Diageo (NYSE:DEO) Cut to Strong Sell at Zacks Research

Diageo (NYSE:DEO) was downgraded by research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

Several other research analysts also recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Diageo from a “hold” rating to a “buy” rating in a report on Tuesday, March 31st. TD Cowen raised Diageo from a “hold” rating to a “buy” rating and lifted their target price for the stock from $88.00 to $93.00 in a report on Thursday, June 25th. Weiss Ratings reiterated a “sell (d)” rating on shares of Diageo in a research report on Friday, July 17th. Finally, Loop Capital set a $99.00 price target on Diageo in a research note on Thursday, June 18th. Six analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $106.25.

Diageo Stock Up 4.4%

DEO opened at $88.90 on Monday. The company has a quick ratio of 0.71, a current ratio of 1.60 and a debt-to-equity ratio of 1.53. The company has a fifty day moving average of $82.35 and a 200 day moving average of $83.84. Diageo has a fifty-two week low of $72.45 and a fifty-two week high of $116.41.

Institutional Investors Weigh In On Diageo

Hedge funds have recently bought and sold shares of the business. Spire Wealth Management grew its stake in shares of Diageo by 123.6% in 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 grew its position in Diageo by 8,000.0% in the fourth quarter. Sound Income Strategies LLC now owns 324 shares of the company’s stock worth $29,000 after acquiring an additional 320 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new stake in Diageo during the fourth quarter valued at approximately $30,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Diageo in the 1st quarter valued at approximately $34,000. Finally, Cromwell Holdings LLC purchased a new position in shares of Diageo in the 4th quarter worth approximately $49,000. Hedge funds and other institutional investors own 8.97% of the company’s stock.

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.