OLD National Bancorp IN reduced its position in Constellation Brands, Inc. (NYSE:STZ) by 59.8% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,425 shares of the company’s stock after selling 5,104 shares during the quarter. OLD National Bancorp IN’s holdings in Constellation Brands were worth $738,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Sun Life Financial INC boosted its holdings in shares of Constellation Brands by 155.3% in the second quarter. Sun Life Financial INC now owns 457 shares of the company’s stock valued at $100,000 after acquiring an additional 278 shares during the period. Clarus Wealth Advisors acquired a new stake in shares of Constellation Brands in the second quarter valued at approximately $111,000. Atlantic Trust LLC acquired a new stake in shares of Constellation Brands in the second quarter valued at approximately $114,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Constellation Brands by 227.3% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 527 shares of the company’s stock valued at $115,000 after acquiring an additional 366 shares during the period. Finally, Stelac Advisory Services LLC acquired a new stake in shares of Constellation Brands in the second quarter valued at approximately $125,000. 74.35% of the stock is owned by institutional investors and hedge funds.
Several brokerages recently weighed in on STZ. Jefferies Financial Group reaffirmed a “buy” rating and set a $289.00 price target on shares of Constellation Brands in a report on Wednesday, October 17th. Morgan Stanley set a $259.00 price target on Constellation Brands and gave the stock a “buy” rating in a report on Tuesday, October 16th. UBS Group downgraded Constellation Brands to a “neutral” rating in a report on Monday, August 20th. Pivotal Research reaffirmed a “buy” rating and set a $300.00 price target (up from $265.00) on shares of Constellation Brands in a report on Friday, October 5th. Finally, Cann decreased their price target on Constellation Brands from $234.00 to $226.00 and set a “buy” rating for the company in a report on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Constellation Brands has a consensus rating of “Buy” and an average target price of $246.96.
Constellation Brands (NYSE:STZ) last released its quarterly earnings data on Thursday, October 4th. The company reported $2.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.60 by $0.27. The firm had revenue of $2.30 billion during 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 revenue was up 10.1% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.47 earnings per share. As a group, sell-side analysts anticipate that Constellation Brands, Inc. will post 9.42 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Shareholders of record on Tuesday, November 6th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a yield of 1.46%. The ex-dividend date of this dividend is Monday, November 5th. Constellation Brands’s payout ratio is 33.94%.
In other Constellation Brands news, Chairman Richard Sands sold 137,924 shares of the stock in a transaction on Friday, October 19th. The stock was sold at an average price of $223.66, for a total value of $30,848,081.84. Following the completion of the transaction, the chairman now owns 346,525 shares in the company, valued at $77,503,781.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas Michael Kane sold 4,419 shares of the stock in a transaction on Friday, October 19th. The stock was sold at an average price of $223.83, for a total value of $989,104.77. Following the completion of the transaction, the vice president now owns 8,499 shares of the company’s stock, valued at approximately $1,902,331.17. The disclosure for this sale can be found here. Insiders sold 578,723 shares of company stock valued at $129,438,449 in the last quarter. 15.80% of the stock is currently owned by company insiders.
Constellation Brands Company 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. 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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