Northern Trust Corp Trims Stake in Diageo plc $DEO

Key Points

• Northern Trust Corp reduced its stake in Diageo plc by 8.6%, now holding approximately $62.27 million worth of shares after selling 55,577 shares in the first quarter.
• Diageo recently declared a semi-annual dividend of $2.5192, representing a yield of 370% and an increase from the previous dividend of $1.62.
• Analysts have mixed ratings on Diageo, with Goldman Sachs upgrading its rating to "neutral" and four analysts giving it a Buy rating, alongside an average target price of $129.00.

Northern Trust Corp reduced its position in Diageo plc (NYSE:DEO - Free Report) by 8.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 594,192 shares of the company's stock after selling 55,577 shares during the quarter. Northern Trust Corp owned 0.11% of Diageo worth $62,265,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Diageo by 16.3% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 138,252 shares of the company's stock worth $14,488,000 after purchasing an additional 19,327 shares in the last quarter. Philip James Wealth Mangement LLC purchased a new position in shares of Diageo in the 1st quarter worth about $1,908,000. Miracle Mile Advisors LLC boosted its holdings in shares of Diageo by 30.1% in the 1st quarter. Miracle Mile Advisors LLC now owns 40,492 shares of the company's stock worth $4,243,000 after purchasing an additional 9,366 shares in the last quarter. Carnegie Investment Counsel boosted its holdings in shares of Diageo by 2,331.0% in the 1st quarter. Carnegie Investment Counsel now owns 41,036 shares of the company's stock worth $4,178,000 after purchasing an additional 39,348 shares in the last quarter. Finally, Sowell Financial Services LLC purchased a new position in shares of Diageo in the 1st quarter worth about $262,000. 8.97% of the stock is currently owned by hedge funds and other institutional investors.

Diageo Trading Down 0.4%

Shares of Diageo stock traded down $0.43 during trading on Friday, reaching $111.74. 937,904 shares of the stock were exchanged, compared to its average volume of 1,395,934. The company has a quick ratio of 0.64, a current ratio of 1.63 and a debt-to-equity ratio of 1.64. The stock's fifty day moving average is $106.02 and its 200 day moving average is $107.89. The firm has a market cap of $62.16 billion, a price-to-earnings ratio of 16.31, a price-to-earnings-growth ratio of 3.99 and a beta of 0.53. Diageo plc has a 1 year low of $96.45 and a 1 year high of $142.73.

Diageo Increases Dividend

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

Analyst Ratings Changes

Several research firms have recently commented on DEO. Morgan Stanley reiterated an "underweight" rating on shares of Diageo in a 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 given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $129.00.

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.