Highland Capital Management LLC Trims Stock Holdings in Diageo plc $DEO

Highland Capital Management LLC lessened its holdings in shares of Diageo plc (NYSE:DEO) by 2.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 13,370 shares of the company’s stock after selling 340 shares during the quarter. Highland Capital Management LLC’s holdings in Diageo were worth $1,348,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. BNP Paribas Financial Markets grew its position in shares of Diageo by 1,544.5% during the first quarter. BNP Paribas Financial Markets now owns 396,676 shares of the company’s stock worth $41,568,000 after buying an additional 372,555 shares in the last quarter. Orbis Allan Gray Ltd bought a new position in Diageo during the 1st quarter valued at $36,050,000. Confluence Investment Management LLC grew its holdings in Diageo by 14.0% during the 2nd quarter. Confluence Investment Management LLC now owns 1,350,826 shares of the company’s stock worth $136,217,000 after acquiring an additional 165,839 shares in the last quarter. Crestwood Advisors Group LLC bought a new stake in shares of Diageo in the 1st quarter worth about $16,944,000. Finally, Partners Capital Investment Group LLP acquired a new stake in shares of Diageo in the 1st quarter valued at about $4,161,000. 8.97% of the stock is currently owned by hedge funds and other institutional investors.

Diageo Trading Down 0.2%

Shares of NYSE:DEO opened at $96.17 on Monday. The company has a 50 day moving average price of $104.86 and a 200 day moving average price of $106.42. The stock has a market capitalization of $53.50 billion, a price-to-earnings ratio of 14.04, a PEG ratio of 3.45 and a beta of 0.58. Diageo plc has a 1-year low of $93.42 and a 1-year high of $139.96. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.64 and a current ratio of 1.63.

Diageo Increases Dividend

The firm also recently disclosed a semi-annual dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, October 17th will be paid a $2.5192 dividend. The ex-dividend date of this dividend is Friday, October 17th. This represents a yield of 370.0%. This is an increase from Diageo’s previous semi-annual dividend of $1.62. Diageo’s dividend payout ratio (DPR) is currently 46.42%.

Analyst Upgrades and Downgrades

DEO has been the subject of a number of research reports. Bank of America decreased their price target on Diageo from $117.00 to $109.00 and set a “buy” rating for the company in a research note on Friday, September 26th. The Goldman Sachs Group upgraded Diageo from a “sell” rating to a “neutral” rating in a report on Thursday, August 7th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Diageo in a research note on Saturday, September 27th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $119.00.

About Diageo

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