Pinnacle Associates Ltd. Cuts Holdings in Diageo plc (NYSE:DEO)

Key Points

• Pinnacle Associates Ltd. reduced its holdings in Diageo plc by 29% during the first quarter, owning 17,349 shares valued at approximately $1.8 million after selling 7,080 shares.
• Other institutional investors, including Brighton Jones LLC and Thrivent Financial for Lutherans, have also increased their stakes in Diageo, indicating varied investor activity surrounding the stock.
• Diageo currently holds a consensus rating of "Hold" from analysts, with a price target of $129.00, and is trading at a market capitalization of $59.60 billion.

Pinnacle Associates Ltd. trimmed its holdings in shares of Diageo plc (NYSE:DEO - Free Report) by 29.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,349 shares of the company's stock after selling 7,080 shares during the period. Pinnacle Associates Ltd.'s holdings in Diageo were worth $1,818,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in DEO. Brighton Jones LLC purchased a new stake in Diageo during the 4th quarter valued at $202,000. Thrivent Financial for Lutherans boosted its stake in Diageo by 47.6% during the 4th quarter. Thrivent Financial for Lutherans now owns 2,744 shares of the company's stock valued at $331,000 after purchasing an additional 885 shares during the last quarter. American Century Companies Inc. boosted its stake in Diageo by 4.8% during the 4th quarter. American Century Companies Inc. now owns 102,965 shares of the company's stock valued at $13,090,000 after purchasing an additional 4,686 shares during the last quarter. JPMorgan Chase & Co. boosted its stake in Diageo by 9.3% during the 4th quarter. JPMorgan Chase & Co. now owns 1,220,534 shares of the company's stock valued at $155,167,000 after purchasing an additional 103,540 shares during the last quarter. Finally, AssuredPartners Investment Advisors LLC bought a new position in shares of Diageo during the 4th quarter valued at $255,000. 8.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on DEO. Morgan Stanley reissued an "underweight" rating on shares of Diageo in a report on Monday, May 12th. Berenberg Bank began coverage on Diageo in a report on Wednesday, April 2nd. They set a "buy" rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, Diageo has a consensus rating of "Hold" and a consensus price target of $129.00.

Diageo Price Performance

NYSE DEO opened at $107.12 on Friday. The business's fifty day moving average price is $105.42 and its 200-day moving average price is $109.34. The stock has a market capitalization of $59.60 billion, a price-to-earnings ratio of 15.64 and a beta of 0.56. The company has a debt-to-equity ratio of 1.62, a current ratio of 1.60 and a quick ratio of 0.67. Diageo plc has a 1-year low of $99.26 and a 1-year high of $142.73.

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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