Darden Restaurants, Inc. (NYSE:DRI) Declares Quarterly Dividend of $1.21

Darden Restaurants, Inc. (NYSE:DRIGet Rating) announced a quarterly dividend on Thursday, June 23rd, RTT News reports. Stockholders of record on Friday, July 8th will be paid a dividend of 1.21 per share by the restaurant operator on Monday, August 1st. This represents a $4.84 annualized dividend and a dividend yield of 4.23%. The ex-dividend date is Thursday, July 7th. This is an increase from Darden Restaurants’s previous quarterly dividend of $1.10.

Darden Restaurants has raised its dividend by an average of 13.2% annually over the last three years and has raised its dividend annually for the last 2 consecutive years. Darden Restaurants has a dividend payout ratio of 62.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Darden Restaurants to earn $8.47 per share next year, which means the company should continue to be able to cover its $4.84 annual dividend with an expected future payout ratio of 57.1%.

Shares of NYSE DRI opened at $114.35 on Tuesday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.49 and a current ratio of 0.64. The business’s 50 day moving average price is $122.09 and its 200-day moving average price is $132.38. Darden Restaurants has a fifty-two week low of $110.96 and a fifty-two week high of $164.28. The company has a market cap of $14.26 billion, a price-to-earnings ratio of 15.45, a PEG ratio of 1.51 and a beta of 1.31.

Darden Restaurants declared that its board has approved a stock repurchase program on Thursday, June 23rd that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the restaurant operator to purchase up to 6.6% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Several research firms have commented on DRI. Royal Bank of Canada reduced their price objective on Darden Restaurants from $151.00 to $143.00 and set an “outperform” rating on the stock in a report on Friday, June 24th. Robert W. Baird lowered their price objective on Darden Restaurants from $160.00 to $146.00 and set an “outperform” rating for the company in a research report on Tuesday, June 21st. Stephens lowered their price target on Darden Restaurants from $176.00 to $160.00 and set an “overweight” rating for the company in a research report on Friday, March 25th. Oppenheimer lowered their price target on Darden Restaurants from $175.00 to $155.00 and set an “outperform” rating for the company in a research report on Wednesday, June 22nd. Finally, Morgan Stanley decreased their price objective on Darden Restaurants from $161.00 to $148.00 and set an “overweight” rating for the company in a report on Friday, June 24th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, Darden Restaurants presently has an average rating of “Moderate Buy” and an average price target of $141.65.

In other news, Director Timothy J. Wilmott acquired 10,000 shares of the business’s stock in a transaction on Tuesday, June 28th. The stock was bought at an average cost of $120.00 per share, for a total transaction of $1,200,000.00. Following the purchase, the director now owns 27,094 shares in the company, valued at $3,251,280. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.95% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the company. Advisory Services Network LLC boosted its holdings in shares of Darden Restaurants by 7.7% during the 1st quarter. Advisory Services Network LLC now owns 10,032 shares of the restaurant operator’s stock worth $1,334,000 after purchasing an additional 716 shares during the last quarter. Neuberger Berman Group LLC boosted its holdings in shares of Darden Restaurants by 1.5% during the 1st quarter. Neuberger Berman Group LLC now owns 235,444 shares of the restaurant operator’s stock worth $31,318,000 after purchasing an additional 3,592 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Darden Restaurants during the 1st quarter worth approximately $387,000. Point72 Hong Kong Ltd boosted its holdings in shares of Darden Restaurants by 381.3% during the 1st quarter. Point72 Hong Kong Ltd now owns 2,142 shares of the restaurant operator’s stock worth $285,000 after purchasing an additional 1,697 shares during the last quarter. Finally, Quantamental Technologies LLC acquired a new position in shares of Darden Restaurants during the 1st quarter worth approximately $241,000. Institutional investors and hedge funds own 90.71% of the company’s stock.

About Darden Restaurants (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.

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Dividend History for Darden Restaurants (NYSE:DRI)

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