Eagle Ridge Investment Management lowered its stake in shares of Diageo plc (NYSE:DEO) by 12.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,815 shares of the company’s stock after selling 405 shares during the period. Eagle Ridge Investment Management’s holdings in Diageo were worth $485,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Financial Gravity Wealth Inc. purchased a new stake in shares of Diageo during the 1st quarter worth approximately $27,000. TRUE Private Wealth Advisors purchased a new stake in shares of Diageo during the 2nd quarter worth approximately $29,000. Meridian Wealth Management LLC purchased a new stake in shares of Diageo during the 2nd quarter worth approximately $33,000. TCG Advisors LP purchased a new stake in shares of Diageo during the 1st quarter worth approximately $41,000. Finally, Manchester Financial Inc. purchased a new stake in shares of Diageo during the 2nd quarter worth approximately $45,000. Institutional investors own 10.68% of the company’s stock.
Several brokerages have recently issued reports on DEO. Kepler Capital Markets lowered shares of Diageo from a “buy” rating to a “hold” rating in a research note on Tuesday, July 9th. Zacks Investment Research upgraded shares of Diageo from a “sell” rating to a “hold” rating and set a $178.00 price target for the company in a research note on Monday, May 27th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $178.00.
The firm also recently disclosed a Semi-Annual dividend, which will be paid on Tuesday, October 8th. Investors of record on Friday, August 9th will be issued a $2.111 dividend. The ex-dividend date of this dividend is Thursday, August 8th. This is an increase from Diageo’s previous Semi-Annual dividend of $0.19. Diageo’s dividend payout ratio (DPR) is 62.52%.
Diageo plc, together with its subsidiaries, produces, markets, and sells alcoholic beverages worldwide. The company offers a collection of brands across spirits, beer, cider, and wine categories. Its brands include Johnnie Walker, Crown Royal, J&B, Buchanan's and Windsor whiskies, Smirnoff, Cîroc and Ketel One vodkas, Captain Morgan, Baileys, Don Julio, Bundaberg, McDowell's No.
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