Kovitz Investment Group Partners LLC Decreases Position in Diageo plc $DEO

Key Points

• Kovitz Investment Group Partners LLC significantly reduced its stake in Diageo plc by 97.6%, holding only 62,464 shares worth approximately $6.55 million after selling over 2.5 million shares in the first quarter.
• Diageo recently announced an increase in its semi-annual dividend to $2.5192 per share, a rise from the previous dividend of $1.62, set to be paid on December 4th, with a dividend yield of 370.0%.
• Analyst ratings for Diageo show a mix of opinions, with Goldman Sachs upgrading its rating from "sell" to "neutral," and the consensus rating for the stock being "Hold" with a price target of $129.00.

Kovitz Investment Group Partners LLC reduced its holdings in Diageo plc (NYSE:DEO - Free Report) by 97.6% during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,464 shares of the company's stock after selling 2,538,238 shares during the quarter. Kovitz Investment Group Partners LLC's holdings in Diageo were worth $6,546,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Orion Capital Management LLC bought a new position in Diageo during the 4th quarter valued at approximately $25,000. BNP Paribas purchased a new position in shares of Diageo during the fourth quarter valued at approximately $32,000. Measured Risk Portfolios Inc. bought a new position in shares of Diageo during the fourth quarter valued at approximately $32,000. Perkins Coie Trust Co purchased a new stake in Diageo in the first quarter worth $27,000. Finally, Barrett & Company Inc. bought a new stake in Diageo in the first quarter valued at $27,000. Institutional investors own 8.97% of the company's stock.

Analyst Upgrades and Downgrades

DEO has been the subject of several research reports. Morgan Stanley reissued an "underweight" rating on shares of Diageo in a research report on Monday, May 12th. The Goldman Sachs Group upgraded Diageo from a "sell" rating to a "neutral" rating in a report on Thursday, August 7th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Diageo presently has a consensus rating of "Hold" and an average price target of $129.00.

Diageo Stock Up 1.1%

DEO traded up $1.2490 during trading on Friday, hitting $115.6490. 507,606 shares of the company's stock traded hands, compared to its average volume of 1,121,257. The stock has a market capitalization of $64.34 billion, a price-to-earnings ratio of 16.89, a PEG ratio of 4.11 and a beta of 0.53. The company's 50 day simple moving average is $104.78 and its two-hundred day simple moving average is $107.81. 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 0.67 and a debt-to-equity ratio of 1.64.

Diageo Increases Dividend

The business also recently disclosed 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 is Friday, October 17th. This represents a dividend yield of 370.0%. Diageo's dividend payout ratio is presently 46.42%.

Diageo Company 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.