NorthCrest Asset Manangement LLC Makes New $591,000 Investment in Darden Restaurants, Inc. (NYSE:DRI)

NorthCrest Asset Manangement LLC purchased a new position in shares of Darden Restaurants, Inc. (NYSE:DRIGet Rating) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 3,920 shares of the restaurant operator’s stock, valued at approximately $591,000.

A number of other hedge funds have also recently modified their holdings of the business. Center for Financial Planning Inc. purchased a new position in Darden Restaurants during the 3rd quarter valued at about $184,000. PNC Financial Services Group Inc. boosted its position in shares of Darden Restaurants by 3.0% in the 3rd quarter. PNC Financial Services Group Inc. now owns 40,218 shares of the restaurant operator’s stock worth $6,092,000 after purchasing an additional 1,158 shares in the last quarter. Advisor Group Holdings Inc. lifted its position in Darden Restaurants by 13.4% in the 3rd quarter. Advisor Group Holdings Inc. now owns 33,772 shares of the restaurant operator’s stock valued at $5,121,000 after acquiring an additional 3,992 shares in the last quarter. Resources Investment Advisors LLC. bought a new position in Darden Restaurants in the 3rd quarter valued at approximately $206,000. Finally, Daiwa Securities Group Inc. lifted its position in Darden Restaurants by 14.3% in the 3rd quarter. Daiwa Securities Group Inc. now owns 7,691 shares of the restaurant operator’s stock valued at $1,165,000 after acquiring an additional 960 shares in the last quarter. 90.71% of the stock is owned by hedge funds and other institutional investors.

In other news, Director Juliana L. Chugg purchased 1,925 shares of the business’s stock in a transaction on Monday, March 28th. The shares were acquired 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 this hyperlink. 0.95% of the stock is currently owned by insiders.

Shares of NYSE:DRI opened at $131.48 on Thursday. The firm has a market cap of $16.40 billion, a PE ratio of 16.56, a price-to-earnings-growth ratio of 1.80 and a beta of 1.32. The firm’s 50 day simple moving average is $131.74 and its 200-day simple moving average is $140.35. Darden Restaurants, Inc. has a one year low of $116.04 and a one year high of $164.28. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.57 and a current ratio of 0.70.

Darden Restaurants (NYSE:DRIGet Rating) last issued its earnings results on Thursday, March 24th. The restaurant operator reported $1.93 EPS for the quarter, missing the Zacks’ consensus estimate of $2.10 by ($0.17). The company 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 business’s revenue was up 41.3% compared to the same quarter last year. During the same period last year, the business posted $0.98 earnings per share. Equities research analysts predict that Darden Restaurants, Inc. will post 7.38 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 2nd. Investors of record on Friday, April 8th were issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 3.35%. The ex-dividend date of this dividend was Thursday, April 7th. Darden Restaurants’s payout ratio is 55.42%.

Several equities analysts have recently weighed in on the company. StockNews.com cut Darden Restaurants from a “buy” rating to a “hold” rating in a report on Monday, March 28th. Raymond James lowered their price target on Darden Restaurants from $156.00 to $153.00 and set an “outperform” rating on the stock in a report on Friday, March 25th. Stephens lowered their price target on Darden Restaurants from $176.00 to $160.00 and set an “overweight” rating on the stock in a report on Friday, March 25th. Oppenheimer lowered their price target on Darden Restaurants from $185.00 to $175.00 and set an “outperform” rating on the stock in a report on Friday, March 18th. Finally, Citigroup began coverage on Darden Restaurants in a research note on Tuesday, April 12th. They issued a “buy” rating and a $162.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $162.05.

Darden Restaurants Profile (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.

See Also

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

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