Darden Restaurants (DRI)

• Market cap: $21.3B
• 1 day: 0.38%
• 5 days: 1.14%
• 1 month: 9.85%
• 3 months: 10.64%
• 6 months: 23.35%
• Year to date: -2.55%
• 1 year: 15.24%
• 5 years: 60.10%
• 10 years: 206.75%
• Sector: Consumer Discretionary
• Industry: Eating Places

About: Darden Restaurants is the largest restaurant operator in the us full-service space, with consolidated revenue of $11.4 billion in fiscal 2024 resulting in 3%-4% full-service market share (per NRA data and our calculations). The company maintains a portfolio of 11 restaurant brands: Olive Garden, LongHorn Steakhouse, Cheddar's Scratch Kitchen, Ruth's Chris, Yard House, The Capital Grille, Seasons 52, Eddie V's, Bahama Breeze, The Capital Burger, and most recently, Chuy's. Darden generates revenue almost exclusively from company-owned restaurants, though a small network of franchised restaurants and consumer-packaged goods sales through the traditional grocery channel contribute modestly. As of the end of its fiscal 2024, the company operated 2,031 restaurants in the us.

Employees: 187,384

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

5.55% more ownership

Funds ownership: 99.05% [Q2] → 104.6% (+5.55%) [Q3]

4% more capital invested

Capital invested by funds: $17.9B [Q2] → $18.7B (+$786M) [Q3]

8% less first-time investments, than exits

New positions opened: 88 | Existing positions closed: 96

2% less funds holding

Funds holding: 887 [Q2] → 869 (-18) [Q3]

20% less repeat investments, than reductions

Existing positions increased: 273 | Existing positions reduced: 343

31% less call options, than puts

Call options by funds: $276M | Put options by funds: $402M

33% less funds holding in top 10

Funds holding in top 10: 3 [Q2] → 2 (-1) [Q3]

Research analyst outlook

14 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $175 4% downside
• Avg. target: $203 11% upside
• High target: $230 27% upside

14 analyst ratings

• positive: 10 71%
• neutral: 4 29%
• negative: 0 0%

Barclays Jeffrey Bernstein 45% 1-year accuracy 45 / 100 met price target	27% upside $230	Overweight Maintained	7 Jan 2025
Oppenheimer Brian Bittner 32% 1-year accuracy 12 / 38 met price target	20% upside $218	Outperform Maintained	7 Jan 2025
Morgan Stanley Brian Harbour 55% 1-year accuracy 11 / 20 met price target	15% upside $209	Overweight Maintained	23 Dec 2024
B of A Securities Sara Senatore 37% 1-year accuracy 13 / 35 met price target	16% upside $211	Buy Maintained	20 Dec 2024
BMO Capital Andrew Strelzik 36% 1-year accuracy 12 / 33 met price target	4% downside $175	Market Perform Maintained	20 Dec 2024