Penobscot Investment Management Company Inc. lessened its stake in Constellation Brands, Inc. (NYSE:STZ) by 6.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,860 shares of the company’s stock after selling 630 shares during the quarter. Penobscot Investment Management Company Inc.’s holdings in Constellation Brands were worth $1,942,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in STZ. Jackson Square Partners LLC bought a new stake in Constellation Brands in the first quarter valued at about $395,015,000. BlackRock Inc. increased its holdings in shares of Constellation Brands by 14.7% in the first quarter. BlackRock Inc. now owns 13,545,436 shares of the company’s stock worth $2,374,922,000 after acquiring an additional 1,734,902 shares in the last quarter. Jennison Associates LLC increased its holdings in shares of Constellation Brands by 185.9% in the first quarter. Jennison Associates LLC now owns 1,237,096 shares of the company’s stock worth $216,900,000 after acquiring an additional 804,429 shares in the last quarter. Janus Henderson Group PLC increased its holdings in shares of Constellation Brands by 53.3% in the first quarter. Janus Henderson Group PLC now owns 2,120,744 shares of the company’s stock worth $371,831,000 after acquiring an additional 737,613 shares in the last quarter. Finally, Douglas Lane & Associates LLC increased its holdings in shares of Constellation Brands by 285.0% in the first quarter. Douglas Lane & Associates LLC now owns 264,310 shares of the company’s stock worth $46,342,000 after acquiring an additional 195,650 shares in the last quarter. Institutional investors and hedge funds own 71.37% of the company’s stock.
Several brokerages have issued reports on STZ. Morgan Stanley increased their price target on Constellation Brands from $207.00 to $217.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 2nd. SunTrust Banks upped their price objective on Constellation Brands from $180.00 to $190.00 and gave the stock a “hold” rating in a research report on Monday, July 1st. Bank of America set a $221.00 price objective on Constellation Brands and gave the stock a “buy” rating in a research report on Monday, July 1st. Zacks Investment Research raised Constellation Brands from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. Finally, Barclays reaffirmed a “buy” rating and set a $238.00 price objective on shares of Constellation Brands in a research report on Tuesday, July 2nd. Ten analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $223.83.
Constellation Brands (NYSE:STZ) last announced its earnings results on Friday, June 28th. The company reported $2.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.06 by $0.15. The company had revenue of $2.28 billion for the quarter, compared to analyst estimates of $2.07 billion. Constellation Brands had a return on equity of 14.98% and a net margin of 27.38%. The firm’s quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the company earned $2.20 earnings per share. Research analysts predict that Constellation Brands, Inc. will post 8.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th will be paid a dividend of $0.75 per share. The ex-dividend date is Monday, August 12th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.51%. Constellation Brands’s dividend payout ratio (DPR) is currently 32.33%.
In other Constellation Brands news, Director Jeremy S. G. Fowden sold 10,213 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $197.35, for a total transaction of $2,015,535.55. Following the transaction, the director now owns 27,630 shares in the company, valued at approximately $5,452,780.50. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO James A. Jr. Sabia sold 4,275 shares of the firm’s stock in a transaction on Tuesday, May 28th. The stock was sold at an average price of $194.70, for a total value of $832,342.50. Following the transaction, the chief marketing officer now owns 43,494 shares in the company, valued at approximately $8,468,281.80. The disclosure for this sale can be found here. 15.86% of the stock is currently owned by company 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. 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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