Norden Group LLC Buys 80,457 Shares of Darden Restaurants, Inc. (NYSE:DRI) (2024)

Norden Group LLC grew its holdings in Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 1,244.9% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 86,920 shares of the restaurant operator's stock after purchasing an additional 80,457 shares during the quarter. Norden Group LLC owned about 0.07% of Darden Restaurants worth $14,531,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Ameriprise Financial Inc. lifted its stake in shares of Darden Restaurants by 55.9% during the third quarter. Ameriprise Financial Inc. now owns 1,168,604 shares of the restaurant operator's stock valued at $167,359,000 after acquiring an additional 418,860 shares during the period. Norges Bank acquired a new position in shares of Darden Restaurants during the fourth quarter valued at $58,601,000. California Public Employees Retirement System lifted its stake in shares of Darden Restaurants by 129.6% during the fourth quarter. California Public Employees Retirement System now owns 553,721 shares of the restaurant operator's stock valued at $90,976,000 after acquiring an additional 312,531 shares during the period. AEGON ASSET MANAGEMENT UK Plc acquired a new position in shares of Darden Restaurants during the fourth quarter valued at $45,321,000. Finally, Morgan Stanley lifted its stake in shares of Darden Restaurants by 13.8% during the third quarter. Morgan Stanley now owns 1,669,789 shares of the restaurant operator's stock valued at $239,148,000 after acquiring an additional 202,139 shares during the period. Institutional investors and hedge funds own 93.64% of the company's stock.

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Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on DRI shares. Guggenheim upped their price target on Darden Restaurants from $180.00 to $185.00 and gave the company a "buy" rating in a research note on Tuesday, March 19th. Citigroup increased their target price on Darden Restaurants from $191.00 to $192.00 and gave the company a "buy" rating in a research note on Friday, June 21st. BTIG Research upgraded Darden Restaurants from a "neutral" rating to a "buy" rating and set a $175.00 target price on the stock in a report on Friday, May 17th. TD Cowen restated a "buy" rating and set a $170.00 target price on shares of Darden Restaurants in a report on Thursday, June 20th. Finally, JPMorgan Chase & Co. reduced their target price on Darden Restaurants from $176.00 to $165.00 and set an "overweight" rating on the stock in a report on Tuesday, May 28th. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $174.24.

View Our Latest Stock Analysis on DRI

Insider Activity at Darden Restaurants

In related news, Director William S. Simon sold 1,219 shares of Darden Restaurants stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $158.21, for a total value of $192,857.99. Following the sale, the director now owns 6,281 shares of the company's stock, valued at approximately $993,717.01. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Darden Restaurants news, Director William S. Simon sold 1,219 shares of the business's stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of $158.21, for a total transaction of $192,857.99. Following the transaction, the director now owns 6,281 shares of the company's stock, valued at approximately $993,717.01. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Matthew R. Broad sold 4,707 shares of the business's stock in a transaction that occurred on Thursday, April 25th. The stock was sold at an average price of $156.15, for a total value of $734,998.05. Following the transaction, the senior vice president now directly owns 19,179 shares in the company, valued at approximately $2,994,800.85. The disclosure for this sale can be found here. 0.85% of the stock is owned by insiders.

Darden Restaurants Stock Down 0.9 %

Shares of NYSE DRI traded down $1.35 during mid-day trading on Thursday, reaching $145.42. 603,932 shares of the company's stock were exchanged, compared to its average volume of 1,335,329. The business has a fifty day simple moving average of $149.88 and a 200 day simple moving average of $158.92. Darden Restaurants, Inc. has a twelve month low of $133.36 and a twelve month high of $176.84. The firm has a market capitalization of $17.36 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 1.68 and a beta of 1.29. The company has a current ratio of 0.38, a quick ratio of 0.24 and a debt-to-equity ratio of 0.61.

Darden Restaurants (NYSE:DRI - Get Free Report) last announced its earnings results on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.61 by $0.04. Darden Restaurants had a return on equity of 49.82% and a net margin of 9.02%. The business had revenue of $3 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same quarter last year, the firm earned $2.58 EPS. Darden Restaurants's revenue for the quarter was up 8.3% compared to the same quarter last year. As a group, equities analysts expect that Darden Restaurants, Inc. will post 9.5 EPS for the current fiscal year.

Darden Restaurants Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Wednesday, July 10th will be given a $1.29 dividend. This represents a $5.16 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Wednesday, July 10th. Darden Restaurants's dividend payout ratio is presently 61.50%.

Darden Restaurants declared that its board has authorized a stock buyback program on Thursday, March 21st that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the restaurant operator to reacquire up to 5% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's leadership believes its shares are undervalued.

Darden Restaurants Company Profile

(Free Report)

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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Norden Group LLC Buys 80,457 Shares of Darden Restaurants, Inc. (NYSE:DRI) (3)

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Norden Group LLC Buys 80,457 Shares of Darden Restaurants, Inc. (NYSE:DRI) (2024)
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