Joel Isaacson & Co. LLC Cuts Position in Diageo plc $DEO

Key Points

• Joel Isaacson & Co. LLC reduced its stake in Diageo plc by 38.0% in the second quarter, now holding a total of 4,947 shares valued at approximately $499,000.
• Diageo has announced a significant increase in its semi-annual dividend to $2.5192 per share, up from the previous $1.62, which represents a yield of 370.0%.
• Despite the reduction by Joel Isaacson & Co., institutional investors own approximately 8.97% of Diageo's stock, reflecting ongoing interest from various hedge funds.

Joel Isaacson & Co. LLC lessened its stake in Diageo plc (NYSE:DEO - Free Report) by 38.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,947 shares of the company's stock after selling 3,028 shares during the quarter. Joel Isaacson & Co. LLC's holdings in Diageo were worth $499,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of DEO. BNP Paribas Financial Markets raised its holdings in shares of Diageo by 1,544.5% in the 1st quarter. BNP Paribas Financial Markets now owns 396,676 shares of the company's stock worth $41,568,000 after purchasing an additional 372,555 shares during the period. Orbis Allan Gray Ltd bought a new stake in shares of Diageo in the 1st quarter worth approximately $36,050,000. Confluence Investment Management LLC raised its holdings in shares of Diageo by 14.0% in the 2nd quarter. Confluence Investment Management LLC now owns 1,350,826 shares of the company's stock worth $136,217,000 after purchasing an additional 165,839 shares during the period. Crestwood Advisors Group LLC bought a new stake in Diageo during the 1st quarter valued at $16,944,000. Finally, Partners Capital Investment Group LLP bought a new stake in Diageo during the 1st quarter valued at $4,161,000. Institutional investors own 8.97% of the company's stock.

Diageo Stock Up 1.6%

Shares of NYSE:DEO opened at $95.89 on Wednesday. Diageo plc has a 52-week low of $93.42 and a 52-week high of $139.96. The firm has a fifty day moving average of $104.49 and a 200 day moving average of $106.26. The firm has a market capitalization of $53.35 billion, a PE ratio of 14.00, a price-to-earnings-growth ratio of 3.38 and a beta of 0.58. 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 Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, December 4th. Shareholders of record on Friday, October 17th will be given a dividend of $2.5192 per share. The ex-dividend date is Friday, October 17th. This is a positive change from Diageo's previous semi-annual dividend of $1.62. This represents a yield of 370.0%. Diageo's dividend payout ratio (DPR) is currently 46.42%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DEO. Weiss Ratings reissued a "sell (d)" rating on shares of Diageo in a report on Saturday, September 27th. Bank of America lowered their target price on shares of Diageo from $117.00 to $109.00 and set a "buy" rating on the stock in a report on Friday, September 26th. Finally, The Goldman Sachs Group raised shares of Diageo from a "sell" rating to a "neutral" rating in a report on Thursday, August 7th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Diageo has a consensus rating of "Hold" and a consensus price target of $119.00.

Diageo Profile

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.

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