Darden Restaurants, Inc. $DRI Shares Purchased by Cidel Asset Management Inc.

Cidel Asset Management Inc. grew its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 66.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 107,146 shares of the restaurant operator’s stock after buying an additional 42,907 shares during the quarter. Cidel Asset Management Inc.’s holdings in Darden Restaurants were worth $20,706,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in DRI. Bell Investment Advisors Inc bought a new position in Darden Restaurants in the 2nd quarter valued at about $28,000. Transamerica Financial Advisors LLC acquired a new position in Darden Restaurants during the 2nd quarter valued at about $34,000. Keating Financial Advisory Services Inc. bought a new stake in Darden Restaurants during the 2nd quarter worth approximately $39,000. Kimelman & Baird LLC bought a new stake in Darden Restaurants during the 2nd quarter worth approximately $41,000. Finally, Westpac Banking Corp bought a new stake in Darden Restaurants during the 2nd quarter worth approximately $54,000. 93.64% of the stock is owned by institutional investors.

Insider Activity at Darden Restaurants

In related news, insider John Wilkerson sold 8,864 shares of Darden Restaurants stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $208.33, for a total transaction of $1,846,637.12. Following the sale, the insider directly owned 18,794 shares in the company, valued at approximately $3,915,354.02. This trade represents a 32.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.67% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on DRI. UBS Group reissued a “buy” rating on shares of Darden Restaurants in a research note on Friday, September 11th. Mizuho upped their price target on Darden Restaurants from $235.00 to $245.00 and gave the stock an “outperform” rating in a report on Friday, September 25th. Guggenheim reissued a “buy” rating and issued a $235.00 price target on shares of Darden Restaurants in a research report on Friday, September 25th. TD Cowen reissued a “hold” rating and issued a $215.00 price target on shares of Darden Restaurants in a research report on Thursday, September 24th. Finally, Weiss Ratings upgraded Darden Restaurants from a “buy (b-)” rating to a “buy (b)” rating in a research note on Tuesday, October 20th. Sixteen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $232.82.

Darden Restaurants Trading Down 0.3%

Shares of DRI stock opened at $219.92 on Friday. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.20 and a current ratio of 0.30. The company has a market capitalization of $24.88 billion, a price-to-earnings ratio of 21.50, a PEG ratio of 2.06 and a beta of 0.63. Darden Restaurants, Inc. has a 52-week low of $169.00 and a 52-week high of $229.76. The company has a 50-day simple moving average of $210.60 and a two-hundred day simple moving average of $205.87.

Darden Restaurants (NYSE:DRI) last posted its earnings results on Thursday, September 24th. The restaurant operator reported $2.05 EPS for the quarter, hitting the consensus estimate of $2.05. Darden Restaurants had a net margin of 8.85% and a return on equity of 58.64%. The firm had revenue of $3.20 billion for the quarter, compared to analysts’ expectations of $3.21 billion. During the same quarter last year, the firm earned $1.97 EPS. The company’s quarterly revenue was up 5.1% compared to the same quarter last year. Darden Restaurants has set its FY 2027 guidance at 11.100-11.350 EPS. Research analysts anticipate that Darden Restaurants, Inc. will post 11.24 EPS for the current fiscal year.

Darden Restaurants Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Friday, October 9th will be given a dividend of $1.62 per share. This represents a $6.48 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date of this dividend is Friday, October 9th. Darden Restaurants’s dividend payout ratio (DPR) is presently 63.34%.

Darden Restaurants Profile

Darden Restaurants, Inc is a full-service restaurant company that owns and operates a portfolio of dining brands in the United States. Its restaurants offer a range of cuisines and dining formats, including Italian-American, steakhouse, seafood, casual dining and polished casual concepts.

The company’s portfolio includes Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, Ruth’s Chris Steak House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s. These brands serve meals prepared for on-premises dining, as well as takeout and other off-premises occasions.

Darden traces its history to 1968, when founder William “Bill” Darden opened the first Red Lobster restaurant in Lakeland, Florida.