Sterling Investment Management LLC Cuts Stake in Diageo plc (NYSE:DEO)

Sterling Investment Management LLC lowered its position in shares of Diageo plc (NYSE:DEO) by 1.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,463 shares of the company’s stock after selling 86 shares during the period. Sterling Investment Management LLC’s holdings in Diageo were worth $1,121,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Moneta Group Investment Advisors LLC increased its position in Diageo by 98,968.5% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 2,023,969 shares of the company’s stock valued at $360,651,000 after buying an additional 2,021,926 shares in the last quarter. Clearbridge Investments LLC grew its position in Diageo by 56.9% during the 1st quarter. Clearbridge Investments LLC now owns 2,384,684 shares of the company’s stock worth $432,057,000 after purchasing an additional 864,824 shares during the last quarter. Westfield Capital Management Co. LP purchased a new stake in Diageo during the 1st quarter worth approximately $89,331,000. Morgan Stanley lifted its position in Diageo by 13.2% during the 4th quarter. Morgan Stanley now owns 3,725,502 shares of the company’s stock worth $663,848,000 after acquiring an additional 433,105 shares during the period. Finally, Bank of America Corp DE lifted its position in Diageo by 6.4% during the 1st quarter. Bank of America Corp DE now owns 5,187,272 shares of the company’s stock worth $939,830,000 after acquiring an additional 313,378 shares during the period. 8.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DEO has been the subject of a number of research reports. Morgan Stanley cut Diageo from an “equal weight” rating to an “underweight” rating in a research report on Thursday, July 20th. The Goldman Sachs Group lowered shares of Diageo from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 14th. Credit Suisse Group cut their price target on Diageo from GBX 3,850 ($47.69) to GBX 3,800 ($47.07) in a research report on Wednesday, August 9th. TD Cowen assumed coverage on Diageo in a research report on Friday. They set a “market perform” rating on the stock. Finally, JPMorgan Chase & Co. cut their price target on Diageo from GBX 4,500 ($55.74) to GBX 4,000 ($49.55) in a research report on Tuesday, June 20th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $3,898.33.

Diageo Price Performance

Shares of Diageo stock traded up $0.51 on Tuesday, hitting $158.35. The company’s stock had a trading volume of 152,336 shares, compared to its average volume of 389,348. The firm has a fifty day moving average price of $169.74 and a 200-day moving average price of $174.62. The company has a debt-to-equity ratio of 1.67, a current ratio of 1.63 and a quick ratio of 0.62. Diageo plc has a 1 year low of $157.30 and a 1 year high of $191.93.

Diageo Increases Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Tuesday, October 17th. Stockholders of record on Friday, August 25th will be paid a dividend of $2.5089 per share. This represents a dividend yield of 2.4%. This is an increase from Diageo’s previous semi-annual dividend of $1.43. The ex-dividend date is Thursday, August 24th.

Diageo Company Profile

Diageo plc, together with its subsidiaries, engages in the production, marketing, and sale of alcoholic beverages. It offers scotch, gin, vodka, rum, raki, liqueur, wine, tequila, Chinese white spirits, cachaça, and brandy, as well as beer, including cider and flavoured malt beverages. The company also provides Canadian, Irish, American, and Indian-Made Foreign Liquor whiskies, as well as ready to drink and non-alcoholic products.