Darden CEO Ricardo Cardenas Cashes Out $8.18M via Option Exercise and Stock Sale
DRI sits 22% above its 52-week low of $169.
Summary
Darden Restaurants CEO Ricardo Cardenas sold $8.18 million in stock after exercising options, continuing a pattern of insider selling at the company.
Key Events · Ownership and Investor Activity · DRI
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CEO Sells $8.18M in Stock
Ricardo Cardenas exercised 19,091 options at $124.24 and sold all resulting shares plus additional shares for total proceeds of $8,181,504, at prices ranging from $208.79 to $209.58.
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Part of Broader Insider Selling
This sale adds to a 90-day insider selling pattern totaling $4.75 million across three insiders, signaling consistent distribution by Darden executives.
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Annual Equity Grants Received
On July 29, Cardenas was granted 12,792 restricted stock units and 37,735 stock options with an exercise price of $212.23, partially offsetting the reduction in direct holdings.
Analysis · DRI · Trade & Services
President and CEO Ricardo Cardenas exercised 19,091 options at $124.24 and immediately sold all resulting shares plus additional shares, generating $8.18 million at prices between $208.79 and $209.58. This sizable open-market sale by the top executive represents a notable cash-out near current market levels. It extends a pattern of insider selling at Darden, where three insiders have collectively sold $4.75 million over the past 90 days. Although the transaction was not executed under a 10b5-1 plan, the CEO also received annual equity grants of 12,792 restricted stock units and 37,735 stock options, which partially offset the reduction in direct holdings but do not negate the bearish signal of the sale.
At the time of this filing, DRI was trading at $206.97 on NYSE in the Trade & Services sector, with a market capitalization of approximately $23.6B. The 52-week trading range was $169.00 to $220.65. This filing was assessed with negative market sentiment and an importance score of 7 out of 10.