filings.toolsItem 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
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Item 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
The principal United States market on which our common shares are traded is the New York Stock Exchange, where our shares are traded under the symbol DRI. As of June 30, 2019, there were approximately 9,888 holders of record of our common shares. The number of registered holders does not include holders who are beneficial owners, but whose shares are held in street name by brokers and other nominees.
We have not sold any equity securities during the last fiscal year that were not registered under the Securities Act of 1933, as amended.
Since commencing our common share repurchase program in December 1995, we have repurchased a total of 193.4 million shares through May 26, 2019 under authorizations from our Board of Directors. The table below provides information concerning our repurchase of shares of our common stock during the quarter ended May 26, 2019:
| (Dollars in millions, except per share data) | Total Number of Shares Purchased (1) (2) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (3) | ||||
| February 25, 2019 through March 31, 2019 | 170,473 | $ | 111.29 | 170,473 | $ | 326.7 | ||
| April 1, 2019 through April 28, 2019 | 132,076 | $ | 116.92 | 132,076 | $ | 311.3 | ||
| April 29, 2019 through May 26, 2019 | 58,900 | $ | 120.42 | 58,900 | $ | 304.2 | ||
| Total | 361,449 | $ | 114.84 | 361,449 | $ | 304.2 |
| (1) | All of the shares purchased during the quarter ended May 26, 2019 were purchased as part of our repurchase program. On June 20, 2018, our Board of Directors authorized a share repurchase program under which the Company may repurchase up to $500.0 million of its outstanding common stock. This repurchase program, which was announced publicly in a press release issued on June 21, 2018, does not have an expiration and replaced the previously existing share repurchase authorization. |
| (2) | The number of shares purchased includes shares withheld for taxes on vesting of restricted stock, shares delivered or deemed to be delivered to us on tender of stock in payment for the exercise price of options, and shares reacquired pursuant to tax withholding on option exercises. These shares are included as part of our repurchase program and deplete the repurchase authority granted by our Board. The number of shares repurchased excludes shares we reacquired pursuant to forfeiture of restricted stock. |
| (3) | Repurchases are subject to prevailing market prices, may be made in open market or private transactions, and may occur or be discontinued at any time. There can be no assurance that we will repurchase any additional shares. |
Comparison of Five-Year Total Return
| Indexed Returns | ||||||||||||||||||||||||
| Company/Index | May 2014 | May 2015 | May 2016 | May 2017 | May 2018 | May 2019 | ||||||||||||||||||
| Darden Restaurants, Inc. | $ | 100.00 | $ | 137.70 | $ | 163.41 | $ | 220.03 | $ | 226.20 | $ | 317.72 | ||||||||||||
| S&P 500 Stock Index | $ | 100.00 | $ | 110.88 | $ | 110.45 | $ | 127.11 | $ | 143.19 | $ | 148.70 | ||||||||||||
| S&P Composite 1500 Restaurant Sub-Index | $ | 100.00 | $ | 115.96 | $ | 125.39 | $ | 151.37 | $ | 154.76 | $ | 191.20 |
The annual changes for the five-year period shown in the graph on this page are based on the assumption that $100 had been invested in Darden Restaurants, Inc. common stock, the S&P 500 Stock Index and the S&P Composite 1500 Restaurant Sub-Index on May 25, 2014, and that all dividends were reinvested. The cumulative dollar returns shown on the graph represent the value that such investments would have had for each period indicated. On November 9, 2015 we completed the spin-off of Four Corners Property Trust, Inc. (Four Corners) with the pro rata distribution of one share of Four Corners common stock for every three shares of Darden common stock to Darden shareholders. We reflect the effect of the spin-off of Four Corners in the cumulative total return of our common stock as a reinvested dividend.
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