Gabelli Funds LLC Sells 3,400 Shares of Diageo plc $DEO

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 Diageo plc (NYSE:DEO - Free Report) by 0.6% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 543,350 shares of the company's stock after selling 3,400 shares during the quarter. Gabelli Funds LLC owned approximately 0.10% of Diageo worth $56,938,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of DEO. Northern Trust Corp raised its holdings in shares of Diageo by 39.9% in the fourth quarter. Northern Trust Corp now owns 649,769 shares of the company's stock worth $82,605,000 after buying an additional 185,282 shares during the period. Crestwood Advisors Group LLC purchased a new stake in shares of Diageo in the first quarter worth approximately $16,944,000. Partners Capital Investment Group LLP purchased a new stake in shares of Diageo in the first quarter worth approximately $4,161,000. GAMMA Investing LLC increased its holdings in Diageo by 4,656.6% during the 1st quarter. GAMMA Investing LLC now owns 154,305 shares of the company's stock worth $16,170,000 after purchasing an additional 151,061 shares during the period. Finally, Clark Estates Inc. NY increased its holdings in Diageo by 116.4% during the 1st quarter. Clark Estates Inc. NY now owns 185,000 shares of the company's stock worth $19,386,000 after purchasing an additional 99,500 shares during the period. 8.97% of the stock is currently owned by hedge funds and other institutional investors.

Diageo Stock Down 0.4%

NYSE DEO traded down $0.43 during midday trading on Friday, hitting $111.74. 937,904 shares of the company traded hands, compared to its average volume of 1,395,934. 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 market cap of $62.16 billion, a PE ratio of 16.31, a price-to-earnings-growth ratio of 4.00 and a beta of 0.53. The company's 50-day simple moving average is $106.02 and its 200-day simple moving average is $107.88. Diageo plc has a 52 week low of $96.45 and a 52 week high of $142.73.

Diageo Increases Dividend

The business also recently announced a semi-annual dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, October 17th will be given a dividend of $2.5192 per share. This is a boost 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 46.42%.

Analysts Set New Price Targets

Several research analysts have commented on the company. The Goldman Sachs Group upgraded Diageo from a "sell" rating to a "neutral" rating in a report on Thursday, August 7th. Morgan Stanley restated an "underweight" rating on shares of Diageo in a report on Monday, May 12th. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus 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.