For the second time

this year, Starboard Value has decided to sell Darden stock. This time it’s selling $153 million worth of it.

Starboard Value plans to sell another $153 million worth of Darden stock, the second time this year that the hedge fund has cut its stake in the Orlando-based restaurant company.

In a federal regulatory filing, Starboard Value said it plans to sell 2.7 million shares of Darden Restaurants stock, which would cut its ownership in Darden to about 5.15 percent.

Starboard recently owned as much as 9.1 percent of Darden, valued at about $797 million. That doesn’t include the equities it gained from Darden’s spin-off of Four Corners Property Trust.

“Starboard has undertaken the Sales Trading Plan Agreement in large part to effectuate a rebalancing of Starboard’s portfolio in light of the significant appreciation in the Issuer’s stock price since the investment was made over two years ago,” the filing said.

When the investment firm started selling shares in January, Starboard Value CEO Jeff Smith said he planned to remain a major shareholder in Darden Restaurants and remain active in leadership of the company. Smith was re-elected as Darden’s chairman in November.

Representatives for Darden would not comment on the action of shareholders and Starboard officials did not return a message seeking comment.

Starboard Value was once Darden’s largest shareholder, but recent sales would make investment firm Vanguard Group the biggest with an 8.5 percent stake.

Starboard upped its reputation as an aggressive activist shareholder when it ousted Darden’s board of directors in October 2014 and forced the resignation of CEO Clarence Otis among years of struggles.

Darden is the largest publicly traded company headquartered in Orlando and the owner of Olive Garden and LongHorn Steakhouse.

Starboard has engaged J.P. Morgan to help handle the stock sale.