2.03 earnings per share for the quarter, hitting analysts' consensus estimates of $2.03. The business had revenue of $2.89 billion for the quarter, compared to analyst estimates of $2.87 billion. Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. Darden Restaurants's quarterly revenue was up 6.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.84 EPS. On average, sell-side analysts predict that Darden Restaurants, Inc. will post 9.47 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be given a $1.40 dividend. This represents a $5.60 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Friday, January 10th. Darden Restaurants's dividend payout ratio (DPR) is currently 64.15%.
A number of research analysts have recently commented on DRI shares. BMO Capital Markets lifted their price objective on shares of Darden Restaurants from $165.00 to $175.00 and gave the company a "market perform" rating in a research report on Friday, December 20th. Bank of America lifted their price target on Darden Restaurants from $195.00 to $211.00 and gave the stock a "buy" rating in a report on Friday, December 20th. BTIG Research upped their price objective on Darden Restaurants from $175.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Piper Sandler boosted their target price on Darden Restaurants from $159.00 to $177.00 and gave the stock a "neutral" rating in a report on Friday, September 20th. Finally, The Goldman Sachs Group began coverage on Darden Restaurants in a report on Thursday, December 5th. They set a "neutral" rating and a $183.00 price target for the company. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $187.44.
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Hedge funds have recently modified their holdings of the business. Meeder Asset Management Inc. bought a new position in Darden Restaurants during the 2nd quarter worth $27,000. Wolff Wiese Magana LLC increased its stake in shares of Darden Restaurants by 1,690.9% in the third quarter. Wolff Wiese Magana LLC now owns 197 shares of the restaurant operator's stock valued at $32,000 after buying an additional 186 shares during the period. Kimelman & Baird LLC acquired a new stake in shares of Darden Restaurants in the second quarter valued at about $30,000. Innealta Capital LLC bought a new position in shares of Darden Restaurants during the second quarter worth about $31,000. Finally, Bangor Savings Bank lifted its stake in shares of Darden Restaurants by 395.0% in the third quarter. Bangor Savings Bank now owns 297 shares of the restaurant operator's stock worth $49,000 after acquiring an additional 237 shares during the period. Institutional investors and hedge funds own 93.64% of the company's stock.
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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