Allspring Global Investments Holdings LLC Sells 1,644 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Allspring Global Investments Holdings LLC decreased its position in shares of Darden Restaurants, Inc. (NYSE:DRI) by 20.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,289 shares of the restaurant operator’s stock after selling 1,644 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Darden Restaurants were worth $1,032,000 at the end of the most recent reporting period.

A number of other hedge funds also recently modified their holdings of DRI. ESL Trust Services LLC bought a new stake in Darden Restaurants in the 1st quarter valued at about $27,000. Meeder Asset Management Inc. purchased a new stake in shares of Darden Restaurants in the second quarter valued at about $27,000. Kimelman & Baird LLC bought a new position in shares of Darden Restaurants during the second quarter valued at about $30,000. Innealta Capital LLC bought a new position in shares of Darden Restaurants during the second quarter valued at about $31,000. Finally, Wolff Wiese Magana LLC boosted its holdings in Darden Restaurants by 1,690.9% during the third quarter. Wolff Wiese Magana LLC now owns 197 shares of the restaurant operator’s stock worth $32,000 after purchasing an additional 186 shares during the last quarter. Institutional investors and hedge funds own 93.64% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on DRI shares. BMO Capital Markets increased their price objective on shares of Darden Restaurants from $165.00 to $175.00 and gave the company a “market perform” rating in a research note on Friday, September 20th. Sanford C. Bernstein downgraded Darden Restaurants from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $190.00 to $180.00 in a research report on Friday, September 20th. Truist Financial lifted their price target on Darden Restaurants from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Citigroup reduced their price objective on Darden Restaurants from $192.00 to $191.00 and set a “buy” rating for the company in a research note on Tuesday, September 10th. Finally, UBS Group lifted their target price on Darden Restaurants from $188.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and sixteen have assigned a buy rating to the company. According to MarketBeat, Darden Restaurants currently has an average rating of “Moderate Buy” and a consensus price target of $180.13.

Insider Activity at Darden Restaurants

In other Darden Restaurants news, SVP Susan M. Connelly sold 3,320 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $163.43, for a total value of $542,587.60. Following the completion of the transaction, the senior vice president now owns 6,155 shares in the company, valued at approximately $1,005,911.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, SVP Susan M. Connelly sold 3,320 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $163.43, for a total transaction of $542,587.60. Following the sale, the senior vice president now owns 6,155 shares of the company’s stock, valued at $1,005,911.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Nana Mensah sold 1,171 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $171.90, for a total transaction of $201,294.90. Following the completion of the sale, the director now owns 10 shares in the company, valued at approximately $1,719. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,265 shares of company stock worth $10,116,030 over the last ninety days. 0.58% of the stock is owned by corporate insiders.

Darden Restaurants Trading Down 0.1 %

NYSE:DRI opened at $160.02 on Friday. The company has a 50-day moving average price of $161.18 and a 200-day moving average price of $152.75. The stock has a market cap of $18.80 billion, a price-to-earnings ratio of 18.46, a P/E/G ratio of 1.83 and a beta of 1.30. The company has a current ratio of 0.35, a quick ratio of 0.22 and a debt-to-equity ratio of 0.65. Darden Restaurants, Inc. has a 12 month low of $135.87 and a 12 month high of $176.84.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings results on Thursday, September 19th. The restaurant operator reported $1.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.08). The company had revenue of $2.76 billion during the quarter, compared to the consensus estimate of $2.80 billion. Darden Restaurants had a return on equity of 49.46% and a net margin of 9.11%. Darden Restaurants’s quarterly revenue was up 1.0% on a year-over-year basis. During the same period in the previous year, the company earned $1.78 earnings per share. Equities analysts predict that Darden Restaurants, Inc. will post 9.47 EPS for the current year.

Darden Restaurants Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a $1.40 dividend. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.50%. The ex-dividend date is Thursday, October 10th. This is a boost from Darden Restaurants’s previous quarterly dividend of $1.29. Darden Restaurants’s dividend payout ratio (DPR) is presently 64.59%.

About Darden Restaurants

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.