Diageo (NYSE:DEO) Upgraded by Zacks Research to "Hold" Rating

Key Points

• Zacks Research upgraded Diageo from “strong sell” to “hold,” while analysts overall maintain an average “Hold” rating and a consensus price target of $106.25.
• Diageo shares opened at $93.69 and were down 1.1%; the stock’s 52-week range is $72.45 to $113.28.
• Institutional investors own 8.97% of Diageo, with several hedge funds initiating or increasing positions during the second quarter.

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

A number of other research analysts also recently weighed in on DEO. TD Cowen reissued a "buy" rating on shares of Diageo in a report on Monday, August 10th. Loop Capital set a $99.00 price target on Diageo in a research note on Thursday, June 18th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Diageo in a research report on Friday, July 17th. Six investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Diageo has an average rating of "Hold" and a consensus target price of $106.25.

Diageo Stock Down 1.1%

Shares of DEO opened at $93.69 on Tuesday. The firm has a fifty day simple moving average of $86.78 and a two-hundred day simple moving average of $84.11. The company has a current ratio of 1.60, a quick ratio of 0.62 and a debt-to-equity ratio of 1.53. Diageo has a 1-year low of $72.45 and a 1-year high of $113.28.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. OceanIQ Capital LLC bought a new stake in Diageo during the 2nd quarter worth approximately $567,000. Sapient Capital LLC purchased a new stake in shares of Diageo in the second quarter worth $212,000. Syon Capital LLC bought a new stake in shares of Diageo during the 2nd quarter valued at $289,000. Concurrent Investment Advisors LLC boosted its holdings in Diageo by 19.4% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 20,635 shares of the company's stock worth $1,659,000 after buying an additional 3,348 shares during the period. Finally, Continuum Advisory LLC bought a new position in Diageo in the 2nd quarter worth $29,000. 8.97% of the stock is currently owned by institutional investors.

About Diageo

Diageo plc is a global producer, marketer and distributor of alcoholic beverages, headquartered in London, England. The company was created through the 1997 merger of Guinness plc and Grand Metropolitan plc and is publicly traded on multiple exchanges, including the New York Stock Exchange NYSE: DEO and the London Stock Exchange. Diageo operates a worldwide business, selling products in a broad range of markets across the Americas, Europe, Africa, Asia and Latin America.

Diageo's core activities cover the production, marketing and sale of a diverse portfolio of spirits, beer and liqueurs.

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