Icon Advisers Inc. Co. lowered its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 28.2% in the fourth quarter, Holdings Channel reports. The firm owned 15,500 shares of the company’s stock after selling 6,100 shares during the period. Icon Advisers Inc. Co.’s holdings in Constellation Brands were worth $3,543,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in STZ. Egerton Capital UK LLP boosted its stake in Constellation Brands by 13.0% during the 3rd quarter. Egerton Capital UK LLP now owns 3,071,057 shares of the company’s stock valued at $612,522,000 after purchasing an additional 353,490 shares during the last quarter. KAMES CAPITAL plc boosted its stake in Constellation Brands by 3,223.4% during the 4th quarter. KAMES CAPITAL plc now owns 326,658 shares of the company’s stock valued at $74,671,000 after purchasing an additional 316,829 shares during the last quarter. Truepoint Inc. acquired a new position in Constellation Brands during the 3rd quarter valued at about $294,000. Lord Abbett & CO. LLC acquired a new position in Constellation Brands during the 2nd quarter valued at about $43,914,000. Finally, Caisse DE Depot ET Placement DU Quebec boosted its stake in Constellation Brands by 501.4% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 200,770 shares of the company’s stock valued at $40,212,000 after purchasing an additional 167,385 shares during the last quarter. Institutional investors and hedge funds own 75.45% of the company’s stock.
Shares of Constellation Brands, Inc. (NYSE STZ) opened at $210.26 on Friday. The company has a quick ratio of 0.54, a current ratio of 1.40 and a debt-to-equity ratio of 1.01. The company has a market cap of $40,641.82, a P/E ratio of 22.90, a P/E/G ratio of 1.29 and a beta of 0.11. Constellation Brands, Inc. has a 1-year low of $153.28 and a 1-year high of $229.50.
The business also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 9th will be issued a $0.52 dividend. The ex-dividend date is Thursday, February 8th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 0.99%. Constellation Brands’s dividend payout ratio (DPR) is presently 22.66%.
Constellation Brands announced that its board has approved a share repurchase program on Friday, January 5th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the company to buy shares of its stock through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.
A number of equities analysts have issued reports on the company. Vetr upgraded Constellation Brands from a “buy” rating to a “strong-buy” rating and set a $238.15 price target for the company in a research note on Monday. BMO Capital Markets assumed coverage on shares of Constellation Brands in a research report on Monday, February 5th. They set an “outperform” rating and a $275.00 target price on the stock. Evercore ISI lifted their target price on shares of Constellation Brands from $235.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. Susquehanna Bancshares set a $207.00 target price on shares of Constellation Brands and gave the stock a “hold” rating in a research report on Monday, January 1st. Finally, Barclays assumed coverage on shares of Constellation Brands in a research report on Wednesday, January 10th. They set an “overweight” rating and a $255.00 target price on the stock. Five research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $237.77.
In related news, Director Barry A. Fromberg sold 2,005 shares of Constellation Brands stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $220.42, for a total value of $441,942.10. Following the sale, the director now owns 20,790 shares of the company’s stock, valued at approximately $4,582,531.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 15.59% of the company’s stock.
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Constellation Brands Profile
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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