iA Global Asset Management Inc. Has $4.65 Million Stake in Darden Restaurants, Inc. (NYSE:DRI)

iA Global Asset Management Inc. cut its stake in Darden Restaurants, Inc. (NYSE:DRI) by 7.3% in the 1st quarter, HoldingsChannel.com reports. The firm owned 27,846 shares of the restaurant operator’s stock after selling 2,191 shares during the quarter. iA Global Asset Management Inc.’s holdings in Darden Restaurants were worth $4,654,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of DRI. Rise Advisors LLC grew its position in Darden Restaurants by 131.3% in the 1st quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator’s stock worth $26,000 after purchasing an additional 88 shares in the last quarter. ESL Trust Services LLC bought a new position in shares of Darden Restaurants in the first quarter valued at approximately $27,000. Hartford Financial Management Inc. increased its position in shares of Darden Restaurants by 65.1% during the fourth quarter. Hartford Financial Management Inc. now owns 180 shares of the restaurant operator’s stock valued at $30,000 after acquiring an additional 71 shares during the last quarter. Tennessee Valley Asset Management Partners bought a new stake in Darden Restaurants during the fourth quarter worth $33,000. Finally, Union Savings Bank boosted its position in Darden Restaurants by 44.0% in the fourth quarter. Union Savings Bank now owns 216 shares of the restaurant operator’s stock worth $35,000 after purchasing an additional 66 shares during the last quarter. Institutional investors own 93.64% of the company’s stock.

Insider Buying and Selling

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

Darden Restaurants Price Performance

NYSE DRI traded down $0.94 on Thursday, hitting $145.35. The stock had a trading volume of 1,596,924 shares, compared to its average volume of 1,221,923. The firm has a 50-day moving average of $147.17 and a 200-day moving average of $156.33. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.24 and a current ratio of 0.38. Darden Restaurants, Inc. has a 52-week low of $133.36 and a 52-week high of $176.84. The company has a market capitalization of $17.28 billion, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 1.65 and a beta of 1.29.

Darden Restaurants (NYSE:DRI) last issued its quarterly earnings data 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. Darden Restaurants had a return on equity of 49.82% and a net margin of 9.02%. The company had revenue of $3 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter last year, the business posted $2.58 earnings per share. The firm’s revenue was up 8.3% compared to the same quarter last year. Equities analysts expect that Darden Restaurants, Inc. will post 9.48 EPS for the current year.

Darden Restaurants Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 15th. Stockholders of record on Thursday, July 11th will be issued a dividend of $1.29 per share. This represents a $5.16 annualized dividend and a dividend yield of 3.55%. The ex-dividend date is Wednesday, July 10th. Darden Restaurants’s payout ratio is 65.73%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Piper Sandler decreased their target price on Darden Restaurants from $163.00 to $159.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. Evercore ISI dropped 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 note on Thursday, June 13th. Bank of America raised their price target on shares of Darden Restaurants from $180.00 to $185.00 and gave the stock a “buy” rating in a research note on Friday, June 21st. Raymond James lifted their price target on shares of Darden Restaurants from $167.00 to $170.00 and gave the stock an “outperform” rating in a report on Friday, June 21st. Finally, Stifel Nicolaus reduced their price objective on Darden Restaurants from $190.00 to $180.00 and set a “buy” rating for the company in a report on Friday, June 21st. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $170.95.

Darden Restaurants 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.