Vanguard Trims Darden Restaurants Stake to 16.7%

TL;DR

**Vanguard slightly cut its Darden stake to 16.7%, watch for other big funds to follow.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, disclosing its ownership of 20,410,210 shares of Darden Restaurants Inc. common stock as of December 29, 2023. This represents 16.7% of Darden's total outstanding shares, a slight decrease from their previous filing. This matters to investors because Vanguard is a significant institutional holder, and changes in their position can signal shifts in their outlook on Darden's future performance, potentially influencing other investors.

Why It Matters

This filing shows that a major institutional investor, The Vanguard Group, slightly reduced its stake in Darden Restaurants, which could indicate a minor shift in their investment strategy or outlook for the company.

Risk Assessment

Risk Level: low — A minor adjustment by a large institutional investor like Vanguard typically doesn't pose a significant immediate risk to the stock.

Analyst Insight

A smart investor would note Vanguard's slight reduction but recognize it's a minor adjustment by a passive fund. It's prudent to monitor future institutional filings and Darden's upcoming earnings reports for more significant directional signals.

Key Numbers

• 20,410,210 — Shares owned by Vanguard (Represents Vanguard's total beneficial ownership in Darden Restaurants Inc. as of December 29, 2023.)
• 16.7% — Percentage of class owned (Indicates Vanguard's significant stake in Darden Restaurants Inc., making them a major shareholder.)
• December 29, 2023 — Date of event (The specific date when Vanguard's ownership percentage triggered the requirement for this filing.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and institutional investor
• Darden Restaurants Inc. (company) — subject company, issuer of common stock
• 20,410,210 shares (dollar_amount) — total shares beneficially owned by Vanguard
• 16.7% (dollar_amount) — percentage of Darden's common stock owned by Vanguard
• December 29, 2023 (date) — date of event requiring the filing
• February 13, 2024 (date) — filing date of the SC 13G/A

Forward-Looking Statements

• Other institutional investors may also adjust their positions in Darden Restaurants Inc. in the near future. (Darden Restaurants Inc.) — medium confidence, target: Q1 2024
• The slight reduction in Vanguard's stake will likely have a minimal immediate impact on Darden's stock price. (Darden Restaurants Inc.) — high confidence, target: next 30 days

FAQ

Filing Documents

• tv0730-dardenrestaurantsinc.htm (SC 13G/A) — 11KB
• 0001104659-24-020730.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Darden Restaurants Inc

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 1000 Darden Center Drive Orlando, FL 32837-4032

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 237194105

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration