Cpwm LLC purchased a new position in shares of Constellation Brands, Inc. (NYSE:STZ) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,467 shares of the company’s stock, valued at approximately $316,000.
Several other hedge funds also recently added to or reduced their stakes in STZ. Sun Life Financial INC boosted its holdings in Constellation Brands by 155.3% in the second quarter. Sun Life Financial INC now owns 457 shares of the company’s stock worth $100,000 after purchasing an additional 278 shares during the period. Atlantic Trust LLC acquired a new position in Constellation Brands in the second quarter worth $114,000. Truvestments Capital LLC acquired a new position in Constellation Brands in the third quarter worth $137,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Constellation Brands by 49.3% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 787 shares of the company’s stock worth $170,000 after purchasing an additional 260 shares during the period. Finally, Qube Research & Technologies Ltd acquired a new position in Constellation Brands in the second quarter worth $180,000. 72.83% of the stock is owned by institutional investors and hedge funds.
In related news, CEO Robert Sands sold 151,060 shares of Constellation Brands stock in a transaction dated Monday, October 22nd. The shares were sold at an average price of $223.67, for a total transaction of $33,787,590.20. Following the sale, the chief executive officer now directly owns 737,607 shares in the company, valued at $164,980,557.69. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Thomas Michael Kane sold 4,419 shares of Constellation Brands stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $223.83, for a total transaction of $989,104.77. Following the sale, the vice president now owns 8,499 shares in the company, valued at $1,902,331.17. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 578,723 shares of company stock worth $129,438,449. Company insiders own 15.80% of the company’s stock.
Constellation Brands (NYSE:STZ) last posted its earnings results on Thursday, October 4th. The company reported $2.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.60 by $0.27. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Constellation Brands had a return on equity of 18.63% and a net margin of 38.18%. The firm’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period last year, the business posted $2.47 earnings per share. As a group, analysts predict that Constellation Brands, Inc. will post 9.43 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Tuesday, November 6th were paid a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend was Monday, November 5th. Constellation Brands’s dividend payout ratio is currently 10.67%.
A number of equities analysts have commented on STZ shares. Jefferies Financial Group reaffirmed a “buy” rating and issued a $289.00 price objective on shares of Constellation Brands in a report on Wednesday, October 17th. Morgan Stanley set a $259.00 price objective on shares of Constellation Brands and gave the stock a “buy” rating in a report on Tuesday, October 16th. UBS Group downgraded shares of Constellation Brands to a “neutral” rating in a report on Monday, August 20th. Pivotal Research reaffirmed a “buy” rating and issued a $300.00 price objective (up previously from $265.00) on shares of Constellation Brands in a report on Friday, October 5th. Finally, Macquarie downgraded shares of Constellation Brands from an “outperform” rating to a “neutral” rating and set a $210.00 price objective for the company. in a report on Thursday, November 29th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $244.27.
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Constellation Brands Company Profile
Constellation Brands, Inc, together with its subsidiaries, produces, imports, and markets beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. The company sells wine across various categories, including table wine, sparkling wine, and dessert wine. It provides beer primarily under the Corona Extra, Corona Light, Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands, as well as Funky Buddha, Obregon Brewery, and Ballast Point brands.
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