Synovus Financial Corp Sells 3,220 Shares of Darden Restaurants, Inc. (NYSE:DRI)

Synovus Financial Corp lowered its holdings in shares of Darden Restaurants, Inc. (NYSE:DRI) by 4.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,376 shares of the restaurant operator’s stock after selling 3,220 shares during the period. Synovus Financial Corp’s holdings in Darden Restaurants were worth $14,072,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Kestra Investment Management LLC bought a new stake in shares of Darden Restaurants in the 4th quarter worth approximately $25,000. Compass Wealth Management LLC bought a new stake in Darden Restaurants in the fourth quarter worth $28,000. TCTC Holdings LLC purchased a new stake in shares of Darden Restaurants in the fourth quarter worth $28,000. MCF Advisors LLC increased its holdings in shares of Darden Restaurants by 50.9% during the fourth quarter. MCF Advisors LLC now owns 175 shares of the restaurant operator’s stock valued at $33,000 after acquiring an additional 59 shares in the last quarter. Finally, HHM Wealth Advisors LLC raised its position in shares of Darden Restaurants by 103.2% in the 4th quarter. HHM Wealth Advisors LLC now owns 254 shares of the restaurant operator’s stock worth $47,000 after purchasing an additional 129 shares during the last quarter. Hedge funds and other institutional investors own 93.64% of the company’s stock.

Darden Restaurants Trading Up 1.2 %

Shares of Darden Restaurants stock opened at $194.40 on Friday. Darden Restaurants, Inc. has a fifty-two week low of $135.87 and a fifty-two week high of $211.00. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.23 and a current ratio of 0.37. The company has a market capitalization of $22.75 billion, a P/E ratio of 22.27, a P/E/G ratio of 2.15 and a beta of 0.93. The company has a fifty day moving average of $195.89 and a 200 day moving average of $181.05.

Darden Restaurants (NYSE:DRI) last released its quarterly earnings data on Thursday, March 20th. The restaurant operator reported $2.80 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.80. The firm had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.22 billion. Darden Restaurants had a return on equity of 50.12% and a net margin of 9.01%. The business’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.60 earnings per share. On average, sell-side analysts anticipate that Darden Restaurants, Inc. will post 9.52 earnings per share for the current fiscal year.

Darden Restaurants Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Thursday, April 10th will be given a dividend of $1.40 per share. This represents a $5.60 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Thursday, April 10th. Darden Restaurants’s payout ratio is currently 63.13%.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. BMO Capital Markets raised their price objective on shares of Darden Restaurants from $175.00 to $190.00 and gave the company a “market perform” rating in a research note on Friday, March 21st. Robert W. Baird decreased their price objective on shares of Darden Restaurants from $210.00 to $192.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Truist Financial increased their target price on Darden Restaurants from $200.00 to $212.00 and gave the company a “buy” rating in a research note on Monday, March 17th. Oppenheimer boosted their price target on Darden Restaurants from $218.00 to $230.00 and gave the stock an “outperform” rating in a research note on Friday, March 21st. Finally, Stephens increased their price objective on Darden Restaurants from $175.00 to $178.00 and gave the company an “equal weight” rating in a research report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, Darden Restaurants currently has a consensus rating of “Moderate Buy” and a consensus target price of $201.38.

Insider Buying and Selling

In related news, CEO Ricardo Cardenas sold 20,518 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $208.19, for a total value of $4,271,642.42. Following the sale, the chief executive officer now directly owns 58,836 shares in the company, valued at approximately $12,249,066.84. The trade was a 25.86 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Todd Burrowes sold 15,783 shares of the firm’s stock in a transaction that occurred on Tuesday, January 14th. The shares were sold at an average price of $183.03, for a total value of $2,888,762.49. Following the transaction, the insider now owns 46,288 shares of the company’s stock, valued at $8,472,092.64. This represents a 25.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 61,047 shares of company stock worth $11,947,346. 0.58% of the stock is owned by insiders.

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.