Diageo (NYSE:DEO) Upgraded at Zacks Research

Key Points

• Zacks Research upgraded Diageo from “hold” to “strong buy,” while the broader analyst consensus remains “moderate buy” with an average price target of $105.33.
• Diageo shares opened at $84.84, trading between a 52-week low of $72.45 and high of $102.74; its 50-day and 200-day moving averages were $89.64 and $83.76, respectively.
• Institutional ownership activity was mixed but generally supportive, with several major investors increasing their stakes; hedge funds and other institutions own approximately 8.97% of the company.

Diageo (NYSE:DEO - Get Free Report) was upgraded by equities researchers at Zacks Research from a "hold" rating to a "strong-buy" rating in a research note issued on Monday, Zacks reports.

A number of other brokerages have also recently commented on DEO. Weiss Ratings reissued a "sell (d)" rating on shares of Diageo in a research note on Friday, July 17th. Loop Capital set a $99.00 price target on shares of Diageo in a research note on Thursday, June 18th. TD Cowen reiterated a "buy" rating on shares of Diageo in a report on Monday, August 10th. Finally, UBS Group restated a "neutral" rating on shares of Diageo in a report on Thursday, August 27th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $105.33.

Diageo Stock Performance

DEO stock opened at $84.84 on Monday. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.60 and a quick ratio of 0.62. The company's 50-day moving average is $89.64 and its 200-day moving average is $83.76. Diageo has a 1 year low of $72.45 and a 1 year high of $102.74.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE boosted its holdings in shares of Diageo by 3.7% in the 1st quarter. Bank of America Corp DE now owns 2,913,707 shares of the company's stock worth $216,925,000 after buying an additional 103,531 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Diageo by 53.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,372,808 shares of the company's stock worth $102,124,000 after acquiring an additional 477,999 shares during the period. Equity Investment Corp boosted its stake in Diageo by 16.7% in the fourth quarter. Equity Investment Corp now owns 1,137,390 shares of the company's stock valued at $98,123,000 after acquiring an additional 163,168 shares during the last quarter. Gabelli Funds LLC boosted its stake in Diageo by 15.7% in the first quarter. Gabelli Funds LLC now owns 659,821 shares of the company's stock valued at $49,124,000 after acquiring an additional 89,771 shares during the last quarter. Finally, Altshuler Shaham Ltd bought a new position in shares of Diageo during the 1st quarter valued at approximately $37,225,000. Hedge funds and other institutional investors own 8.97% of the company's stock.

About Diageo

Diageo plc is a global beverage alcohol company headquartered in London, England. The company produces, markets and distributes a broad portfolio of spirits, beer and ready-to-drink beverages through a collection of internationally recognized brands.

Its portfolio includes Johnnie Walker, Crown Royal, Buchanan's and Talisker whiskies; Smirnoff, Cîroc and Ketel One vodkas; Tanqueray and Gordon's gins; Baileys liqueur; Don Julio and Casamigos tequila; Captain Morgan rum; and Guinness beer.

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