Fifth Third Bancorp holds a $3.05 million position in Darden Restaurants, Inc. (NYSE: DRI)


Fifth Third Bancorp increased its holdings of Darden Restaurants, Inc. (NYSE: DRI – Get Rating) stock by 3.5% during the first quarter, the company said in its latest Form 13F filing with the Securities and Exchange Commission. (DRY) . The company held 22,937 shares of the restaurateur after buying an additional 771 shares during the quarter. Fifth Third Bancorp’s holdings in Darden Restaurants were worth $3,049,000 at the end of the last quarter.

Several other hedge funds and other institutional investors have also increased or reduced their stakes in the company. Wetherby Asset Management Inc. increased its position in shares of Darden Restaurants by 1.3% during the fourth quarter. Wetherby Asset Management Inc. now owns 5,800 shares of the restaurateur worth $874,000 after purchasing 74 additional shares during the period. Resources Investment Advisors LLC. increased its position in Darden Restaurants by 5.7% in the 4th quarter. Resources Investment Advisors LLC. now owns 1,437 shares of the restaurateur valued at $216,000 after buying 78 more shares in the last quarter. Sage Private Wealth Group LLC increased its position in Darden Restaurants by 31.9% in the 4th quarter. Sage Private Wealth Group LLC now owns 376 shares of the restaurateur valued at $56,000 after buying 91 additional shares in the last quarter. Flputnam Investment Management Co. increased its position in Darden Restaurants by 2.1% in the fourth quarter. Flputnam Investment Management Co. now owns 4,979 shares of the restaurateur valued at $750,000 after buying 104 additional shares in the last quarter. Finally, Connable Office Inc. increased its position in Darden Restaurants by 0.6% in the 4th quarter. Connable Office Inc. now owns 17,852 shares of the restaurateur valued at $2,689,000 after buying 106 additional shares in the last quarter. 90.71% of the shares are currently held by institutional investors.

A number of brokerages have recently released reports on DRI. Citigroup raised its target price on Darden Restaurants from $134.00 to $140.00 and gave the company a “buy” rating in a research report on Friday, June 24. Cowen lowered its target price on Darden Restaurants from $155.00 to $140.00 in a Thursday, June 16 research report. StockNews.com downgraded Darden Restaurants from a “buy” rating to a “hold” rating in a Wednesday, June 15 research rating. Stifel Nicolaus reaffirmed a “buy” rating on shares of Darden Restaurants in a Friday, June 24 research note. Finally, Credit Suisse Group cut its price target on Darden Restaurants from $175.00 to $152.00 and set an “outperform” rating for the company in a Friday, June 24 research note. Four analysts gave the stock a hold rating and seventeen gave the company a buy rating. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $141.65.

DRI opened at $114.35 on Friday. The company has a fifty-day simple moving average of $122.57 and a 200-day simple moving average of $132.66. The company has a market capitalization of $14.26 billion, a PE ratio of 15.45, a growth price-earnings ratio of 1.56 and a beta of 1.32. Darden Restaurants, Inc. has a 1-year minimum of $110.96 and a 1-year maximum of $164.28. The company has a debt ratio of 0.41, a current ratio of 0.64 and a quick ratio of 0.49.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 1. Shareholders of record on Friday, July 8 will receive a dividend of $1.21. The ex-date of this dividend is Thursday, July 7. This is a boost from Darden Restaurants’ previous quarterly dividend of $1.10. This represents an annualized dividend of $4.84 and a yield of 4.23%. Darden Restaurants’ payout ratio is currently 59.46%.

Darden Restaurants said its board of directors authorized a stock repurchase plan on Thursday, June 23 that allows the company to repurchase $1.00 billion in stock. This repurchase authorization authorizes the restaurateur to repurchase up to 6.6% of its shares through purchases on the open market. Stock repurchase plans are usually a sign that the company’s board believes its stock is undervalued.

Separately, director Timothy J. Wilmott acquired 10,000 shares of the company in a transaction on Tuesday, June 28. The shares were purchased at an average cost of $120.00 per share, with a total value of $1,200,000.00. Following the acquisition, the director now directly owns 27,094 shares of the company, valued at $3,251,280. The acquisition was disclosed in a filing with the SEC, accessible via this hyperlink. 0.95% of the shares are held by insiders.

Darden Restaurants Company Profile (Get a rating)

Darden Restaurants, Inc, through its subsidiaries, owns and operates full-service restaurants in the United States and Canada. As of May 30, 2021, it owned and operated 1,834 restaurants, including 875 under the Olive Garden, 533 under the LongHorn Steakhouse, 170 under Cheddar’s Scratch Kitchen, 81 under the Yard House, 63 under The Capital Grille, 44 under the Seasons 52, 42 under the Bahama Breeze brands and 26 under the Eddie V’s Prime Seafood brands.

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Institutional Ownership by Quarter for Darden Restaurants (NYSE: DRI)



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