BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp reduced its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 37.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 38,387 shares of the company’s stock after selling 23,173 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Constellation Brands were worth $8,277,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of STZ. Sun Life Financial INC boosted its holdings in shares of Constellation Brands by 155.3% during 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 stake in Constellation Brands in the second quarter valued at approximately $114,000. Truvestments Capital LLC acquired a new stake in Constellation Brands in the third quarter valued at approximately $137,000. Cornerstone Wealth Management LLC acquired a new stake in Constellation Brands in the second quarter valued at approximately $140,000. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in Constellation Brands by 49.3% in the third quarter. Benjamin F. Edwards & Company Inc. now owns 787 shares of the company’s stock valued at $170,000 after acquiring an additional 260 shares during the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.
In other news, CEO Robert Sands sold 151,060 shares of the business’s stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $223.67, for a total value of $33,787,590.20. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas Michael Kane sold 4,419 shares of the business’s stock in a transaction on Friday, October 19th. The stock was sold at an average price of $223.83, for a total transaction of $989,104.77. Following the completion of the sale, the vice president now owns 8,499 shares of the company’s stock, valued at $1,902,331.17. The disclosure for this sale can be found here. Insiders sold 578,723 shares of company stock valued at $129,438,449 over the last 90 days. 15.80% of the stock is owned by corporate insiders.
STZ has been the subject of a number of analyst reports. Deutsche Bank reduced their target price on shares of Constellation Brands from $234.00 to $226.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Bank of America reduced their target price on shares of Constellation Brands from $250.00 to $230.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Cann reduced their target price on shares of Constellation Brands from $234.00 to $226.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Pivotal Research reiterated a “buy” rating and issued a $265.00 target price on shares of Constellation Brands in a research note on Wednesday, August 15th. Finally, Jefferies Financial Group initiated coverage on shares of Constellation Brands in a research note on Friday, September 7th. They issued a “buy” rating and a $283.00 target price for the company. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the company’s stock. Constellation Brands currently has an average rating of “Buy” and an average target price of $244.27.
Shares of Constellation Brands stock opened at $188.61 on Friday. The company has a quick ratio of 0.76, a current ratio of 1.66 and a debt-to-equity ratio of 0.80. Constellation Brands, Inc. has a 1-year low of $187.34 and a 1-year high of $236.62. The firm has a market capitalization of $36.22 billion, a PE ratio of 21.63, a PEG ratio of 1.85 and a beta of 0.05.
Constellation Brands (NYSE:STZ) last issued its quarterly earnings data on Thursday, October 4th. The company reported $2.87 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.60 by $0.27. Constellation Brands had a net margin of 38.18% and a return on equity of 18.63%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the previous year, the company earned $2.47 earnings per share. Constellation Brands’s revenue for the quarter was up 10.1% on a year-over-year basis. As a group, analysts anticipate that Constellation Brands, Inc. will post 9.43 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 6th were paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend was Monday, November 5th. Constellation Brands’s payout ratio is 10.67%.
Constellation Brands 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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