Darden Restaurants, Inc. (NYSE:DRI) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D trimmed its holdings in Darden Restaurants, Inc. (NYSE:DRI) by 32.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 43,089 shares of the restaurant operator’s stock after selling 20,629 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Darden Restaurants were worth $6,520,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Cibc World Markets Corp increased its holdings in shares of Darden Restaurants by 39.7% in the 4th quarter. Cibc World Markets Corp now owns 30,344 shares of the restaurant operator’s stock valued at $4,986,000 after acquiring an additional 8,619 shares during the period. APG Asset Management US Inc. acquired a new position in Darden Restaurants in the 4th quarter valued at $3,901,000. Russell Investments Group Ltd. increased its stake in Darden Restaurants by 206.5% in the 1st quarter. Russell Investments Group Ltd. now owns 49,082 shares of the restaurant operator’s stock valued at $8,204,000 after buying an additional 33,066 shares during the period. Rise Advisors LLC increased its stake in Darden Restaurants by 131.3% in the 1st quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator’s stock valued at $26,000 after buying an additional 88 shares during the period. Finally, Nomura Holdings Inc. acquired a new position in Darden Restaurants in the 4th quarter valued at $838,000. 93.64% of the stock is owned by institutional investors and hedge funds.

Darden Restaurants Trading Up 1.1 %

NYSE DRI opened at $160.25 on Monday. Darden Restaurants, Inc. has a 12 month low of $133.36 and a 12 month high of $176.84. The company has a 50-day moving average of $148.54 and a 200-day moving average of $153.49. The company has a debt-to-equity ratio of 0.61, a current ratio of 0.38 and a quick ratio of 0.24. The company has a market cap of $19.13 billion, a P/E ratio of 18.81, a P/E/G ratio of 1.76 and a beta of 1.30.

Darden Restaurants (NYSE:DRI) last posted its earnings results on Thursday, June 20th. The restaurant operator reported $2.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.61 by $0.04. The firm had revenue of $3 billion during the quarter, compared to the consensus estimate of $2.97 billion. Darden Restaurants had a net margin of 9.02% and a return on equity of 49.82%. The company’s revenue was up 8.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.58 EPS. As a group, equities analysts predict that Darden Restaurants, Inc. will post 9.47 earnings per share for the current year.

Darden Restaurants Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, August 15th. Investors of record on Thursday, July 11th were given a dividend of $1.29 per share. This represents a $5.16 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Wednesday, July 10th. Darden Restaurants’s dividend payout ratio (DPR) is presently 65.73%.

Insider Buying and Selling

In related news, SVP Sarah H. King sold 15,941 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $147.06, for a total transaction of $2,344,283.46. Following the completion of the sale, the senior vice president now owns 447 shares of the company’s stock, valued at approximately $65,735.82. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Darden Restaurants news, SVP Sarah H. King sold 15,941 shares of the stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $147.06, for a total value of $2,344,283.46. Following the completion of the sale, the senior vice president now owns 447 shares of the company’s stock, valued at $65,735.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Melvin John Martin sold 2,500 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $141.09, for a total transaction of $352,725.00. Following the completion of the sale, the insider now directly owns 11,691 shares of the company’s stock, valued at approximately $1,649,483.19. The disclosure for this sale can be found here. Corporate insiders own 0.85% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on DRI shares. Stephens dropped their price objective on shares of Darden Restaurants from $165.00 to $159.00 and set an “equal weight” rating on the stock in a research note on Friday. Piper Sandler dropped their price objective on shares of Darden Restaurants from $163.00 to $159.00 and set a “neutral” rating on the stock in a research note on Monday, July 22nd. Citigroup dropped their price objective on shares of Darden Restaurants from $192.00 to $191.00 and set a “buy” rating on the stock in a research note on Tuesday, September 10th. KeyCorp decreased their target price on shares of Darden Restaurants from $177.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, June 13th. Finally, Evercore ISI decreased their target price on shares of Darden Restaurants from $170.00 to $165.00 and set an “in-line” rating on the stock in a research report on Thursday, June 13th. One research analyst has rated the stock with a sell rating, six have given a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $170.18.

Darden Restaurants Company 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.