Diageo plc $DEO Stock Holdings Decreased by Gabelli Funds LLC

Key Points

• Gabelli Funds LLC has reduced its stake in Diageo plc by 0.6% to 543,350 shares, valued at approximately $56.9 million.
• Diageo recently announced an increase in its semi-annual dividend to $2.5192, with a yield of 370.0%, up from the previous dividend of $1.62.
• The stock currently holds a consensus rating of "Hold" from analysts, with a target price of $129.00.

Gabelli Funds LLC trimmed its holdings in shares of Diageo plc (NYSE:DEO - Free Report) by 0.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 543,350 shares of the company's stock after selling 3,400 shares during the period. Gabelli Funds LLC owned about 0.10% of Diageo worth $56,938,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the business. Causeway Capital Management LLC increased its stake in shares of Diageo by 4.0% during the 1st quarter. Causeway Capital Management LLC now owns 306,666 shares of the company's stock worth $32,135,000 after purchasing an additional 11,903 shares in the last quarter. Potomac Fund Management Inc. ADV boosted its position in Diageo by 15.6% during the first quarter. Potomac Fund Management Inc. ADV now owns 4,710 shares of the company's stock worth $517,000 after acquiring an additional 635 shares during the last quarter. Synovus Financial Corp boosted its position in Diageo by 94.6% during the first quarter. Synovus Financial Corp now owns 23,672 shares of the company's stock worth $2,481,000 after acquiring an additional 11,505 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Diageo during the first quarter worth approximately $5,041,000. Finally, Oliver Luxxe Assets LLC boosted its position in Diageo by 47.1% during the first quarter. Oliver Luxxe Assets LLC now owns 23,501 shares of the company's stock worth $2,463,000 after acquiring an additional 7,524 shares during the last quarter. 8.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on DEO shares. The Goldman Sachs Group upgraded shares of Diageo from a "sell" rating to a "neutral" rating in a research report on Thursday, August 7th. Morgan Stanley restated an "underweight" rating on shares of Diageo in a research report on Monday, May 12th. Four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $129.00.

Diageo Stock Down 0.4%

Diageo stock traded down $0.43 during midday trading on Friday, hitting $111.74. 937,904 shares of the stock were exchanged, compared to its average volume of 1,395,934. Diageo plc has a 1 year low of $96.45 and a 1 year high of $142.73. The firm has a market cap of $62.16 billion, a P/E ratio of 16.31, a P/E/G ratio of 3.99 and a beta of 0.53. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.63 and a quick ratio of 0.64. The company has a 50 day moving average price of $106.02 and a two-hundred day moving average price of $107.89.

Diageo Increases Dividend

The company 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 dividend of $2.5192 per share. This is a positive change from Diageo's previous semi-annual dividend of $1.62. The ex-dividend date of this dividend is Friday, October 17th. This represents a yield of 370.0%. Diageo's payout ratio is presently 46.42%.

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.