Gilliland Jeter Wealth Management LLC Makes New Investment in Darden Restaurants, Inc. (NYSE:DRI)

Gilliland Jeter Wealth Management LLC acquired a new position in shares of Darden Restaurants, Inc. (NYSE:DRI) in the fourth quarter, according to its most recent disclosure with the SEC. The firm acquired 2,428 shares of the restaurant operator’s stock, valued at approximately $399,000.

Other hedge funds also recently added to or reduced their stakes in the company. Fortitude Family Office LLC acquired a new stake in shares of Darden Restaurants in the 4th quarter valued at approximately $29,000. Hartford Financial Management Inc. lifted its holdings in shares of Darden Restaurants by 65.1% in the 4th quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after buying an additional 71 shares during the period. Tennessee Valley Asset Management Partners acquired a new stake in shares of Darden Restaurants in the 4th quarter valued at approximately $33,000. McGlone Suttner Wealth Management Inc. acquired a new stake in shares of Darden Restaurants in the 4th quarter valued at approximately $35,000. Finally, BKM Wealth Management LLC acquired a new stake in shares of Darden Restaurants in the 4th quarter valued at approximately $41,000. 93.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on DRI. Citigroup reduced their price target on Darden Restaurants from $200.00 to $192.00 and set a “buy” rating for the company in a report on Friday, March 22nd. Barclays lifted their price objective on Darden Restaurants from $180.00 to $187.00 and gave the stock an “overweight” rating in a report on Wednesday, January 3rd. Bank of America lifted their price objective on Darden Restaurants from $193.00 to $198.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Truist Financial reaffirmed a “buy” rating and set a $190.00 price objective on shares of Darden Restaurants in a report on Friday, March 22nd. Finally, Wedbush reduced their price objective on Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating for the company in a report on Friday, March 22nd. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $178.85.

Darden Restaurants Stock Down 0.3 %

Darden Restaurants stock traded down $0.44 during midday trading on Friday, hitting $156.10. The stock had a trading volume of 886,615 shares, compared to its average volume of 1,153,157. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63. The stock has a market cap of $18.63 billion, a P/E ratio of 18.30, a P/E/G ratio of 1.72 and a beta of 1.25. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The business has a fifty day moving average price of $164.55 and a 200 day moving average price of $159.23.

Darden Restaurants (NYSE:DRI) last announced its quarterly earnings data on Thursday, March 21st. The restaurant operator reported $2.62 earnings per share for the quarter, missing the consensus estimate of $2.63 by ($0.01). The firm had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $3.02 billion. Darden Restaurants had a net margin of 9.24% and a return on equity of 49.94%. The firm’s quarterly revenue was up 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.34 earnings per share. Research analysts predict that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be issued a dividend of $1.31 per share. This represents a $5.24 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Tuesday, April 9th. Darden Restaurants’s dividend payout ratio (DPR) is presently 61.43%.

Darden Restaurants announced that its board has authorized a share repurchase program on Thursday, March 21st that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the restaurant operator to purchase up to 5% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director William S. Simon sold 1,219 shares of the 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 completion of the transaction, the director now directly owns 6,281 shares of the company’s stock, valued at approximately $993,717.01. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Darden Restaurants news, SVP Matthew R. Broad sold 4,707 shares of the company’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 completion of the sale, the senior vice president now directly owns 19,179 shares in the company, valued at $2,994,800.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William S. Simon sold 1,219 shares of the company’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 value of $192,857.99. Following the completion of the sale, the director now owns 6,281 shares of the company’s stock, valued at $993,717.01. The disclosure for this sale can be found here. Insiders sold 20,430 shares of company stock valued at $3,313,120 in the last three months. 0.85% of the stock is currently owned by corporate 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.