MAI Capital Management Purchases 227 Shares of Darden Restaurants, Inc. (NYSE:DRI)

MAI Capital Management boosted its position in shares of Darden Restaurants, Inc. (NYSE:DRIGet Rating) by 7.9% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,104 shares of the restaurant operator’s stock after acquiring an additional 227 shares during the quarter. MAI Capital Management’s holdings in Darden Restaurants were worth $468,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Csenge Advisory Group raised its stake in Darden Restaurants by 38.4% during the 4th quarter. Csenge Advisory Group now owns 3,708 shares of the restaurant operator’s stock worth $549,000 after acquiring an additional 1,028 shares during the period. Great Valley Advisor Group Inc. bought a new stake in Darden Restaurants during the 4th quarter worth approximately $586,000. Citizens Financial Group Inc RI bought a new stake in Darden Restaurants during the 4th quarter worth approximately $9,892,000. Bridgefront Capital LLC bought a new stake in Darden Restaurants during the 4th quarter worth approximately $508,000. Finally, Covestor Ltd bought a new stake in Darden Restaurants during the 4th quarter worth approximately $68,000. Institutional investors own 90.71% of the company’s stock.

NYSE DRI opened at $116.25 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.70 and a debt-to-equity ratio of 0.40. The company has a fifty day moving average of $129.79 and a two-hundred day moving average of $138.60. The firm has a market capitalization of $14.50 billion, a price-to-earnings ratio of 14.64, a PEG ratio of 1.58 and a beta of 1.32. Darden Restaurants, Inc. has a 52 week low of $113.54 and a 52 week high of $164.28.

Darden Restaurants (NYSE:DRIGet Rating) last posted its quarterly earnings data on Thursday, March 24th. The restaurant operator reported $1.93 EPS for the quarter, missing the consensus estimate of $2.09 by ($0.16). The firm had revenue of $2.45 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Darden Restaurants had a return on equity of 36.26% and a net margin of 11.17%. The firm’s quarterly revenue was up 41.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.98 earnings per share. Equities research analysts anticipate that Darden Restaurants, Inc. will post 7.38 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, May 2nd. Stockholders of record on Friday, April 8th were paid a dividend of $1.10 per share. This represents a $4.40 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend was Thursday, April 7th. Darden Restaurants’s dividend payout ratio is currently 55.42%.

Several equities research analysts have recently issued reports on the stock. BMO Capital Markets reduced their price objective on shares of Darden Restaurants from $155.00 to $140.00 in a research report on Friday, March 25th. Royal Bank of Canada reduced their price objective on shares of Darden Restaurants from $153.00 to $151.00 and set an “outperform” rating on the stock in a research report on Friday, March 25th. Cowen reduced their price objective on shares of Darden Restaurants from $175.00 to $155.00 and set an “outperform” rating on the stock in a research report on Friday, March 25th. KeyCorp reduced their price objective on shares of Darden Restaurants from $170.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, March 17th. Finally, Raymond James reduced their price objective on shares of Darden Restaurants from $156.00 to $153.00 and set an “outperform” rating on the stock in a research report on Friday, March 25th. Five investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to data from MarketBeat, Darden Restaurants currently has an average rating of “Buy” and an average price target of $162.05.

In related news, Director Juliana L. Chugg bought 1,925 shares of the stock in a transaction dated Monday, March 28th. The stock was purchased at an average cost of $129.01 per share, with a total value of $248,344.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.95% of the stock is currently owned by insiders.

About Darden Restaurants (Get Rating)

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 30, 2021, it owned and operated 1,834 restaurants, which included 875 under the Olive Garden, 533 under the LongHorn Steakhouse, 170 under the Cheddar's Scratch Kitchen, 81 under the Yard House, 63 under The Capital Grille, 44 under the Seasons 52, 42 under the Bahama Breeze, and 26 under the Eddie V's Prime Seafood brands.

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Institutional Ownership by Quarter for Darden Restaurants (NYSE:DRI)

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