State Treasurer State of Michigan boosted its holdings in Constellation Brands, Inc. (NYSE:STZ) by 0.8% in the 1st quarter, HoldingsChannel reports. The firm owned 47,975 shares of the company’s stock after acquiring an additional 400 shares during the period. State Treasurer State of Michigan’s holdings in Constellation Brands were worth $8,411,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors have also modified their holdings of STZ. Lau Associates LLC raised its position in shares of Constellation Brands by 5.6% in the 1st quarter. Lau Associates LLC now owns 9,475 shares of the company’s stock valued at $1,661,000 after buying an additional 500 shares in the last quarter. First Mercantile Trust Co. acquired a new position in shares of Constellation Brands in the 1st quarter valued at approximately $1,038,000. Rice Partnership LLC raised its position in shares of Constellation Brands by 29.5% in the 1st quarter. Rice Partnership LLC now owns 8,604 shares of the company’s stock valued at $1,509,000 after buying an additional 1,961 shares in the last quarter. Cetera Advisor Networks LLC raised its position in shares of Constellation Brands by 40.2% in the 1st quarter. Cetera Advisor Networks LLC now owns 9,081 shares of the company’s stock valued at $1,597,000 after buying an additional 2,606 shares in the last quarter. Finally, Cetera Advisors LLC raised its position in shares of Constellation Brands by 11.4% in the 1st quarter. Cetera Advisors LLC now owns 29,017 shares of the company’s stock valued at $5,097,000 after buying an additional 2,962 shares in the last quarter. Institutional investors and hedge funds own 74.05% of the company’s stock.
STZ opened at $205.33 on Wednesday. Constellation Brands, Inc. has a fifty-two week low of $150.37 and a fifty-two week high of $234.26. The company has a debt-to-equity ratio of 0.92, a quick ratio of 0.49 and a current ratio of 1.16. The company has a market cap of $38.47 billion, a price-to-earnings ratio of 22.13, a price-to-earnings-growth ratio of 2.75 and a beta of 0.54.
Constellation Brands (NYSE:STZ) last posted its earnings results on Thursday, April 4th. The company reported $1.84 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.72 by $0.12. Constellation Brands had a net margin of 38.67% and a return on equity of 15.63%. The firm had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the firm posted $1.90 EPS. The company’s revenue for the quarter was up 2.0% compared to the same quarter last year. Equities research analysts forecast that Constellation Brands, Inc. will post 8.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, May 24th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 1.46%. This is a positive change from Constellation Brands’s previous quarterly dividend of $0.74. The ex-dividend date is Thursday, May 9th. Constellation Brands’s payout ratio is presently 32.33%.
In other Constellation Brands news, EVP David Eric Klein sold 25,980 shares of the business’s stock in a transaction that occurred on Thursday, April 18th. The shares were sold at an average price of $198.66, for a total transaction of $5,161,186.80. Following the sale, the executive vice president now directly owns 69,852 shares of the company’s stock, valued at approximately $13,876,798.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas Michael Kane sold 3,071 shares of the business’s stock in a transaction that occurred on Friday, April 5th. The stock was sold at an average price of $190.08, for a total transaction of $583,735.68. The disclosure for this sale can be found here. Insiders have sold a total of 30,551 shares of company stock worth $6,007,002 over the last three months. Insiders own 15.80% of the company’s stock.
STZ has been the subject of several analyst reports. Credit Suisse Group set a $230.00 target price on shares of Constellation Brands and gave the company a “buy” rating in a research report on Friday, April 5th. Zacks Investment Research upgraded shares of Constellation Brands from a “sell” rating to a “hold” rating in a research report on Monday, March 4th. Morgan Stanley set a $233.00 target price on shares of Constellation Brands and gave the company a “buy” rating in a research report on Thursday, February 14th. Macquarie set a $183.00 price objective on shares of Constellation Brands and gave the stock a “hold” rating in a research report on Friday, April 5th. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $258.00 price objective on shares of Constellation Brands in a research report on Wednesday, January 16th. Eleven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Constellation Brands currently has an average rating of “Buy” and an average target price of $223.13.
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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. It provides beer primarily under the Corona Extra, Corona Light, Corona Premier, Corona Familiar Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands, as well as Funky Buddha, Four Corners, and Ballast Point brands.
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