National Pension Service Increases Stock Holdings in Darden Restaurants, Inc. $DRI

National Pension Service grew its stake in Darden Restaurants, Inc. (NYSE:DRI) by 637.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 249,346 shares of the restaurant operator’s stock after purchasing an additional 215,537 shares during the quarter. National Pension Service’s holdings in Darden Restaurants were worth $51,368,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Union Savings Bank bought a new stake in shares of Darden Restaurants during the 4th quarter valued at about $28,000. Bell Investment Advisors Inc bought a new position in Darden Restaurants in the second quarter worth about $28,000. BOK Financial Private Wealth Inc. purchased a new stake in Darden Restaurants in the fourth quarter worth about $29,000. DV Equities LLC bought a new stake in Darden Restaurants during the 4th quarter valued at approximately $30,000. Finally, Transamerica Financial Advisors LLC bought a new stake in Darden Restaurants during the 2nd quarter valued at approximately $34,000. 93.64% of the stock is owned by hedge funds and other institutional investors.

Darden Restaurants Price Performance

NYSE:DRI opened at $209.83 on Friday. The business’s 50-day simple moving average is $210.14 and its two-hundred day simple moving average is $204.75. Darden Restaurants, Inc. has a 52 week low of $169.00 and a 52 week high of $229.76. The stock has a market cap of $23.94 billion, a PE ratio of 20.21, a P/E/G ratio of 1.98 and a beta of 0.60. The company has a quick ratio of 0.21, a current ratio of 0.31 and a debt-to-equity ratio of 0.74.

Darden Restaurants (NYSE:DRI) last issued its earnings results on Thursday, June 25th. The restaurant operator reported $3.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.63 by $0.03. The company had revenue of $3.72 billion for the quarter, compared to the consensus estimate of $3.73 billion. Darden Restaurants had a return on equity of 57.44% and a net margin of 9.13%.The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the company earned $2.98 EPS. Darden Restaurants has set its FY 2027 guidance at 11.100-11.350 EPS. As a group, analysts forecast that Darden Restaurants, Inc. will post 11.25 EPS for the current fiscal year.

Darden Restaurants Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were paid a dividend of $1.62 per share. The ex-dividend date of this dividend was Friday, July 10th. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.50. This represents a $6.48 annualized dividend and a yield of 3.1%. Darden Restaurants’s dividend payout ratio is 62.43%.

Insider Activity at Darden Restaurants

In other news, insider John W. Wilkerson sold 8,864 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the insider owned 18,794 shares in the company, valued at $3,915,354.02. This trade represents a 32.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Laura B. Williamson sold 1,110 shares of Darden Restaurants stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $204.32, for a total value of $226,795.20. Following the completion of the sale, the insider directly owned 10,754 shares in the company, valued at $2,197,257.28. This trade represents a 9.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 70,185 shares of company stock valued at $14,636,984 in the last ninety days. Corporate insiders own 0.67% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on DRI. BTIG Research increased their target price on Darden Restaurants from $225.00 to $235.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. Bank of America upped their price target on Darden Restaurants from $272.00 to $276.00 and gave the stock a “buy” rating in a research note on Friday, June 5th. Piper Sandler boosted their target price on shares of Darden Restaurants from $208.00 to $212.00 and gave the company a “neutral” rating in a report on Friday, June 26th. Deutsche Bank Aktiengesellschaft raised their price objective on Darden Restaurants from $230.00 to $236.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Finally, Oppenheimer reissued an “outperform” rating and set a $235.00 price target on shares of Darden Restaurants in a research report on Thursday, June 18th. Eighteen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $230.79.

About Darden Restaurants

Darden Restaurants, Inc (NYSE: DRI) is a full-service restaurant company headquartered in Orlando, Florida. It operates and franchises a portfolio of dining brands serving a range of cuisines, price points and occasions, with restaurants primarily located in the United States and select international markets.

Its restaurant portfolio includes Olive Garden, an Italian-American dining chain; LongHorn Steakhouse; Cheddar’s Scratch Kitchen; Yard House; The Capital Grille; Seasons 52; Bahama Breeze; Eddie V’s; Ruth’s Chris Steak House; and Chuy’s.