Bank of New York Mellon Corp reduced its stake in Constellation Brands, Inc. (NYSE:STZ) by 7.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,807,324 shares of the company’s stock after selling 145,126 shares during the period. Bank of New York Mellon Corp owned approximately 0.95% of Constellation Brands worth $395,568,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently modified their holdings of STZ. Sun Life Financial INC boosted its stake 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 buying an additional 278 shares during the period. Clarus Wealth Advisors bought a new stake in shares of Constellation Brands in the second quarter valued at approximately $111,000. Atlantic Trust LLC bought a new stake in shares of Constellation Brands in the second quarter valued at approximately $114,000. Benjamin F. Edwards & Company Inc. boosted its stake 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 buying an additional 366 shares during the period. Finally, Stelac Advisory Services LLC bought a new stake in shares of Constellation Brands in the second quarter valued at approximately $125,000. Institutional investors and hedge funds own 74.35% of the company’s stock.
Several equities research analysts have weighed in on STZ shares. Stifel Nicolaus cut their target price on Constellation Brands from $230.00 to $224.00 and set a “hold” rating for the company in a research note on Monday, July 2nd. Morgan Stanley cut their target price on Constellation Brands from $262.00 to $258.00 and set a “buy” rating for the company in a research note on Tuesday, July 3rd. Deutsche Bank cut their target price on Constellation Brands to $234.00 and set a “buy” rating for the company in a research note on Thursday, July 5th. Pivotal Research restated a “buy” rating and set a $265.00 target price on shares of Constellation Brands in a research note on Wednesday, August 15th. Finally, Cann cut their target price on Constellation Brands from $234.00 to $226.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $246.96.
Constellation Brands (NYSE:STZ) last announced its quarterly earnings results on Thursday, October 4th. The company reported $2.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.60 by $0.27. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.25 billion. Constellation Brands had a net margin of 38.18% and a return on equity of 18.63%. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same period in the prior year, the business earned $2.47 earnings per share. On average, sell-side analysts anticipate that Constellation Brands, Inc. will post 9.42 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 6th will be issued a dividend of $0.74 per share. The ex-dividend date of this dividend is Monday, November 5th. This represents a $2.96 annualized dividend and a dividend yield of 1.46%. Constellation Brands’s dividend payout ratio (DPR) is presently 10.67%.
In other news, Chairman Richard Sands sold 148,773 shares of the company’s stock in a transaction on Monday, October 22nd. The shares were sold at an average price of $223.69, for a total transaction of $33,279,032.37. Following the completion of the transaction, the chairman now directly owns 346,525 shares in the company, valued at $77,514,177.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Thomas Michael Kane sold 4,419 shares of the company’s stock in a transaction on Friday, October 19th. The stock was sold at an average price of $223.83, for a total transaction of $989,104.77. Following the transaction, the vice president now owns 8,499 shares of the company’s stock, valued at $1,902,331.17. The disclosure for this sale can be found here. Insiders have sold 578,723 shares of company stock valued at $129,438,449 over the last quarter. Company insiders own 15.80% of the company’s stock.
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.
Further Reading: Short Selling
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