Diageo (NYSE:DEO) Given New $109.00 Price Target at Bank of America

Key Points

• Diageo's price target was lowered by Bank of America from $117.00 to $109.00, indicating a potential upside of 15.92% from its previous close.
• Goldman Sachs upgraded Diageo from a "sell" rating to a "neutral" rating, with four analysts rating it as a buy and one as a sell, giving it an overall average rating of "hold."
• Diageo's stock traded up 0.4% on Friday, reaching $94.03 with a market capitalization of $52.31 billion.

Diageo (NYSE:DEO - Get Free Report) had its price objective lowered by analysts at Bank of America from $117.00 to $109.00 in a note issued to investors on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Bank of America's price objective indicates a potential upside of 15.92% from the company's previous close.

Separately, The Goldman Sachs Group upgraded shares of Diageo from a "sell" rating to a "neutral" rating in a research report on Thursday, August 7th. Four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, Diageo has an average rating of "Hold" and an average target price of $119.00.

Diageo Trading Up 0.4%

NYSE:DEO traded up $0.39 during mid-day trading on Friday, hitting $94.03. 812,603 shares of the company's stock were exchanged, compared to its average volume of 1,136,941. The company has a 50 day simple moving average of $105.98 and a 200-day simple moving average of $106.97. The company has a current ratio of 1.63, a quick ratio of 0.64 and a debt-to-equity ratio of 1.64. Diageo has a fifty-two week low of $93.42 and a fifty-two week high of $142.73. The firm has a market capitalization of $52.31 billion, a P/E ratio of 13.72, a PEG ratio of 3.39 and a beta of 0.59.

Institutional Investors Weigh In On Diageo

Institutional investors and hedge funds have recently modified their holdings of the company. Texas Permanent School Fund Corp purchased a new stake in Diageo in the second quarter valued at approximately $514,000. Caldwell Trust Co purchased a new stake in Diageo in the second quarter valued at approximately $221,000. Osaic Holdings Inc. raised its stake in Diageo by 42.2% in the second quarter. Osaic Holdings Inc. now owns 99,998 shares of the company's stock valued at $10,099,000 after purchasing an additional 29,674 shares in the last quarter. Neuberger Berman Group LLC raised its stake in Diageo by 2.0% in the second quarter. Neuberger Berman Group LLC now owns 58,788 shares of the company's stock valued at $5,928,000 after purchasing an additional 1,149 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in Diageo in the second quarter valued at approximately $299,000. 8.97% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.