JPMorgan Chase & Co. cut its stake in shares of Constellation Brands Inc (NYSE:STZ) by 25.6% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,993,148 shares of the company’s stock after selling 1,028,842 shares during the period. JPMorgan Chase & Co. owned about 1.53% of Constellation Brands worth $596,534,000 as of its most recent SEC filing.
Several other large investors also recently bought and sold shares of STZ. Legal & General Group Plc boosted its holdings in shares of Constellation Brands by 2.7% during the 3rd quarter. Legal & General Group Plc now owns 695,418 shares of the company’s stock valued at $138,703,000 after purchasing an additional 18,400 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its position in shares of Constellation Brands by 39.6% during the 3rd quarter. Amundi Pioneer Asset Management Inc. now owns 55,850 shares of the company’s stock valued at $11,139,000 after buying an additional 15,853 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of Constellation Brands by 2.6% during the 3rd quarter. Eagle Asset Management Inc. now owns 256,276 shares of the company’s stock valued at $51,088,000 after buying an additional 6,564 shares in the last quarter. Great West Life Assurance Co. Can raised its position in shares of Constellation Brands by 5.6% during the 3rd quarter. Great West Life Assurance Co. Can now owns 148,892 shares of the company’s stock valued at $29,629,000 after buying an additional 7,832 shares in the last quarter. Finally, Nordea Investment Management AB raised its position in shares of Constellation Brands by 27.5% during the 3rd quarter. Nordea Investment Management AB now owns 12,632 shares of the company’s stock valued at $2,519,000 after buying an additional 2,728 shares in the last quarter. Hedge funds and other institutional investors own 75.04% of the company’s stock.
Several brokerages have weighed in on STZ. Royal Bank Of Canada restated a “buy” rating and issued a $226.00 target price on shares of Constellation Brands in a research note on Sunday, November 12th. Macquarie began coverage on shares of Constellation Brands in a research note on Thursday, September 14th. They set an “outperform” rating and a $227.00 price objective for the company. SunTrust Banks reissued a “buy” rating and set a $230.00 target price on shares of Constellation Brands in a report on Friday, October 6th. Pivotal Research raised their target price on shares of Constellation Brands from $250.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, October 5th. Finally, Morgan Stanley raised their target price on shares of Constellation Brands from $218.00 to $245.00 and gave the stock an “overweight” rating in a report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average target price of $216.00.
Constellation Brands Inc (NYSE STZ) traded up $0.11 during trading on Thursday, hitting $216.93. 964,200 shares of the stock were exchanged, compared to its average volume of 1,458,454. Constellation Brands Inc has a twelve month low of $144.00 and a twelve month high of $227.20. The stock has a market cap of $42,411.51, a P/E ratio of 26.28, a price-to-earnings-growth ratio of 1.40 and a beta of 0.08. The company has a quick ratio of 0.69, a current ratio of 1.61 and a debt-to-equity ratio of 1.01.
Constellation Brands (NYSE:STZ) last announced its quarterly earnings data on Thursday, October 5th. The company reported $2.47 EPS for the quarter, beating the Zacks’ consensus estimate of $2.17 by $0.30. Constellation Brands had a net margin of 21.47% and a return on equity of 22.81%. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. During the same period in the prior year, the firm posted $1.77 EPS. The company’s quarterly revenue was up 3.1% compared to the same quarter last year. equities research analysts forecast that Constellation Brands Inc will post 8.43 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 21st. Stockholders of record on Tuesday, November 7th were issued a $0.52 dividend. This represents a $2.08 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend was Monday, November 6th. Constellation Brands’s payout ratio is 23.85%.
In related news, Director Barry A. Fromberg sold 2,500 shares of the stock in a transaction on Tuesday, October 10th. The shares were sold at an average price of $208.00, for a total transaction of $520,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Thomas J. Mullin sold 50,000 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $209.45, for a total transaction of $10,472,500.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 73,662 shares of company stock valued at $15,564,585. Company insiders own 15.59% of the company’s stock.
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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