Wedge Capital Management L L P NC Cuts Position in Diageo plc $DEO

Key Points

• Wedge Capital Management L L P NC reduced its stake in Diageo plc by 25.3% during the second quarter, holding 46,445 shares valued at approximately $4.68 million.
• Various hedge funds have increased their positions in Diageo, with Lantz Financial LLC raising its stake by 20.7% in the same period.
• Diageo recently announced an increase in its semi-annual dividend to $2.5192 per share, reflecting a yield of 370.0% from its previous dividend of $1.62.

Wedge Capital Management L L P NC decreased its position in Diageo plc (NYSE:DEO - Free Report) by 25.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 46,445 shares of the company's stock after selling 15,753 shares during the period. Wedge Capital Management L L P NC's holdings in Diageo were worth $4,684,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Lantz Financial LLC increased its stake in shares of Diageo by 20.7% during the 2nd quarter. Lantz Financial LLC now owns 18,211 shares of the company's stock worth $1,836,000 after purchasing an additional 3,129 shares during the last quarter. Phillips Wealth Planners LLC purchased a new stake in shares of Diageo during the 2nd quarter worth approximately $251,000. Grove Bank & Trust grew its stake in Diageo by 2.2% in the 2nd quarter. Grove Bank & Trust now owns 7,726 shares of the company's stock valued at $779,000 after buying an additional 166 shares in the last quarter. NorthCrest Asset Manangement LLC grew its stake in Diageo by 0.5% in the 2nd quarter. NorthCrest Asset Manangement LLC now owns 62,045 shares of the company's stock valued at $6,498,000 after buying an additional 322 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in Diageo by 2.7% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 141,925 shares of the company's stock valued at $14,864,000 after buying an additional 3,673 shares in the last quarter. Hedge funds and other institutional investors own 8.97% of the company's stock.

Diageo Trading Up 0.3%

Shares of NYSE DEO traded up $0.31 during midday trading on Tuesday, hitting $96.29. 1,308,724 shares of the company traded hands, compared to its average volume of 1,121,124. Diageo plc has a 12-month low of $95.94 and a 12-month high of $142.73. The company has a debt-to-equity ratio of 1.64, a quick ratio of 0.64 and a current ratio of 1.63. The stock has a 50-day moving average price of $106.43 and a 200 day moving average price of $107.26. The firm has a market cap of $53.57 billion, a P/E ratio of 14.05, a P/E/G ratio of 3.47 and a beta of 0.59.

Diageo Increases Dividend

The business also recently declared a semi-annual dividend, which will be paid on Thursday, December 4th. Investors of record on Friday, October 17th will be given 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 is presently 46.42%.

Analysts Set New Price Targets

Separately, The Goldman Sachs Group upgraded shares of Diageo from a "sell" rating to a "neutral" rating in a research note on Thursday, August 7th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Diageo has a consensus rating of "Hold" and a consensus target price of $129.00.

About Diageo

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.