United Services Automobile Association lowered its stake in Constellation Brands, Inc. (NYSE:STZ) by 27.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 61,238 shares of the company’s stock after selling 23,157 shares during the quarter. United Services Automobile Association’s holdings in Constellation Brands were worth $13,204,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of STZ. Standard Life Aberdeen plc lifted its position in Constellation Brands by 229.3% in the second quarter. Standard Life Aberdeen plc now owns 748,508 shares of the company’s stock valued at $164,208,000 after buying an additional 521,174 shares during the last quarter. Third Point LLC lifted its position in Constellation Brands by 20.0% in the third quarter. Third Point LLC now owns 2,400,000 shares of the company’s stock valued at $517,488,000 after buying an additional 400,000 shares during the last quarter. BlackRock Inc. lifted its position in Constellation Brands by 3.0% in the second quarter. BlackRock Inc. now owns 11,987,700 shares of the company’s stock valued at $2,623,747,000 after buying an additional 345,735 shares during the last quarter. FMR LLC lifted its position in Constellation Brands by 6.0% in the second quarter. FMR LLC now owns 5,969,243 shares of the company’s stock valued at $1,306,489,000 after buying an additional 337,338 shares during the last quarter. Finally, Bank of America Corp DE lifted its position in Constellation Brands by 17.3% in the second quarter. Bank of America Corp DE now owns 2,001,752 shares of the company’s stock valued at $438,124,000 after buying an additional 295,598 shares during the last quarter. 72.83% of the stock is currently owned by institutional investors.
Shares of STZ opened at $188.61 on Friday. The stock has a market cap of $36.13 billion, a PE ratio of 21.63, a price-to-earnings-growth ratio of 1.85 and a beta of 0.05. Constellation Brands, Inc. has a 1 year low of $187.34 and a 1 year high of $236.62. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.76 and a current ratio of 1.66.
Constellation Brands (NYSE:STZ) last issued its quarterly earnings results on Thursday, October 4th. The company reported $2.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 for the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the prior year, the company earned $2.47 earnings per share. The business’s quarterly revenue was up 10.1% on a year-over-year basis. As a group, analysts predict that Constellation Brands, Inc. will post 9.41 EPS for the current year.
The company also recently announced 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. The ex-dividend date of this dividend was Monday, November 5th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.57%. Constellation Brands’s payout ratio is 33.94%.
In related news, Chairman Richard Sands sold 148,773 shares of the company’s stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $223.69, for a total transaction of $33,279,032.37. Following the sale, the chairman now directly owns 346,525 shares in the company, valued at $77,514,177.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Robert Sands sold 136,547 shares of the company’s stock in a transaction that occurred on Friday, October 19th. The stock was sold at an average price of $223.62, for a total transaction of $30,534,640.14. Following the sale, the chief executive officer now owns 737,607 shares in the company, valued at $164,943,677.34. The disclosure for this sale can be found here. Insiders have sold 578,723 shares of company stock worth $129,438,449 over the last 90 days. Insiders own 15.80% of the company’s stock.
A number of research firms have commented on STZ. Zacks Investment Research cut shares of Constellation Brands from a “buy” rating to a “hold” rating in a research report on Friday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $289.00 target price on shares of Constellation Brands in a research report on Friday. ValuEngine cut shares of Constellation Brands from a “buy” rating to a “hold” rating in a research report on Tuesday, October 23rd. Macquarie set a $245.00 target price on shares of Constellation Brands and gave the company a “buy” rating in a research report on Friday, October 5th. Finally, Bank of America decreased their target price on shares of Constellation Brands from $250.00 to $230.00 and set a “buy” rating on the stock in a research report on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned 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 an average target price 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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