Gabelli Funds LLC Acquires 89,771 Shares of Diageo plc $DEO

Key Points

• Gabelli Funds LLC increased its Diageo stake by 15.7% in the first quarter, buying 89,771 additional shares and bringing its total holding to 659,821 shares worth about $49.1 million.
• Other institutions also added to positions in Diageo, and institutional investors now own 8.97% of the stock overall.
• Analyst sentiment is mixed: while TD Cowen and Deutsche Bank upgraded the stock to buy, the consensus rating remains Hold with a $106.25 price target.

Gabelli Funds LLC grew its holdings in Diageo plc (NYSE:DEO - Free Report) by 15.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 659,821 shares of the company's stock after buying an additional 89,771 shares during the period. Gabelli Funds LLC owned approximately 0.12% of Diageo worth $49,124,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Glenview Trust Co raised its position in shares of Diageo by 3.7% during the 4th quarter. Glenview Trust Co now owns 2,928 shares of the company's stock valued at $253,000 after buying an additional 104 shares in the last quarter. Mission Wealth Management LP increased its stake in Diageo by 4.0% during the fourth quarter. Mission Wealth Management LP now owns 2,992 shares of the company's stock worth $258,000 after acquiring an additional 114 shares during the last quarter. Wynn Capital LLC increased its stake in Diageo by 2.5% during the fourth quarter. Wynn Capital LLC now owns 4,994 shares of the company's stock worth $431,000 after acquiring an additional 122 shares during the last quarter. Intrust Bank NA raised its position in Diageo by 4.4% during the fourth quarter. Intrust Bank NA now owns 3,270 shares of the company's stock valued at $282,000 after purchasing an additional 138 shares during the period. Finally, Elevation Point Wealth Partners LLC raised its position in Diageo by 5.3% during the fourth quarter. Elevation Point Wealth Partners LLC now owns 2,792 shares of the company's stock valued at $241,000 after purchasing an additional 141 shares during the period. 8.97% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

DEO has been the subject of several analyst reports. TD Cowen raised Diageo from a "hold" rating to a "buy" rating and raised their price objective for the company from $88.00 to $93.00 in a research note on Thursday, June 25th. Weiss Ratings restated a "sell (d)" rating on shares of Diageo in a report on Friday, July 17th. Loop Capital set a $99.00 price target on Diageo in a research report on Thursday, June 18th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Diageo from a "hold" rating to a "buy" rating in a research note on Tuesday, March 31st. Six equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $106.25.

Diageo Stock Performance

Shares of NYSE:DEO opened at $83.12 on Friday. The business has a 50 day simple moving average of $82.22 and a two-hundred day simple moving average of $83.88. Diageo plc has a 1 year low of $72.45 and a 1 year high of $116.41. The company has a debt-to-equity ratio of 1.53, a quick ratio of 0.71 and a current ratio of 1.60.

About Diageo

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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