Procyon Advisors LLC Trims Stake in Diageo plc (NYSE:DEO)

Procyon Advisors LLC reduced its position in Diageo plc (NYSE:DEO) by 32.9% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 7,982 shares of the company’s stock after selling 3,905 shares during the period. Procyon Advisors LLC’s holdings in Diageo were worth $1,163,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Planned Solutions Inc. purchased a new stake in shares of Diageo in the 4th quarter valued at about $27,000. Highland Capital Management LLC lifted its holdings in shares of Diageo by 2.3% in the 4th quarter. Highland Capital Management LLC now owns 15,292 shares of the company’s stock valued at $2,227,000 after purchasing an additional 350 shares during the last quarter. Canvas Wealth Advisors LLC raised its stake in Diageo by 19.3% during the 4th quarter. Canvas Wealth Advisors LLC now owns 4,944 shares of the company’s stock valued at $708,000 after acquiring an additional 800 shares during the last quarter. Portside Wealth Group LLC raised its stake in Diageo by 166.5% during the 4th quarter. Portside Wealth Group LLC now owns 6,271 shares of the company’s stock valued at $913,000 after acquiring an additional 3,918 shares during the last quarter. Finally, CVA Family Office LLC purchased a new stake in Diageo during the 4th quarter valued at approximately $170,000. 8.97% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

DEO has been the subject of several analyst reports. BNP Paribas downgraded Diageo from a “neutral” rating to an “underperform” rating in a research note on Friday, January 12th. JPMorgan Chase & Co. downgraded Diageo from an “overweight” rating to a “neutral” rating in a research note on Wednesday, November 29th. Argus cut Diageo from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, UBS Group cut Diageo from a “neutral” rating to a “sell” rating in a research report on Tuesday, December 5th. Three investment analysts have rated the stock with a sell rating and six have given a hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $3,778.00.

Diageo Trading Down 0.2 %

Shares of DEO traded down $0.25 on Thursday, reaching $149.17. The stock had a trading volume of 31,712 shares, compared to its average volume of 808,487. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.65 and a current ratio of 1.58. The firm has a 50-day moving average of $147.01 and a 200 day moving average of $147.83. Diageo plc has a twelve month low of $135.63 and a twelve month high of $190.02.

Diageo Cuts Dividend

The business also recently announced a semi-annual dividend, which will be paid on Wednesday, April 17th. Shareholders of record on Friday, March 1st will be issued a dividend of $1.62 per share. This represents a yield of 2.7%. The ex-dividend date is Thursday, February 29th.

About Diageo

Diageo plc, together with its subsidiaries, engages in the production, marketing, and sale of alcoholic beverages. It offers scotch, gin, vodka, rum, raki, liqueur, wine, tequila, Chinese white spirits, cachaça, and brandy, as well as beer, including cider and flavoured malt beverages. The company also provides Canadian, Irish, American, and Indian-Made Foreign Liquor whiskies, as well as ready to drink and non-alcoholic products.