Fifth Third Bancorp lifted its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 25.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 146,139 shares of the company’s stock after acquiring an additional 29,900 shares during the quarter. Fifth Third Bancorp owned approximately 0.08% of Constellation Brands worth $31,510,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently modified their holdings of the company. Sun Life Financial INC raised its position 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 acquiring an additional 278 shares during the last quarter. Atlantic Trust LLC bought a new position in shares of Constellation Brands during the second quarter worth about $114,000. Truvestments Capital LLC bought a new position in shares of Constellation Brands during the third quarter worth about $137,000. Cornerstone Wealth Management LLC bought a new position in shares of Constellation Brands during the second quarter worth about $140,000. Finally, Benjamin F. Edwards & Company Inc. increased 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 in the last quarter. Institutional investors own 72.83% of the company’s stock.
A number of brokerages have weighed in on STZ. Jefferies Financial Group reiterated a “buy” rating and issued a $289.00 target price on shares of Constellation Brands in a report on Friday. Zacks Investment Research downgraded Constellation Brands from a “buy” rating to a “hold” rating in a report on Friday. Macquarie downgraded Constellation Brands from an “outperform” rating to a “neutral” rating and set a $210.00 target price for the company. in a report on Thursday, November 29th. ValuEngine downgraded Constellation Brands from a “buy” rating to a “hold” rating in a report on Tuesday, October 23rd. Finally, Morgan Stanley set a $259.00 target price on Constellation Brands and gave the stock a “buy” rating in a report on Tuesday, October 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $244.27.
NYSE STZ opened at $188.61 on Friday. The company has a market cap of $36.13 billion, a PE ratio of 21.63, a PEG ratio of 1.85 and a beta of 0.05. Constellation Brands, Inc. has a 52 week low of $187.34 and a 52 week high of $236.62. 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 (NYSE:STZ) last announced its earnings results on Thursday, October 4th. The company reported $2.87 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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%. Constellation Brands’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.47 earnings per share. On average, equities analysts anticipate that Constellation Brands, Inc. will post 9.41 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Tuesday, November 6th were given a dividend of $0.74 per share. The ex-dividend date of this dividend was Monday, November 5th. This represents a $2.96 annualized dividend 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 Constellation Brands stock in a transaction that occurred on Monday, October 22nd. The stock was sold at an average price of $223.69, for a total transaction of $33,279,032.37. Following the transaction, the chairman now owns 346,525 shares of the company’s stock, valued at $77,514,177.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Robert Sands sold 136,547 shares of Constellation Brands stock in a transaction that occurred on Friday, October 19th. The shares were sold at an average price of $223.62, for a total value of $30,534,640.14. Following the transaction, the chief executive officer now directly owns 737,607 shares in the company, valued at approximately $164,943,677.34. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 578,723 shares of company stock worth $129,438,449. 15.80% of the stock is owned by insiders.
About Constellation Brands
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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