Diageo (NYSE:DEO) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of Diageo (NYSE:DEO) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday morning,Zacks reports.

A number of other research analysts also recently commented on DEO. Morgan Stanley increased their target price on Diageo from $76.00 to $83.00 and gave the stock an “underweight” rating in a report on Monday, October 26th. UBS Group reiterated a “neutral” rating on shares of Diageo in a research report on Thursday, October 8th. Berenberg Bank reiterated a “buy” rating on shares of Diageo in a report on Sunday, August 9th. Barclays reissued a “buy” rating on shares of Diageo in a research report on Friday, August 7th. Finally, Morningstar cut Diageo to a “hold” rating in a research note on Friday, August 7th. Seven research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $99.75.

Diageo Price Performance

NYSE:DEO opened at $100.31 on Tuesday. Diageo has a one year low of $72.45 and a one year high of $102.74. The stock has a 50-day simple moving average of $90.57 and a 200 day simple moving average of $86.24. The company has a current ratio of 1.60, a quick ratio of 0.62 and a debt-to-equity ratio of 1.53.

Hedge Funds Weigh In On Diageo

A number of large investors have recently bought and sold shares of DEO. Altshuler Shaham Ltd acquired a new stake in shares of Diageo during the 1st quarter worth approximately $37,225,000. Dimensional Fund Advisors LP lifted its holdings in shares of Diageo by 53.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,372,808 shares of the company’s stock worth $102,124,000 after purchasing an additional 477,999 shares during the last quarter. BROOKFIELD Corp ON bought a new stake in shares of Diageo in the 1st quarter worth approximately $22,274,000. Cullen Capital Management LLC boosted its position in Diageo by 13.5% during the 3rd quarter. Cullen Capital Management LLC now owns 1,155,962 shares of the company’s stock valued at $98,950,000 after purchasing an additional 137,654 shares during the period. Finally, Bank of America Corp DE grew its stake in Diageo by 3.7% during the 1st quarter. Bank of America Corp DE now owns 2,913,707 shares of the company’s stock worth $216,925,000 after buying an additional 103,531 shares during the last quarter. Institutional investors own 8.97% of the company’s stock.

About Diageo

Diageo plc is a global beverage company that produces and markets alcoholic drinks, including spirits, beer and ready-to-drink products. Its portfolio includes brands such as Johnnie Walker, Guinness, Smirnoff, Baileys, Tanqueray and Captain Morgan. The company sells its products in markets around the world through a combination of owned operations, distributors and other commercial partners. Its offerings span categories including Scotch whisky, vodka, gin, rum, tequila, liqueurs and stout. Diageo was formed in 1997 through the merger of Guinness and Grand Metropolitan.