Confluence Investment Management LLC increased its position in shares of Diageo plc (NYSE:DEO – Get Rating) by 0.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 876,066 shares of the company’s stock after buying an additional 5,259 shares during the period. Diageo accounts for 2.4% of Confluence Investment Management LLC’s holdings, making the stock its 3rd biggest position. Confluence Investment Management LLC’s holdings in Diageo were worth $152,541,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in DEO. Concord Wealth Partners lifted its holdings in Diageo by 81.2% during the first quarter. Concord Wealth Partners now owns 125 shares of the company’s stock valued at $25,000 after purchasing an additional 56 shares in the last quarter. Dixon Hughes Goodman Wealth Advisors LLC lifted its holdings in Diageo by 432.0% during the first quarter. Dixon Hughes Goodman Wealth Advisors LLC now owns 133 shares of the company’s stock valued at $27,000 after purchasing an additional 108 shares in the last quarter. MCF Advisors LLC purchased a new position in Diageo during the first quarter valued at $27,000. Standard Family Office LLC purchased a new position in Diageo during the fourth quarter valued at $31,000. Finally, Lansing Street Advisors purchased a new position in Diageo during the first quarter valued at $32,000. 9.00% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on DEO shares. UBS Group increased their price objective on shares of Diageo from GBX 4,300 ($51.96) to GBX 4,500 ($54.37) in a report on Tuesday, August 2nd. Berenberg Bank increased their target price on shares of Diageo from GBX 3,900 ($47.12) to GBX 4,160 ($50.27) in a research report on Tuesday, August 2nd. Exane BNP Paribas cut shares of Diageo from an “outperform” rating to a “neutral” rating in a research report on Tuesday, September 6th. Royal Bank of Canada increased their target price on shares of Diageo from GBX 2,800 ($33.83) to GBX 3,000 ($36.25) in a research report on Friday, July 29th. Finally, BNP Paribas cut shares of Diageo to a “neutral” rating in a research report on Tuesday, September 6th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, Diageo has a consensus rating of “Hold” and a consensus price target of $4,198.75.
Diageo Stock Down 0.2 %
Diageo Increases Dividend
The company also recently disclosed a semi-annual dividend, which will be paid on Tuesday, October 25th. Investors of record on Friday, August 26th will be given a dividend of $2.2775 per share. This is a boost from Diageo’s previous semi-annual dividend of $1.57. This represents a yield of 2%. The ex-dividend date of this dividend is Thursday, August 25th.
Diageo Company Profile
Diageo plc, together with its subsidiaries, produces, markets, and sells alcoholic beverages. The company offers scotch, whisky, gin, vodka, rum, ready to drink products, raki, liqueur, wine, tequila, Canadian whisky, American whiskey, cachaca, and brandy, as well as beer, including cider and non-alcoholic products.
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