Constellation Brands (NYSE:STZ) had its price target raised by Credit Suisse Group from $211.00 to $226.00 in a research note issued to investors on Tuesday. The brokerage currently has a neutral rating on the stock.
Several other research firms also recently commented on STZ. Deutsche Bank started coverage on shares of Constellation Brands in a report on Wednesday, December 13th. They set a buy rating and a $244.00 price objective for the company. Susquehanna Bancshares set a $207.00 price objective on shares of Constellation Brands and gave the company a hold rating in a report on Monday, January 1st. Macquarie started coverage on shares of Constellation Brands in a report on Thursday, September 14th. They set an outperform rating and a $227.00 price objective for the company. Wells Fargo & Co increased their price objective on shares of Constellation Brands from $235.00 to $260.00 and gave the company an outperform rating in a report on Thursday, January 4th. Finally, JPMorgan Chase & Co. reissued an overweight rating and set a $237.00 price objective (up previously from $220.00) on shares of Constellation Brands in a report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. Constellation Brands currently has a consensus rating of Buy and an average target price of $229.00.
Shares of Constellation Brands (STZ) traded down $2.72 during trading on Tuesday, reaching $219.36. 3,356,400 shares of the company traded hands, compared to its average volume of 1,900,000. The company has a market cap of $42,840.00, a P/E ratio of 26.65, a P/E/G ratio of 1.42 and a beta of 0.08. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.61 and a quick ratio of 0.69. Constellation Brands has a one year low of $146.71 and a one year high of $229.50.
Constellation Brands announced that its board has authorized a share buyback program on Friday, January 5th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 9th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date of this dividend is Thursday, February 8th. Constellation Brands’s dividend payout ratio (DPR) is currently 11.30%.
In related news, VP Thomas J. Mullin sold 50,000 shares of the stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $209.45, for a total value of $10,472,500.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Thomas J. Mullin sold 18,227 shares of the firm’s stock in a transaction that occurred on Wednesday, November 8th. The stock was sold at an average price of $217.01, for a total transaction of $3,955,441.27. Following the transaction, the vice president now directly owns 72,924 shares in the company, valued at $15,825,237.24. The disclosure for this sale can be found here. Corporate insiders own 15.59% of the company’s stock.
Several large investors have recently modified their holdings of the company. Veritable L.P. increased its position in shares of Constellation Brands by 1.8% during the second quarter. Veritable L.P. now owns 3,447 shares of the company’s stock worth $668,000 after acquiring an additional 61 shares during the period. Princeton Portfolio Strategies Group LLC increased its position in shares of Constellation Brands by 3.3% during the second quarter. Princeton Portfolio Strategies Group LLC now owns 2,352 shares of the company’s stock worth $456,000 after acquiring an additional 75 shares during the period. Thrivent Financial For Lutherans increased its position in shares of Constellation Brands by 1.4% during the second quarter. Thrivent Financial For Lutherans now owns 6,440 shares of the company’s stock worth $1,248,000 after acquiring an additional 90 shares during the period. WFG Advisors LP increased its position in shares of Constellation Brands by 7.3% during the second quarter. WFG Advisors LP now owns 1,364 shares of the company’s stock worth $264,000 after acquiring an additional 93 shares during the period. Finally, Zacks Investment Management increased its holdings in Constellation Brands by 11.6% during the second quarter. Zacks Investment Management now owns 1,496 shares of the company’s stock valued at $290,000 after buying an additional 156 shares during the period. 74.86% of the stock is currently owned by institutional investors and hedge funds.
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About Constellation Brands
Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer, wine and spirits with operations in the United States, Canada, Mexico, New Zealand and Italy. Its segments include Beer, Wine and Spirits, and Corporate Operations and Other. It is a multi-category supplier (beer, wine and spirits) of beverage alcohol in the United States.
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