Tennessee Valley Asset Management Partners Buys New Stake in Darden Restaurants, Inc. (NYSE:DRI)

Tennessee Valley Asset Management Partners purchased a new position in Darden Restaurants, Inc. (NYSE:DRI) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 198 shares of the restaurant operator’s stock, valued at approximately $33,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Tokio Marine Asset Management Co. Ltd. lifted its position in shares of Darden Restaurants by 7.2% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,338 shares of the restaurant operator’s stock worth $478,000 after buying an additional 224 shares in the last quarter. Prime Capital Investment Advisors LLC raised its holdings in shares of Darden Restaurants by 19.7% during the 4th quarter. Prime Capital Investment Advisors LLC now owns 2,789 shares of the restaurant operator’s stock worth $458,000 after acquiring an additional 459 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Darden Restaurants during the 4th quarter worth approximately $17,202,000. Invera Wealth Advisors LLC bought a new position in shares of Darden Restaurants during the 4th quarter valued at approximately $1,038,000. Finally, American Century Companies Inc. grew its holdings in shares of Darden Restaurants by 21.1% in the third quarter. American Century Companies Inc. now owns 197,738 shares of the restaurant operator’s stock valued at $28,320,000 after purchasing an additional 34,478 shares in the last quarter. Institutional investors own 93.64% of the company’s stock.

Insider Activity

In other news, SVP Matthew R. Broad sold 6,831 shares of the firm’s stock in a transaction on Wednesday, January 31st. The stock was sold at an average price of $163.26, for a total transaction of $1,115,229.06. Following the transaction, the senior vice president now owns 19,141 shares in the company, valued at $3,124,959.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Melvin John Martin sold 7,673 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $165.52, for a total transaction of $1,270,034.96. Following the transaction, the insider now owns 17,208 shares in the company, valued at $2,848,268.16. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, SVP Matthew R. Broad sold 6,831 shares of the firm’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $163.26, for a total value of $1,115,229.06. Following the transaction, the senior vice president now owns 19,141 shares in the company, valued at approximately $3,124,959.66. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 15,723 shares of company stock worth $2,578,122. Company insiders own 0.85% of the company’s stock.

Darden Restaurants Stock Up 0.9 %

NYSE:DRI opened at $155.91 on Wednesday. Darden Restaurants, Inc. has a twelve month low of $133.36 and a twelve month high of $176.84. The company has a market cap of $18.61 billion, a price-to-earnings ratio of 18.28, a price-to-earnings-growth ratio of 1.68 and a beta of 1.25. The stock has a fifty day simple moving average of $164.88 and a 200-day simple moving average of $159.13. The company has a current ratio of 0.39, a quick ratio of 0.25 and a debt-to-equity ratio of 0.63.

Darden Restaurants (NYSE:DRI) last released its earnings results 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). Darden Restaurants had a return on equity of 49.94% and a net margin of 9.24%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $3.02 billion. During the same quarter last year, the business posted $2.34 earnings per share. The firm’s revenue for the quarter was up 6.8% compared to the same quarter last year. Analysts anticipate that Darden Restaurants, Inc. will post 8.85 EPS for the current year.

Darden Restaurants declared that its board has initiated a stock repurchase plan on Thursday, March 21st that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the restaurant operator to buy up to 5% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Darden Restaurants Dividend Announcement

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Wedbush decreased their price target on shares of Darden Restaurants from $187.00 to $181.00 and set an “outperform” rating on the stock in a research note on Friday, March 22nd. Guggenheim upped their target price on shares of Darden Restaurants from $180.00 to $185.00 and gave the company a “buy” rating in a research report on Tuesday, March 19th. Stephens initiated coverage on Darden Restaurants in a research report on Friday, April 12th. They issued an “equal weight” rating and a $170.00 price target for the company. Truist Financial reissued a “buy” rating and set a $190.00 price objective on shares of Darden Restaurants in a research note on Friday, March 22nd. Finally, TD Cowen reaffirmed a “buy” rating and issued a $190.00 price objective on shares of Darden Restaurants in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Darden Restaurants presently has an average rating of “Moderate Buy” and an average price target of $178.85.

Darden Restaurants 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.