The Manufacturers Life Insurance Company reduced its stake in Darden Restaurants, Inc. (NYSE:DRI) by 7.9% during the fourth quarter, according to its latest 13F filing with the Securities and Exchange Commission (SEC). The fund owned 353,645 shares of the restaurant operator’s stock after selling 30,270 shares during the period, with its stake valued at $66,022,000.
Other institutional investors have also been adjusting their positions in Darden Restaurants. Second Half Financial Partners LLC acquired a new stake worth about $203,000, while Earnest Partners LLC increased its position by 0.3%. Boothbay Fund Management LLC significantly boosted its stake by 153.0%, and Coldstream Capital Management Inc. increased its holdings by 2.1%. Kovitz Investment Group Partners LLC also acquired a new stake valued at approximately $540,000.
Analyst Ratings and Price Targets
Several brokerages have recently adjusted their price targets for Darden Restaurants. KeyCorp raised its target from $200.00 to $220.00, maintaining an “overweight” rating. Wedbush increased its target from $220.00 to $235.00 with an “outperform” rating. Other analysts have varied ratings, with one sell rating, eight hold ratings, and seventeen buy ratings. The consensus rating is “Moderate Buy” with a target price of $201.38.
Insider Activity and Stock Performance
Insiders have been selling shares, with SVP John W. Madonna selling 1,806 shares for $375,431.28 and Laura B. Williamson selling 2,289 shares for $474,418.14. In total, insiders sold 32,505 shares valued at $6,667,929 during the last quarter. Company insiders own 0.58% of the company’s stock.
Darden Restaurants’ stock opened at $198.78, with a market capitalization of $23.26 billion. The company has a debt-to-equity ratio of 1.02 and a price-to-earnings ratio of 22.77. The stock has a 52-week low of $135.87 and a high of $211.00.
Earnings Report and Dividend Announcement
Darden Restaurants reported earnings per share of $2.80 for the quarter, meeting the consensus estimate. The company had revenue of $3.16 billion, up 6.2% year-over-year. The firm also announced a quarterly dividend of $1.40 per share, representing an annualized dividend of $5.60 and a yield of 2.82%.
