Focus Partners Wealth Cuts Stake in Diageo plc $DEO

Key Points

• Focus Partners Wealth has cut its stake in Diageo by 45.5%, leaving it with 25,571 shares valued at approximately $2.68 million.
• Diageo announced an increase in its semi-annual dividend to $2.5192 per share, marking a significant boost from the previous dividend of $1.62.
• The company received an upgrade from Goldman Sachs, moving from a "sell" to a "neutral" rating, with a consensus price target of $129.00 per share.

Focus Partners Wealth reduced its stake in Diageo plc (NYSE:DEO - Free Report) by 45.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,571 shares of the company's stock after selling 21,330 shares during the period. Focus Partners Wealth's holdings in Diageo were worth $2,680,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Integrity Alliance LLC. purchased a new stake in shares of Diageo in the first quarter worth $332,000. SageView Advisory Group LLC lifted its holdings in shares of Diageo by 1.7% during the first quarter. SageView Advisory Group LLC now owns 5,450 shares of the company's stock valued at $571,000 after purchasing an additional 89 shares in the last quarter. Semmax Financial Advisors Inc. lifted its holdings in shares of Diageo by 11.6% during the first quarter. Semmax Financial Advisors Inc. now owns 20,435 shares of the company's stock valued at $2,358,000 after purchasing an additional 2,128 shares in the last quarter. Logan Capital Management Inc. lifted its holdings in shares of Diageo by 3.8% during the first quarter. Logan Capital Management Inc. now owns 23,563 shares of the company's stock valued at $2,469,000 after purchasing an additional 858 shares in the last quarter. Finally, Scientech Research LLC bought a new position in shares of Diageo during the first quarter valued at $1,454,000. 8.97% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Separately, The Goldman Sachs Group raised Diageo from a "sell" rating to a "neutral" rating in a report on Thursday, August 7th. Three 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. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $129.00.

Diageo Stock Down 1.2%

Shares of DEO opened at $100.54 on Tuesday. The business's 50 day moving average is $107.02 and its 200 day moving average is $107.73. The company has a market capitalization of $55.94 billion, a PE ratio of 14.68, a price-to-earnings-growth ratio of 3.60 and a beta of 0.59. Diageo plc has a 12-month low of $96.45 and a 12-month high of $142.73. The company has a current ratio of 1.63, a quick ratio of 0.64 and a debt-to-equity ratio of 1.64.

Diageo Increases Dividend

The firm also recently announced 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 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 dividend payout ratio is 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.

Want to see what other hedge funds are holding DEO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Diageo plc (NYSE:DEO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.