The Manufacturers Life Insurance Company Reduces Stock Position in Diageo plc $DEO

The Manufacturers Life Insurance Company lowered its stake in shares of Diageo plc (NYSE:DEO) by 98.7% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 18,172 shares of the company’s stock after selling 1,366,299 shares during the period. The Manufacturers Life Insurance Company’s holdings in Diageo were worth $1,353,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Bank of Montreal Can raised its holdings in shares of Diageo by 428.7% during the 4th quarter. Bank of Montreal Can now owns 2,173,047 shares of the company’s stock worth $187,469,000 after acquiring an additional 1,762,027 shares during the period. Orbis Allan Gray Ltd grew its holdings in shares of Diageo by 236.6% in the second quarter. Orbis Allan Gray Ltd now owns 1,157,991 shares of the company’s stock valued at $116,772,000 after purchasing an additional 813,973 shares during the period. Raymond James Financial Inc. increased its position in Diageo by 48.5% during the third quarter. Raymond James Financial Inc. now owns 1,701,878 shares of the company’s stock worth $162,410,000 after purchasing an additional 555,509 shares during the last quarter. Brandywine Global Investment Management LLC acquired a new stake in Diageo during the fourth quarter worth about $46,763,000. Finally, Dimensional Fund Advisors LP raised its stake in Diageo by 53.4% during the first 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 period. 8.97% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on DEO. TD Cowen reiterated a “buy” rating on shares of Diageo in a report on Monday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Diageo in a research report on Friday, July 17th. Zacks Research cut Diageo from a “hold” rating to a “strong sell” rating in a report on Monday, July 27th. Finally, Loop Capital set a $99.00 price objective on Diageo in a research report on Thursday, June 18th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Diageo presently has a consensus rating of “Hold” and a consensus target price of $106.25.

Diageo Stock Down 2.2%

Shares of NYSE:DEO opened at $94.96 on Wednesday. Diageo plc has a 12-month low of $72.45 and a 12-month high of $116.41. The business has a 50-day moving average price of $83.75 and a 200 day moving average price of $83.97. The company has a debt-to-equity ratio of 1.53, a current ratio of 1.60 and a quick ratio of 0.71.

Diageo Profile

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.