Confluence Investment Management LLC Has $62.45 Million Stock Position in Diageo plc $DEO

Confluence Investment Management LLC cut its holdings in shares of Diageo plc (NYSE:DEO) by 42.6% in the 2nd quarter, Holdings Channel reports. The firm owned 776,936 shares of the company’s stock after selling 576,498 shares during the period. Confluence Investment Management LLC’s holdings in Diageo were worth $62,450,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of the business. Spire Wealth Management raised its holdings in shares of Diageo by 123.6% during the 4th quarter. Spire Wealth Management now owns 322 shares of the company’s stock worth $28,000 after buying an additional 178 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of Diageo by 8,000.0% during the 4th quarter. Sound Income Strategies LLC now owns 324 shares of the company’s stock worth $29,000 after buying an additional 320 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new stake in Diageo in the fourth quarter valued at about $30,000. Cassaday & Co Wealth Management LLC acquired a new stake in Diageo in the first quarter valued at about $34,000. Finally, Basepoint Wealth LLC bought a new position in Diageo in the fourth quarter valued at about $55,000. Institutional investors and hedge funds own 8.97% of the company’s stock.

Diageo Trading Up 0.6%

Diageo stock opened at $88.55 on Tuesday. The business has a 50 day moving average of $82.57 and a 200-day moving average of $83.83. Diageo plc has a 1 year low of $72.45 and a 1 year high of $116.41. The company has a quick ratio of 0.71, a current ratio of 1.60 and a debt-to-equity ratio of 1.53.

Analyst Upgrades and Downgrades

DEO has been the subject of several research analyst reports. TD Cowen raised Diageo from a “hold” rating to a “buy” rating and boosted their target price for the stock from $88.00 to $93.00 in a research note on Thursday, June 25th. Weiss Ratings restated a “sell (d)” rating on shares of Diageo in a research note on Friday, July 17th. Loop Capital set a $99.00 price target on shares of Diageo in a report on Thursday, June 18th. Finally, Zacks Research cut shares of Diageo from a “hold” rating to a “strong sell” rating in a research report on Monday, July 27th. Six investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $106.25.

About Diageo

Diageo plc is a global producer, marketer and distributor of alcoholic beverages, headquartered in London, England. The company was created through the 1997 merger of Guinness plc and Grand Metropolitan plc and is publicly traded on multiple exchanges, including the New York Stock Exchange (NYSE: DEO) and the London Stock Exchange. Diageo operates a worldwide business, selling products in a broad range of markets across the Americas, Europe, Africa, Asia and Latin America.

Diageo’s core activities cover the production, marketing and sale of a diverse portfolio of spirits, beer and liqueurs.