Summit Wealth Partners LLC Has $206,000 Stake in Darden Restaurants, Inc. (NYSE:DRI)

Summit Wealth Partners LLC cut its stake in Darden Restaurants, Inc. (NYSE:DRI) by 32.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,258 shares of the restaurant operator’s stock after selling 600 shares during the quarter. Summit Wealth Partners LLC’s holdings in Darden Restaurants were worth $206,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Raymond James & Associates increased its stake in Darden Restaurants by 1.9% in the third quarter. Raymond James & Associates now owns 2,352,608 shares of the restaurant operator’s stock valued at $386,133,000 after purchasing an additional 44,464 shares in the last quarter. Earnest Partners LLC grew its holdings in shares of Darden Restaurants by 1.2% in the 2nd quarter. Earnest Partners LLC now owns 1,591,541 shares of the restaurant operator’s stock valued at $240,832,000 after buying an additional 18,899 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Darden Restaurants by 13.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,141,974 shares of the restaurant operator’s stock valued at $172,811,000 after buying an additional 132,643 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Darden Restaurants by 2.7% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 1,004,932 shares of the restaurant operator’s stock worth $152,066,000 after buying an additional 26,081 shares during the period. Finally, Steadfast Capital Management LP lifted its holdings in Darden Restaurants by 10.0% during the first quarter. Steadfast Capital Management LP now owns 933,000 shares of the restaurant operator’s stock worth $155,951,000 after acquiring an additional 85,000 shares in the last quarter. 93.64% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have issued reports on DRI. BMO Capital Markets increased their price target on Darden Restaurants from $165.00 to $175.00 and gave the stock a “market perform” rating in a report on Friday, September 20th. Raymond James restated an “outperform” rating and set a $160.00 target price on shares of Darden Restaurants in a report on Tuesday, August 20th. Piper Sandler upped their price target on shares of Darden Restaurants from $159.00 to $177.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Truist Financial raised their price objective on shares of Darden Restaurants from $185.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Finally, Evercore ISI raised shares of Darden Restaurants from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $165.00 to $205.00 in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Darden Restaurants has a consensus rating of “Moderate Buy” and a consensus target price of $180.13.

Insider Activity at Darden Restaurants

In other Darden Restaurants news, SVP Susan M. Connelly sold 3,320 shares of the company’s stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $163.43, for a total value of $542,587.60. Following the transaction, the senior vice president now directly owns 6,155 shares in the company, 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, SVP Susan M. Connelly sold 3,320 shares of Darden Restaurants 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 completion of the sale, the senior vice president now owns 6,155 shares of the company’s stock, valued at approximately $1,005,911.65. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Douglas J. Milanes sold 5,705 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $172.04, for a total transaction of $981,488.20. Following the completion of the transaction, the senior vice president now directly owns 3,834 shares in the company, valued at approximately $659,601.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,265 shares of company stock worth $10,116,030. Company insiders own 0.58% of the company’s stock.

Darden Restaurants Stock Performance

Shares of DRI stock opened at $159.72 on Friday. The company has a fifty day moving average price of $161.29 and a two-hundred day moving average price of $152.79. Darden Restaurants, Inc. has a one year low of $135.87 and a one year high of $176.84. The stock has a market cap of $18.77 billion, a P/E ratio of 18.42, a P/E/G ratio of 1.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.65, a current ratio of 0.35 and a quick ratio of 0.22.

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

Darden Restaurants Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Thursday, October 10th were issued a dividend of $1.40 per share. The ex-dividend date was Thursday, October 10th. This is a positive change from Darden Restaurants’s previous quarterly dividend of $1.29. This represents a $5.60 dividend on an annualized basis and a dividend yield of 3.51%. Darden Restaurants’s payout ratio is presently 64.59%.

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.