MAI Capital Management Sells 4,349 Shares of Diageo plc $DEO

Key Points

• MAI Capital Management reduced its stake in Diageo plc by 15.9%, owning 22,966 shares valued at approximately $2.4 million after selling 4,349 shares.
• Diageo announced an increased semi-annual dividend of $2.5192 per share, significantly up from the previous dividend of $1.62, with a yield of 370.0%.
• The stock has recently been rated as having a consensus "Hold" with an average price target of $129.00, following various upgrades and downgrades by analysts.

MAI Capital Management trimmed its position in Diageo plc (NYSE:DEO - Free Report) by 15.9% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,966 shares of the company's stock after selling 4,349 shares during the period. MAI Capital Management's holdings in Diageo were worth $2,407,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new stake in shares of Diageo in the fourth quarter worth $25,000. Perkins Coie Trust Co purchased a new stake in shares of Diageo in the first quarter worth $27,000. Barrett & Company Inc. purchased a new stake in shares of Diageo in the first quarter worth $27,000. Abound Financial LLC purchased a new stake in shares of Diageo in the first quarter worth $27,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Diageo in the first quarter worth $30,000. 8.97% of the stock is owned by hedge funds and other institutional investors.

Diageo Stock Performance

Shares of NYSE DEO traded down $3.53 during trading on Monday, hitting $106.72. The company had a trading volume of 310,669 shares, compared to its average volume of 1,104,762. The stock has a 50 day simple moving average of $107.02 and a 200 day simple moving average of $107.99. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.64 and a current ratio of 1.63. Diageo plc has a 12 month low of $96.45 and a 12 month high of $142.73. The firm has a market capitalization of $59.37 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 3.90 and a beta of 0.59.

Diageo Increases Dividend

The business also recently disclosed a semi-annual dividend, which will be paid on Thursday, December 4th. Stockholders of record on Friday, October 17th will be paid a $2.5192 dividend. This represents a dividend yield of 370.0%. This is an increase from Diageo's previous semi-annual dividend of $1.62. The ex-dividend date of this dividend is Friday, October 17th. Diageo's dividend payout ratio is 46.42%.

Wall Street Analyst Weigh In

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

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.