Darden Restaurants (DRI) declares a dividend of $1.21

Darden Restaurants reported on March 23, 2023 that its board of directors had declared a regular quarterly dividend of $1.21 per share ($4.84 annualized). Previously, the company paid $1.21 per share.

Shares must be purchased before the ex-div date of April 6, 2023 to be eligible for the dividend. Shareholders of record on April 10, 2023 will receive payment on May 1, 2023.

At the current share price of $150.52/share, the stock’s dividend yield is 3.22%. Looking back five years and taking a sample each week, the average dividend yield was 2.81%, the low 1.00% and the high 4.19%. The standard deviation of returns is 0.70 (n=198).

The current dividend yield is 0.59 standard deviation above the historical average.

Additionally, the company’s dividend payout ratio is 0.62. The payout ratio tells us how much of a company’s income is paid out as dividends. A payout ratio of one (1.0) means that 100% of the company’s income is paid out as dividends. A payout ratio above one means the company is dipping into its savings to maintain its dividend, which is not a healthy situation. Companies with little growth prospects should pay most of their income in the form of dividends, which generally means a payout ratio between 0.5 and 1.0. Companies with good growth prospects should retain part of their profits in order to invest in these growth prospects, which translates into a payout ratio of zero to 0.5.

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Analyst price forecast suggests 5.58% upside

As of March 23, 2023, the one-year average price target for Darden Restaurants was $158.92. The forecast ranges from a low of $134.33 to a high of $183.75. The average price target represents a 5.58% increase from its last reported closing price of $150.52.

Check out our ranking of companies with the biggest upward price target.

Expected annual revenue for Darden Restaurants is $10,416 million, an increase of 0.91%. Expected non-GAAP annual EPS is $7.78.

What is fund sentiment?

There are 1460 funds or institutions declaring positions in Darden restaurants. This is an increase of 89 owners or 6.49% in the last quarter. Average portfolio weight of all funds dedicated to DRI is 0.19%, a decrease of 0.45%. The total number of shares held by institutions has decreased over the past three months by 4.01% to 142,933,000 shares. DRI’s put/call ratio is 1.18, indicating a bearish outlook.

What do major shareholders do?

Capital International Investors holds 13,677,000 shares representing 11.24% ownership of the company. In its previous filing, the company stated that it holds 15,855,000 shares, representing
a decrease
of 15.92%. The company

decreases

its DRI portfolio allocation of 13.07% in the last quarter.

Capital World Investors holds 13,386,000 shares representing 11.00% ownership of the company. In its previous filing, the company stated that it holds 15,242,000 shares, representing
a decrease
of 13.87%. The company

decreases

its DRI portfolio allocation of 8.69% in the last quarter.

AWSHX – WASHINGTON MUTUAL INVESTORS FUND holds 6,644,000 shares representing 5.46% ownership of the company. In its previous filing, the company stated that it holds 7,674,000 shares, representing
a decrease
of 15.52%. The company

increase

its DRI portfolio allocation by 2.39% in the last quarter.

AMECX – INCOME FUND OF AMERICA holds 4,764,000 shares representing 3.91% of the ownership of the company. In its previous filing, the company said it held 6,040,000 shares, representing
a decrease
of 26.78%. The company

decreases

its DRI portfolio allocation of 4.86% in the last quarter.

ABALX – AMERICAN BALANCED FUND holds 4,716,000 shares representing 3.88% of the ownership of the company. In its previous filing, the company said it held 5,318,000 shares, representing
a decrease
of 12.76%. The company

decreases

its DRI portfolio allocation of 9.03% in the last quarter.

General information about Darden restaurants
(This description is provided by the company.)

Darden is a restaurant business with a portfolio of differentiated brands including Olive Garden, LongHorn Steakhouse, Cheddar’s Scratch Kitchen, Yard House, The Capital Grille, Seasons 52, Bahama Breeze and Eddie V’s.

This story originally appeared on Fintel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.