DAVENPORT & Co LLC Sells 10,798 Shares of Diageo plc $DEO

Key Points

• DAVENPORT & Co LLC reduced its stake in Diageo plc by 12.9%, selling 10,798 shares, leaving them with a total of 72,969 shares worth approximately $7.36 million.
• Diageo announced a semi-annual dividend of $2.5192, representing a significant increase from its previous dividend of $1.62, and a dividend yield of 370.0%.
• Analysts have varied opinions on Diageo's shares, with Bank of America lowering its price target from $117.00 to $109.00, while Goldman Sachs upgraded the stock from "sell" to "neutral."

DAVENPORT & Co LLC lessened its stake in shares of Diageo plc (NYSE:DEO - Free Report) by 12.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 72,969 shares of the company's stock after selling 10,798 shares during the quarter. DAVENPORT & Co LLC's holdings in Diageo were worth $7,358,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Barrett & Company Inc. purchased a new stake in shares of Diageo during the 1st quarter valued at $27,000. Abound Financial LLC purchased a new stake in shares of Diageo during the 1st quarter valued at $27,000. Opal Wealth Advisors LLC purchased a new stake in shares of Diageo during the 1st quarter valued at $30,000. TruNorth Capital Management LLC purchased a new stake in shares of Diageo during the 1st quarter valued at $30,000. Finally, Truvestments Capital LLC purchased a new stake in shares of Diageo during the 1st quarter valued at $30,000. Institutional investors own 8.97% of the company's stock.

Diageo Price Performance

Shares of Diageo stock opened at $95.89 on Wednesday. The company has a quick ratio of 0.64, a current ratio of 1.63 and a debt-to-equity ratio of 1.64. Diageo plc has a twelve month low of $93.42 and a twelve month high of $139.96. The business has a 50-day moving average price of $104.49 and a 200 day moving average price of $106.26. The firm has a market cap of $53.35 billion, a PE ratio of 14.00, a P/E/G ratio of 3.38 and a beta of 0.58.

Diageo Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, October 17th will be paid a $2.5192 dividend. The ex-dividend date is Friday, October 17th. This represents a dividend yield of 370.0%. This is a boost from Diageo's previous semi-annual dividend of $1.62. Diageo's dividend payout ratio (DPR) is presently 46.42%.

Analyst Upgrades and Downgrades

Several analysts have recently commented on DEO shares. Bank of America decreased their price objective on Diageo from $117.00 to $109.00 and set a "buy" rating for the company in a report on Friday, September 26th. Weiss Ratings reiterated a "sell (d)" rating on shares of Diageo in a report on Saturday, September 27th. Finally, The Goldman Sachs Group upgraded Diageo from a "sell" rating to a "neutral" rating in a report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $119.00.

Diageo 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.

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