Diageo plc $DEO Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services reduced its Diageo stake by 24.9% in the first quarter, selling 15,077 shares and retaining 45,525 shares valued at approximately $3.39 million.
• Other institutional investors increased their holdings, including CORDA Investment Management, Great Hill Capital and Philip James Wealth Management; institutional investors collectively own 8.97% of Diageo.
• Analyst sentiment remains mixed but improved recently: TD Cowen and Deutsche Bank upgraded the stock to “buy,” while the overall consensus is “Hold” with an average price target of $106.25. Shares opened at $88.90, up 4.4%.

PNC Financial Services Group Inc. cut its stake in shares of Diageo plc (NYSE:DEO - Free Report) by 24.9% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 45,525 shares of the company's stock after selling 15,077 shares during the period. PNC Financial Services Group Inc.'s holdings in Diageo were worth $3,389,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Third View Private Wealth LLC purchased a new stake in Diageo during the 4th quarter worth approximately $1,111,000. CORDA Investment Management LLC. boosted its stake in shares of Diageo by 14.5% during the 1st quarter. CORDA Investment Management LLC. now owns 169,084 shares of the company's stock valued at $12,588,000 after buying an additional 21,446 shares during the last quarter. Great Hill Capital LLC grew its position in shares of Diageo by 110.0% during the fourth quarter. Great Hill Capital LLC now owns 69,460 shares of the company's stock worth $5,992,000 after buying an additional 36,391 shares in the last quarter. Philip James Wealth Mangement LLC grew its position in shares of Diageo by 31.4% during the fourth quarter. Philip James Wealth Mangement LLC now owns 61,492 shares of the company's stock worth $5,305,000 after buying an additional 14,701 shares in the last quarter. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in shares of Diageo in the fourth quarter worth $2,237,000. Hedge funds and other institutional investors own 8.97% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Loop Capital set a $99.00 price objective on shares of Diageo in a research note on Thursday, June 18th. TD Cowen raised shares of Diageo from a "hold" rating to a "buy" rating and boosted their target price for the stock from $88.00 to $93.00 in a research report on Thursday, June 25th. Deutsche Bank Aktiengesellschaft upgraded shares of Diageo from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. Finally, Weiss Ratings reaffirmed a "sell (d)" rating on shares of Diageo in a research report on Friday, July 17th. Six research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $106.25.

Diageo Trading Up 4.4%

NYSE DEO opened at $88.90 on Wednesday. Diageo plc has a 12 month low of $72.45 and a 12 month high of $116.41. The company has a current ratio of 1.60, a quick ratio of 0.71 and a debt-to-equity ratio of 1.53. The company's 50 day simple moving average is $82.35 and its 200 day simple moving average is $83.84.

Diageo 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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