Zacks Investment Research upgraded shares of Diageo PLC (NYSE:DEO) from a hold rating to a buy rating in a report published on Tuesday. Zacks Investment Research currently has $149.00 price target on the stock.
According to Zacks, “Shares of Diageo have outperformed the industry in the last six months, primarily due to its strong fundamentals, continuous innovation and focus on expansion. Also, the company’s strategic endeavors including growth via acquisitions remain noteworthy. In fact, the buyout of the U.S. fastest-growing premium tequila brand, Casamigos, is expected to boost its market share in the category. Also, the addition of Casamigos is likely to capitalize on the company’s presence in the high-growth international markets. Alongside, its existing Don Julio brand has strengthened Diageo’s position in the tequila category. Also, the company has been putting greater thrust on high-margin products to improve its overall profitability. However, currency headwinds and other macroeconomic concerns might subdue its performance, going forward.”
Several other brokerages also recently commented on DEO. BidaskClub upgraded Diageo PLC from a hold rating to a buy rating in a research report on Friday, August 18th. Sanford C. Bernstein upgraded Diageo PLC from a market perform rating to an outperform rating and boosted their price objective for the company from $142.36 to $153.00 in a research report on Friday, July 28th. Jefferies Group LLC set a $142.00 price objective on Diageo PLC and gave the company a buy rating in a research report on Thursday, July 27th. Citigroup Inc. downgraded Diageo PLC from a buy rating to a neutral rating in a research report on Thursday, May 25th. Finally, Societe Generale raised Diageo PLC from a hold rating to a buy rating in a report on Monday, June 26th. Three equities research analysts have rated the stock with a sell rating, one has issued a hold rating and nine have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $143.50.
Diageo PLC (NYSE:DEO) opened at 131.97 on Tuesday. Diageo PLC has a 12 month low of $99.46 and a 12 month high of $134.49. The company has a market cap of $82.93 billion, a PE ratio of 24.03 and a beta of 0.76. The company has a 50 day moving average price of $126.59 and a 200-day moving average price of $119.70.
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The firm also recently announced a semiannual dividend, which will be paid on Wednesday, October 11th. Stockholders of record on Friday, August 11th will be paid a dividend of $2.0322 per share. This is a boost from Diageo PLC’s previous semiannual dividend of $1.19. The ex-dividend date of this dividend is Wednesday, August 9th. This represents a dividend yield of 3.12%.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers acquired a new position in Diageo PLC during the second quarter worth approximately $250,000. Advisory Services Network LLC boosted its position in Diageo PLC by 1.9% in the second quarter. Advisory Services Network LLC now owns 3,279 shares of the company’s stock worth $393,000 after buying an additional 62 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Diageo PLC during the second quarter worth approximately $477,000. Bangor Savings Bank boosted its position in Diageo PLC by 0.9% in the second quarter. Bangor Savings Bank now owns 1,774 shares of the company’s stock worth $212,000 after buying an additional 16 shares in the last quarter. Finally, Greenwood Gearhart Inc. boosted its position in Diageo PLC by 0.7% in the second quarter. Greenwood Gearhart Inc. now owns 70,306 shares of the company’s stock worth $8,425,000 after buying an additional 460 shares in the last quarter. 12.06% of the stock is currently owned by hedge funds and other institutional investors.
Diageo PLC Company Profile
Diageo PLC is an alcoholic beverage company. The Company operates in various categories, including spirits and beer. Its geographic segments include North America; Europe, Russia and Turkey; Africa; Latin America and Caribbean, and Asia Pacific. Its principal products includes Scotch whisky, Gin, Vodka, Rum, Beer, Irish Cream Liqueur, Wine, Raki, Tequila, Canadian Whisky, American Whiskey, Progressive Adult Beverages, Cachaca, Brandy and Ready to Drink.
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