Should I buy FTSE 100 shares BT or Diageo in July?
Im searching for top FTSE 100 stocks to buy in July. So Ive decided to explore the investment case for Footsie royalty BT Group (LSE: BT-A) and Diageo (LSE: DGE). 5G is here  and shares of this sleeping giant could be a great way for you to potentially profit! The BT share price has rocketed over the past 12 months thanks to the strong rebound in the UK economy. The telecoms titan has gained a spectacular 78% during that time. And it rose to its most expensive since mid-2019 above 206p earlier this month. I cant help thinking that investor demand for BT shares is looking a little frothy, however. Theoretically its well placed to ride the economic upturn. But there are numerous other profits threats that it faces a battle to overcome. It faces colossal costs as it builds full-fibre broadband access across the country. Competition remains fierce and it saw revenues fall a further 7% during the financial year to March 2021. Then theres the little issue of BTs debt levels: the company had a jaw-dropping 17.8bn worth of debt on its books at the years end. Fans of BT believe that the companys decision to possibly sell its BT Sport operations will herald a turning point in its fortunes as it pivots back towards telephone and broadband only. Some bulls also believe that fellow industry giant Altice USAs acquisition of a 12% stake in the FTSE 100 business earlier this month will help BT as it continues its high-speed broadband rollout. However, my concerns about BTs outlook far outweigh any reasons I have to be chipper. The company is cheap and it trades on a forward price-to-earnings (P/E) ratio of 10 times. But BTs share price isnt low enough to encourage me to invest. Diageo (LSE: DGE), on the other hand, can be considered quite expensive on paper. The drinks giants shares have long commanded a premium rating. But a forward P/E multiple of around 30 times is high even by its own historical standards. Diageos share price has risen around 30% over the past year. This is even as the ongoing Covid-19 crisis has raised questions over when the global hospitality sector will get back on its feet, and curbs on social gatherings have persisted. FTSE 100 investors have chosen to look on the bright side and have been encouraged by Diageos recent comments that the business has continued to deliver a good recovery across all regions.  I actually already own Diageo shares in my Stocks and Shares ISA. I bought it on account of its market-leading, cash-generating labels like Captain Morgan rum, Guinness stout, and Smirnoff vodka. These brands are beloved all over the world, and the business has a great track record of product innovation and successful marketing to maintain their unrivalled allure with drinkers. I remain convinced that Diageo, unlike BT, will generate huge long-term returns for me as a share investor. But at current prices, I think I might be tempted to use my investment cash on other FTSE 100 shares.