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MAI Capital Management Trims Holdings in Darden Restaurants, Inc. (NYSE:DRI)

Defense World · Oct 2, 2022 05:42

MAI Capital Management trimmed its position in Darden Restaurants, Inc. (NYSE:DRI – Get Rating) by 8.0% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,829 shares of the restaurant operator's stock after selling 247 shares during the period. MAI Capital Management's holdings in Darden Restaurants were worth $320,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in DRI. Princeton Global Asset Management LLC purchased a new position in Darden Restaurants in the 1st quarter valued at about $27,000. Dravo Bay LLC purchased a new position in Darden Restaurants in the 1st quarter valued at about $27,000. PSI Advisors LLC lifted its holdings in Darden Restaurants by 571.4% in the 2nd quarter. PSI Advisors LLC now owns 235 shares of the restaurant operator's stock valued at $27,000 after purchasing an additional 200 shares in the last quarter. Prospera Financial Services Inc purchased a new position in Darden Restaurants in the 1st quarter valued at about $33,000. Finally, First Community Trust NA lifted its holdings in shares of Darden Restaurants by 61.5% during the 2nd quarter. First Community Trust NA now owns 323 shares of the restaurant operator's stock worth $37,000 after acquiring an additional 123 shares during the period. 89.62% of the stock is currently owned by hedge funds and other institutional investors.

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Darden Restaurants Stock Down 2.3 %

Shares of NYSE:DRI opened at $126.32 on Friday. The company has a quick ratio of 0.37, a current ratio of 0.52 and a debt-to-equity ratio of 0.43. Darden Restaurants, Inc. has a 52-week low of $110.96 and a 52-week high of $158.39. The company has a 50 day moving average of $127.18 and a two-hundred day moving average of $125.43. The company has a market capitalization of $15.66 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 1.70 and a beta of 1.30.

Darden Restaurants (NYSE:DRI – Get Rating) last released its quarterly earnings results on Thursday, September 22nd. The restaurant operator reported $1.56 earnings per share for the quarter, hitting analysts' consensus estimates of $1.56. Darden Restaurants had a net margin of 9.36% and a return on equity of 40.33%. The business had revenue of $2.45 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter last year, the company earned $1.76 earnings per share. The business's quarterly revenue was up 6.1% compared to the same quarter last year. As a group, analysts forecast that Darden Restaurants, Inc. will post 7.67 earnings per share for the current fiscal year.

Darden Restaurants Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Shareholders of record on Monday, October 10th will be paid a $1.21 dividend. This represents a $4.84 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date is Friday, October 7th. Darden Restaurants's payout ratio is 67.13%.

Darden Restaurants announced that its board has authorized a stock buyback program on Thursday, June 23rd that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the restaurant operator to purchase up to 6.6% of its stock through open market purchases. Stock repurchase programs are often an indication that the company's board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on DRI shares. Stifel Nicolaus reiterated a "buy" rating on shares of Darden Restaurants in a report on Friday, June 24th. Morgan Stanley cut their price objective on shares of Darden Restaurants from $161.00 to $148.00 and set an "overweight" rating on the stock in a report on Friday, June 24th. Robert W. Baird cut their price objective on shares of Darden Restaurants from $160.00 to $146.00 and set an "outperform" rating on the stock in a report on Tuesday, June 21st. BMO Capital Markets began coverage on shares of Darden Restaurants in a research report on Friday, June 24th. They set a "hold" rating and a $130.00 target price for the company. Finally, MKM Partners dropped their target price on shares of Darden Restaurants from $165.00 to $150.00 and set a "buy" rating for the company in a research report on Tuesday, June 14th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $143.43.

Insider Buying and Selling at Darden Restaurants

In other Darden Restaurants news, Chairman Eugene I. Lee, Jr. sold 41,442 shares of the firm's stock in a transaction on Tuesday, August 2nd. The stock was sold at an average price of $124.71, for a total value of $5,168,231.82. Following the sale, the chairman now directly owns 222,480 shares in the company, valued at $27,745,480.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Chairman Eugene I. Lee, Jr. sold 41,442 shares of Darden Restaurants stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of $124.71, for a total transaction of $5,168,231.82. Following the sale, the chairman now directly owns 222,480 shares in the company, valued at $27,745,480.80. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Nana Mensah sold 567 shares of Darden Restaurants stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $117.03, for a total value of $66,356.01. Following the transaction, the director now directly owns 10 shares in the company, valued at $1,170.30. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by company insiders.

Darden Restaurants Company Profile

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Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 29, 2022, it owned and operated 1,867 restaurants, which included 884 under the Olive Garden brand, 546 under the LongHorn Steakhouse brand name, 172 under the Cheddar's Scratch Kitchen brand, 85 under the Yard House brand name, 62 under The Capital Grille brand, 45 under the Seasons 52 brand name, 42 under the Bahama Breeze brand, 28 under the Eddie V's Prime Seafood brand name, and 3 under the Capital Burger brand; and franchised 60 restaurants comprising 35 under the Olive Garden brand, 18 under the LongHorn Steakhouse brand name, 4 under the Cheddar's Scratch Kitchen brand, 2 under The Capital Grille brand name, and 1 under the Bahama Breeze brand.Darden Restaurants, Inc was founded in 1968 and is based in Orlando, Florida.