Constellation Brands Inc. (STZ) Debt Trading 1.5% Lower
An issue of Constellation Brands Inc. (NYSE:STZ) debt fell 1.5% against its face value during trading on Thursday. The high-yield issue of debt has a 4.75% coupon and is set to mature on November 15, 2024. The debt is now trading at $108.00 and was trading at $108.63 one week ago. Price changes in a company’s debt in credit markets sometimes anticipate parallel changes in its stock price.
A number of research firms recently weighed in on STZ. Zacks Investment Research raised Constellation Brands from a “sell” rating to a “hold” rating and set a $183.00 price target for the company in a report on Friday, July 1st. Credit Suisse Group AG began coverage on Constellation Brands in a research note on Thursday, September 15th. They set a “neutral” rating and a $178.00 price objective for the company. Credit Agricole SA reiterated an “outperform” rating on shares of Constellation Brands in a research note on Monday, August 22nd. Morgan Stanley reiterated an “overweight” rating and set a $194.00 price objective (up from $191.00) on shares of Constellation Brands in a research note on Saturday, October 8th. Finally, Wells Fargo & Co. reiterated a “buy” rating on shares of Constellation Brands in a research note on Thursday, June 30th. Five research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Constellation Brands currently has a consensus rating of “Buy” and a consensus price target of $181.25.
Constellation Brands Inc. (NYSE:STZ) opened at 168.94 on Friday. The firm’s 50-day moving average price is $166.07 and its 200-day moving average price is $160.94. Constellation Brands Inc. has a 1-year low of $130.23 and a 1-year high of $173.55. The firm has a market capitalization of $33.97 billion, a PE ratio of 29.07 and a beta of 0.63.
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Constellation Brands (NYSE:STZ) last issued its quarterly earnings data on Wednesday, October 5th. The company reported $1.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.12. Constellation Brands had a return on equity of 17.69% and a net margin of 15.64%. The firm earned $2.02 billion during the quarter. During the same quarter in the prior year, the firm earned $1.56 earnings per share. The company’s revenue for the quarter was up 16.6% on a year-over-year basis. On average, equities research analysts predict that Constellation Brands Inc. will post $6.37 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Investors of record on Tuesday, November 8th will be given a dividend of $0.40 per share. The ex-dividend date is Friday, November 4th. This represents a $1.60 annualized dividend and a dividend yield of 0.95%. Constellation Brands’s dividend payout ratio is currently 27.49%.
In other Constellation Brands news, EVP William F. Hackett sold 8,000 shares of Constellation Brands stock in a transaction that occurred on Thursday, July 21st. The shares were sold at an average price of $164.67, for a total value of $1,317,360.00. Following the completion of the sale, the executive vice president now directly owns 54,934 shares of the company’s stock, valued at approximately $9,045,981.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas J. Mullin sold 9,516 shares of Constellation Brands stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $166.42, for a total transaction of $1,583,652.72. Following the completion of the sale, the vice president now directly owns 88,602 shares of the company’s stock, valued at $14,745,144.84. The disclosure for this sale can be found here. Corporate insiders own 10.63% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in Constellation Brands by 0.7% in the second quarter. FMR LLC now owns 10,667,795 shares of the company’s stock valued at $1,764,453,000 after buying an additional 71,739 shares during the last quarter. Vanguard Group Inc. boosted its stake in Constellation Brands by 1.8% in the second quarter. Vanguard Group Inc. now owns 10,580,295 shares of the company’s stock valued at $1,749,982,000 after buying an additional 191,324 shares during the last quarter. State Street Corp boosted its stake in Constellation Brands by 4.7% in the first quarter. State Street Corp now owns 7,326,780 shares of the company’s stock valued at $1,107,013,000 after buying an additional 330,670 shares during the last quarter. Lone Pine Capital LLC boosted its stake in Constellation Brands by 13.1% in the second quarter. Lone Pine Capital LLC now owns 6,666,012 shares of the company’s stock valued at $1,102,558,000 after buying an additional 769,791 shares during the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in Constellation Brands by 1.3% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 4,495,207 shares of the company’s stock valued at $743,507,000 after buying an additional 59,720 shares during the last quarter. 75.05% of the stock is owned by hedge funds and other institutional investors.
About Constellation Brands
Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer and wine the United States and Canada. 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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