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

Procyon Advisors LLC reduced its position in Diageo plc (NYSE:DEO) by 32.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor 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.

A number of other hedge funds also recently made changes to their positions in DEO. Planned Solutions Inc. purchased a new stake in Diageo during the fourth quarter valued at approximately $27,000. Highland Capital Management LLC raised its position in Diageo by 2.3% during the fourth 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 period. Canvas Wealth Advisors LLC raised its position in Diageo by 19.3% during the fourth quarter. Canvas Wealth Advisors LLC now owns 4,944 shares of the company’s stock valued at $708,000 after purchasing an additional 800 shares during the period. Portside Wealth Group LLC grew its stake in shares of Diageo by 166.5% during the fourth quarter. Portside Wealth Group LLC now owns 6,271 shares of the company’s stock valued at $913,000 after buying an additional 3,918 shares during the last quarter. Finally, CVA Family Office LLC bought a new position in shares of Diageo during the fourth quarter valued at approximately $170,000. 8.97% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Diageo Price Performance

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

Diageo Cuts Dividend

The firm also recently announced a semi-annual dividend, which will be paid on Wednesday, April 17th. Shareholders of record on Friday, March 1st will be paid a $1.62 dividend. This represents a yield of 2.7%. The ex-dividend date of this dividend 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.