Wealthfront Advisers LLC has decreased its investment in Darden Restaurants, Inc. (NYSE: DRI) by **23.6%** in the third quarter of 2023. According to the latest **13F filing** with the Securities and Exchange Commission (SEC), the firm now holds **8,136 shares** of the popular restaurant chain after selling **2,512 shares** during this period. As of the filing, these shares were valued at approximately **$1,549,000**.
Several other institutional investors have also adjusted their positions in Darden Restaurants recently. Notably, Twin Peaks Wealth Advisors LLC entered a new investment during the second quarter, valued at about **$26,000**. Similarly, Quent Capital LLC acquired a new stake worth approximately **$27,000** in the third quarter. True Wealth Design LLC significantly increased its stake by **419.2%** in the second quarter, now owning **135 shares** valued at **$29,000** after adding **109 shares**. Other notable investments include Elevation Point Wealth Partners LLC and Atlantic Union Bankshares Corp, each acquiring new stakes valued around **$29,000** and **$44,000**, respectively. Institutional investors collectively own **93.64%** of Darden’s shares.
Current Market Performance
On the trading front, Darden Restaurants saw its stock open at **$211.42**. Recent performance indicates a **0.7%** decline. The company has a **50-day moving average price** of **$198.27** and a **200-day moving average** of **$194.11**. With a market capitalization of **$24.34 billion**, Darden’s price-to-earnings ratio stands at **22.16**, while its price-to-earnings-growth ratio is **2.03**, and it maintains a beta of **0.64**. Over the past year, the stock has ranged from a low of **$169.00** to a high of **$228.27**.
The company recently announced a quarterly dividend of **$1.50**, paid on **February 2, 2024**, to stockholders of record as of **January 9, 2024**. This dividend represents an annualized total of **$6.00** and a yield of **2.8%**, with a payout ratio of **62.89%**.
Insider Trading Activity
In related news, Darden’s Chief Financial Officer, **Rajesh Vennam**, sold **6,774 shares** on **January 15, 2024**, at an average price of **$214.12**, amounting to a total of **$1,450,448.88**. Following this transaction, Vennam holds **9,040 shares**, valued at approximately **$1,935,644.80**, marking a **42.84%** reduction in his holdings. Another insider, **John W. Wilkerson**, sold **2,258 shares** on **January 16, 2024**, for a total of **$480,954.00**, reducing his stake by **11.27%**. In total, insiders have sold **18,770 shares** valued at **$3,948,970** over the last ninety days, with corporate insiders owning **0.49%** of the stock.
Analysts’ Perspectives
Wall Street analysts have provided mixed reviews regarding Darden Restaurants. **TD Cowen** reaffirmed a “hold” rating on **December 19, 2023**. Conversely, **Weiss Ratings** upgraded Darden from a “hold (c+)” to a “buy (b-)” rating on **January 12, 2024**. **UBS Group** also reiterated a “buy” rating on the same date. However, **Guggenheim** lowered their price target for Darden from **$235.00** to **$230.00** while maintaining a “buy” rating. Currently, twenty analysts rate the stock as a “buy,” while nine have issued a “hold” rating. According to data from **MarketBeat**, Darden Restaurants has a consensus rating of “Moderate Buy” with an average target price of **$224.78**.
Founded in **Orlando, Florida**, Darden Restaurants, Inc. operates multiple casual and fine-dining brands, including **Olive Garden** and **LongHorn Steakhouse**. The company serves millions of guests through both company-owned and franchised locations, offering diverse dining options, including takeout, delivery, and catering services tailored to each brand’s unique offerings.
