Confluence Investment Management LLC Has $62.45 Million Stock Holdings in Diageo plc $DEO

Key Points

• Confluence Investment Management cut its Diageo stake by 42.6% in the second quarter, selling 576,498 shares and retaining 776,936 shares worth approximately $62.45 million.
• Institutional ownership remains notable at 8.97%, with several funds increasing their positions, including Dimensional Fund Advisors, which boosted its stake by 53.4%.
• Analyst sentiment is mixed: Diageo has an average “Hold” rating and a consensus price target of $106.25, while shares recently traded at $88.55.

Confluence Investment Management LLC cut its stake in shares of Diageo plc (NYSE:DEO - Free Report) by 42.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 776,936 shares of the company's stock after selling 576,498 shares during the period. Confluence Investment Management LLC owned 0.14% of Diageo worth $62,450,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. First Trust Advisors LP increased its position in Diageo by 12.0% during the 1st quarter. First Trust Advisors LP now owns 463,572 shares of the company's stock worth $34,513,000 after buying an additional 49,504 shares during the period. Third View Private Wealth LLC bought a new stake in shares of Diageo in the fourth quarter valued at about $1,111,000. CORDA Investment Management LLC. grew its stake in shares of Diageo by 14.5% in the first quarter. CORDA Investment Management LLC. now owns 169,084 shares of the company's stock valued at $12,588,000 after acquiring an additional 21,446 shares in the last quarter. Gamco Investors INC. ET AL grew its stake in shares of Diageo by 10.2% in the first quarter. Gamco Investors INC. ET AL now owns 186,176 shares of the company's stock valued at $13,861,000 after acquiring an additional 17,241 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Diageo by 53.4% during 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. Institutional investors and hedge funds own 8.97% of the company's stock.

Wall Street Analysts Forecast Growth

DEO has been the subject of several analyst reports. TD Cowen upgraded shares of Diageo from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $88.00 to $93.00 in a research note on Thursday, June 25th. Zacks Research lowered shares of Diageo from a "hold" rating to a "strong sell" rating in a research report on Monday, July 27th. Loop Capital set a $99.00 target price on shares of Diageo in a report on Thursday, June 18th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Diageo in a research report on Friday, July 17th. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $106.25.

Diageo Trading Up 0.6%

Shares of NYSE DEO opened at $88.55 on Tuesday. The stock's fifty day moving average is $82.57 and its 200 day moving average is $83.83. Diageo plc has a 52 week low of $72.45 and a 52 week high of $116.41. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.71 and a current ratio of 1.60.

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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