ABC Arbitrage SA Sells 129,071 Shares of Diageo plc (NYSE:DEO)

Key Points

• ABC Arbitrage SA reduced its stake in Diageo plc by 43.4%, selling 129,071 shares and holding 168,082 shares at the end of the quarter.
• Diageo's stock currently has a market cap of $54.83 billion with an average target price of $129.00.
• Morgan Stanley has restated an "underweight" rating on Diageo, with four buy ratings, three hold ratings, and one sell rating among analysts.

ABC Arbitrage SA lessened its stake in shares of Diageo plc (NYSE:DEO - Free Report) by 43.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 168,082 shares of the company's stock after selling 129,071 shares during the period. Diageo comprises 3.3% of ABC Arbitrage SA's investment portfolio, making the stock its 4th largest holding. ABC Arbitrage SA's holdings in Diageo were worth $17,613,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the company. Orion Capital Management LLC acquired a new stake in Diageo during the 4th quarter worth about $25,000. BNP Paribas acquired a new stake in shares of Diageo during the fourth quarter worth approximately $32,000. Measured Risk Portfolios Inc. purchased a new position in Diageo during the fourth quarter valued at approximately $32,000. Perkins Coie Trust Co purchased a new position in Diageo during the first quarter valued at approximately $27,000. Finally, Barrett & Company Inc. acquired a new position in Diageo in the 1st quarter valued at approximately $27,000. 8.97% of the stock is owned by hedge funds and other institutional investors.

Diageo Stock Up 1.9%

Shares of DEO traded up $2.02 during mid-day trading on Thursday, hitting $108.99. 1,792,983 shares of the company's stock were exchanged, compared to its average volume of 1,572,229. The stock has a market cap of $60.63 billion, a price-to-earnings ratio of 15.91, a P/E/G ratio of 3.24 and a beta of 0.53. The firm has a fifty day moving average of $103.90 and a two-hundred day moving average of $108.43. The company has a quick ratio of 0.67, a current ratio of 1.60 and a debt-to-equity ratio of 1.62. Diageo plc has a twelve month low of $96.45 and a twelve month high of $142.73.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Morgan Stanley reissued an "underweight" rating on shares of Diageo in a research note on Monday, May 12th. The Goldman Sachs Group upgraded Diageo from a "sell" rating to a "neutral" rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $129.00.

Diageo Company Profile

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.