Livforsakringsbolaget Skandia Omsesidigt trimmed its holdings in Constellation Brands, Inc. (NYSE:STZ) by 23.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,618 shares of the company’s stock after selling 800 shares during the quarter. Livforsakringsbolaget Skandia Omsesidigt’s holdings in Constellation Brands were worth $598,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in STZ. Janus Henderson Group PLC increased its holdings in shares of Constellation Brands by 4,909.6% in the 2nd quarter. Janus Henderson Group PLC now owns 1,134,716 shares of the company’s stock valued at $219,829,000 after acquiring an additional 1,112,065 shares during the period. The Manufacturers Life Insurance Company increased its stake in Constellation Brands by 488.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 1,192,858 shares of the company’s stock valued at $231,093,000 after buying an additional 990,152 shares during the period. Farallon Capital Management LLC acquired a new position in Constellation Brands in the 2nd quarter valued at $135,760,000. Numeric Investors LLC increased its stake in Constellation Brands by 2,217.6% in the 2nd quarter. Numeric Investors LLC now owns 720,771 shares of the company’s stock valued at $139,635,000 after buying an additional 689,671 shares during the period. Finally, Capital Research Global Investors acquired a new position in Constellation Brands in the 2nd quarter valued at $70,971,000. 75.26% of the stock is currently owned by institutional investors and hedge funds.
In related news, VP Thomas J. Mullin sold 18,227 shares of the business’s stock in a transaction dated Wednesday, November 8th. The shares were sold at an average price of $217.01, for a total value of $3,955,441.27. Following the sale, the vice president now directly owns 72,924 shares in the company, valued at approximately $15,825,237.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 15.59% of the company’s stock.
Constellation Brands (NYSE:STZ) last posted its quarterly earnings results on Friday, January 5th. The company reported $2.00 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.87 by $0.13. Constellation Brands had a net margin of 22.55% and a return on equity of 22.04%. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the company posted $1.96 EPS. research analysts predict that Constellation Brands, Inc. will post 8.53 earnings per share for the current year.
Constellation Brands announced that its board has approved a stock repurchase program on Friday, January 5th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the company to repurchase shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Friday, February 9th will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.95%. Constellation Brands’s dividend payout ratio (DPR) is presently 11.30%.
Several equities analysts have issued reports on the stock. Barclays assumed coverage on shares of Constellation Brands in a research note on Wednesday, January 10th. They issued an “overweight” rating and a $255.00 price objective on the stock. Credit Suisse Group boosted their price objective on shares of Constellation Brands from $211.00 to $226.00 and gave the company a “neutral” rating in a research note on Tuesday, January 9th. SunTrust Banks reissued a “buy” rating and issued a $250.00 price objective (up from $230.00) on shares of Constellation Brands in a research note on Monday, January 8th. Susquehanna Bancshares set a $207.00 price objective on shares of Constellation Brands and gave the company a “hold” rating in a research note on Sunday, January 7th. Finally, Evercore ISI boosted their price objective on shares of Constellation Brands from $235.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, January 5th. One analyst has rated the stock with a sell rating, six have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $229.00.
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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