Diageo plc $DEO Stock Sold by Burkett Asset Management Ltd

Key Points

• Burkett Asset Management cut its Diageo holdings by 49% in the third quarter, selling 11,810 shares and retaining 12,290 shares valued at approximately $1.05 million.
• Other institutional investors, including Dimensional Fund Advisors, Bank of America and Gabelli Funds, increased their positions; institutional and hedge-fund investors collectively own 8.97% of Diageo.
• Analysts give Diageo a “Moderate Buy” consensus rating with an average price target of $105.33. The company also declared a $1.20 dividend payable December 3 to shareholders of record October 16.

Burkett Asset Management Ltd trimmed its holdings in Diageo plc (NYSE:DEO - Free Report) by 49.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,290 shares of the company's stock after selling 11,810 shares during the period. Burkett Asset Management Ltd's holdings in Diageo were worth $1,052,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in DEO. Altshuler Shaham Ltd purchased a new position in Diageo during the 1st quarter worth $37,225,000. Dimensional Fund Advisors LP raised its position in Diageo by 53.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,372,808 shares of the company's stock valued at $102,124,000 after purchasing an additional 477,999 shares in the last quarter. BROOKFIELD Corp ON bought a new stake in Diageo during the 1st quarter valued at $22,274,000. Bank of America Corp DE lifted its holdings in shares of Diageo by 3.7% in the 1st quarter. Bank of America Corp DE now owns 2,913,707 shares of the company's stock worth $216,925,000 after buying an additional 103,531 shares during the period. Finally, Gabelli Funds LLC lifted its holdings in shares of Diageo by 15.7% in the 1st quarter. Gabelli Funds LLC now owns 659,821 shares of the company's stock worth $49,124,000 after buying an additional 89,771 shares during the period. 8.97% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on DEO. Zacks Research upgraded Diageo from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. TD Cowen restated a "buy" rating on shares of Diageo in a report on Monday, August 10th. Weiss Ratings reiterated a "sell (d)" rating on shares of Diageo in a report on Friday, July 17th. Loop Capital set a $99.00 target price on shares of Diageo in a research report on Thursday, June 18th. Finally, UBS Group restated a "neutral" rating on shares of Diageo in a report on Thursday, August 27th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $105.33.

Diageo Trading Up 2.3%

Shares of DEO stock opened at $88.73 on Tuesday. Diageo plc has a 1-year low of $72.45 and a 1-year high of $102.74. The stock's 50-day moving average is $89.49 and its 200 day moving average is $84.13. The company has a quick ratio of 0.62, a current ratio of 1.60 and a debt-to-equity ratio of 1.53.

Diageo Dividend Announcement

The company also recently announced a dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, October 16th will be issued a $1.20 dividend. The ex-dividend date is Friday, October 16th. This represents a yield of 252.0%.

Diageo Company Profile

Diageo plc is a global beverage alcohol company headquartered in London, England. The company produces, markets and distributes a broad portfolio of spirits, beer and ready-to-drink beverages through a collection of internationally recognized brands.

Its portfolio includes Johnnie Walker, Crown Royal, Buchanan's and Talisker whiskies; Smirnoff, Cîroc and Ketel One vodkas; Tanqueray and Gordon's gins; Baileys liqueur; Don Julio and Casamigos tequila; Captain Morgan rum; and Guinness beer.

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