Covington Investment Advisors Inc. Buys 8,975 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Covington Investment Advisors Inc. grew its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI - Free Report) by 18.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,555 shares of the restaurant operator's stock after purchasing an additional 8,975 shares during the quarter. Darden Restaurants comprises about 1.4% of Covington Investment Advisors Inc.'s investment portfolio, making the stock its 25th biggest position. Covington Investment Advisors Inc.'s holdings in Darden Restaurants were worth $8,709,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Rise Advisors LLC raised its holdings in Darden Restaurants by 131.3% during the first quarter. Rise Advisors LLC now owns 155 shares of the restaurant operator's stock valued at $26,000 after buying an additional 88 shares in the last quarter. ESL Trust Services LLC acquired a new stake in Darden Restaurants in the 1st quarter worth approximately $27,000. Meeder Asset Management Inc. bought a new stake in Darden Restaurants during the second quarter worth approximately $27,000. Innealta Capital LLC acquired a new position in Darden Restaurants during the second quarter valued at approximately $31,000. Finally, ZRC Wealth Management LLC bought a new position in shares of Darden Restaurants in the first quarter valued at approximately $39,000. Institutional investors and hedge funds own 93.64% of the company's stock.

Insider Activity

In related news, insider Melvin John Martin sold 2,500 shares of the business's stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $141.09, for a total transaction of $352,725.00. Following the completion of the sale, the insider now directly owns 11,691 shares of the company's stock, valued at $1,649,483.19. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, SVP Douglas J. Milanes sold 5,705 shares of Darden Restaurants stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $172.04, for a total transaction of $981,488.20. Following the transaction, the senior vice president now owns 3,834 shares of the company's stock, valued at approximately $659,601.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Melvin John Martin sold 2,500 shares of the company's stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $141.09, for a total transaction of $352,725.00. Following the completion of the sale, the insider now directly owns 11,691 shares of the company's stock, valued at approximately $1,649,483.19. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,386 shares of company stock valued at $11,780,551. 0.85% of the stock is currently owned by insiders.

Darden Restaurants Price Performance

Shares of DRI traded down $2.58 during mid-day trading on Monday, hitting $164.13. 1,341,424 shares of the company traded hands, compared to its average volume of 1,246,516. The company has a current ratio of 0.35, a quick ratio of 0.22 and a debt-to-equity ratio of 0.65. The business has a 50-day moving average of $153.39 and a 200 day moving average of $153.07. Darden Restaurants, Inc. has a one year low of $133.36 and a one year high of $176.84. The stock has a market capitalization of $19.59 billion, a price-to-earnings ratio of 19.57, a PEG ratio of 1.99 and a beta of 1.30.

Darden Restaurants (NYSE:DRI - Get Free Report) last released its earnings results on Thursday, September 19th. The restaurant operator reported $1.75 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%. During the same period last year, the business posted $1.78 earnings per share. The firm's quarterly revenue was up 1.0% on a year-over-year basis. As a group, equities analysts expect that Darden Restaurants, Inc. will post 9.48 earnings per share for the current fiscal year.

Darden Restaurants Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a dividend of $1.40 per share. The ex-dividend date of this dividend is Thursday, October 10th. This is an increase from Darden Restaurants's previous quarterly dividend of $1.29. This represents a $5.60 dividend on an annualized basis and a yield of 3.41%. Darden Restaurants's dividend payout ratio is presently 65.73%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on DRI shares. BTIG Research raised their target price on shares of Darden Restaurants from $175.00 to $195.00 and gave the company a "buy" rating in a research note on Friday, September 20th. Piper Sandler raised their price target on Darden Restaurants from $159.00 to $177.00 and gave the company a "neutral" rating in a research report on Friday, September 20th. Argus cut their price objective on Darden Restaurants from $186.00 to $175.00 and set a "buy" rating for the company in a research report on Tuesday, June 25th. Raymond James reaffirmed an "outperform" rating and issued a $160.00 target price on shares of Darden Restaurants in a report on Tuesday, August 20th. Finally, Stifel Nicolaus dropped their price target on Darden Restaurants from $190.00 to $180.00 and set a "buy" rating on the stock in a research report on Friday, June 21st. One analyst has rated the stock with a sell rating, seven have given a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $179.25.

Darden Restaurants Company 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.