Franklin Resources Inc. Sells 11,589 Shares of Diageo plc (NYSE:DEO)

Franklin Resources Inc. reduced its position in Diageo plc (NYSE:DEO) by 8.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 119,038 shares of the company’s stock after selling 11,589 shares during the quarter. Franklin Resources Inc.’s holdings in Diageo were worth $16,121,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new stake in Diageo in the 3rd quarter worth about $25,000. Concord Wealth Partners purchased a new stake in Diageo during the third quarter valued at about $38,000. Bruce G. Allen Investments LLC boosted its position in Diageo by 1,395.0% during the third quarter. Bruce G. Allen Investments LLC now owns 299 shares of the company’s stock worth $42,000 after purchasing an additional 279 shares during the period. Davis Capital Management purchased a new position in shares of Diageo in the third quarter worth about $55,000. Finally, Maryland Capital Advisors Inc. bought a new stake in shares of Diageo in the third quarter valued at approximately $56,000. 8.97% of the stock is currently owned by institutional investors.

Diageo Stock Down 1.4 %

Shares of NYSE:DEO opened at $125.47 on Friday. The firm has a fifty day moving average price of $125.46 and a two-hundred day moving average price of $129.05. The company has a market cap of $69.80 billion, a price-to-earnings ratio of 18.18, a PEG ratio of 3.59 and a beta of 0.69. The company has a debt-to-equity ratio of 1.62, a current ratio of 1.53 and a quick ratio of 0.55. Diageo plc has a one year low of $117.72 and a one year high of $154.71.

Analysts Set New Price Targets

A number of analysts recently commented on DEO shares. Jefferies Financial Group upgraded shares of Diageo from a “hold” rating to a “buy” rating in a research note on Thursday, December 5th. UBS Group upgraded Diageo from a “sell” rating to a “buy” rating in a research report on Wednesday, December 11th. Finally, Bank of America upgraded Diageo from a “neutral” rating to a “buy” rating in a research report on Thursday, September 12th. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Diageo currently has an average rating of “Hold”.

About Diageo

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