Cetera Investment Advisers Reduces Stock Position in Diageo plc $DEO

Key Points

• Cetera Investment Advisers cut its Diageo stake by 58.5% in the first quarter, selling 65,339 shares and retaining 46,416 shares valued at approximately $3.46 million.
• Other institutional investors increased their positions, including Bank of Montreal Can, Orbis Allan Gray, Raymond James Financial, and Dimensional Fund Advisors; institutions collectively own 8.97% of Diageo.
• Analyst sentiment remains mixed, with six Buy, five Hold, and two Sell ratings. The stock has an average “Hold” rating and a consensus price target of $106.25, compared with an opening price of $88.30.

Cetera Investment Advisers reduced its stake in Diageo plc (NYSE:DEO - Free Report) by 58.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,416 shares of the company's stock after selling 65,339 shares during the quarter. Cetera Investment Advisers' holdings in Diageo were worth $3,456,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in DEO. Bank of Montreal Can increased its position in shares of Diageo by 428.7% during the 4th quarter. Bank of Montreal Can now owns 2,173,047 shares of the company's stock worth $187,469,000 after purchasing an additional 1,762,027 shares during the last quarter. Orbis Allan Gray Ltd grew its holdings in Diageo by 236.6% during the 2nd quarter. Orbis Allan Gray Ltd now owns 1,157,991 shares of the company's stock worth $116,772,000 after acquiring an additional 813,973 shares in the last quarter. Raymond James Financial Inc. increased its holdings in Diageo by 48.5% in the third quarter. Raymond James Financial Inc. now owns 1,701,878 shares of the company's stock valued at $162,410,000 after buying an additional 555,509 shares during the last quarter. Brandywine Global Investment Management LLC purchased a new stake in Diageo during the fourth quarter worth approximately $46,763,000. Finally, Dimensional Fund Advisors LP lifted its position in shares of Diageo by 53.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,372,808 shares of the company's stock worth $102,124,000 after buying an additional 477,999 shares during the last quarter. Institutional investors and hedge funds own 8.97% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on DEO shares. Zacks Research cut Diageo from a "hold" rating to a "strong sell" rating in a research report on Monday, July 27th. Loop Capital set a $99.00 price target on shares of Diageo in a research note on Thursday, June 18th. TD Cowen raised Diageo from a "hold" rating to a "buy" rating and upped their price objective for the stock from $88.00 to $93.00 in a report on Thursday, June 25th. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Diageo in a report on Friday, July 17th. Six equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $106.25.

Diageo Stock Performance

Shares of DEO opened at $88.30 on Thursday. The company's 50 day simple moving average is $82.66 and its 200 day simple moving average is $83.80. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.60 and a quick ratio of 0.71. Diageo plc has a 1 year low of $72.45 and a 1 year high of $116.41.

Diageo Company Profile

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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