Private Advisor Group LLC increased its stake in Constellation Brands, Inc. (NYSE:STZ) by 26.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 22,416 shares of the company’s stock after purchasing an additional 4,625 shares during the period. Private Advisor Group LLC’s holdings in Constellation Brands were worth $4,415,000 as of its most recent SEC filing.
Several other hedge funds also recently bought and sold shares of the stock. Jackson Square Partners LLC purchased a new stake in Constellation Brands in the first quarter worth approximately $395,015,000. BlackRock Inc. boosted its stake in shares of Constellation Brands by 14.7% during the first quarter. BlackRock Inc. now owns 13,545,436 shares of the company’s stock valued at $2,374,922,000 after purchasing an additional 1,734,902 shares during the period. Jennison Associates LLC boosted its stake in shares of Constellation Brands by 120.4% during the second quarter. Jennison Associates LLC now owns 2,727,160 shares of the company’s stock valued at $537,087,000 after purchasing an additional 1,490,064 shares during the period. Westfield Capital Management Co. LP purchased a new stake in shares of Constellation Brands during the second quarter valued at approximately $111,030,000. Finally, Janus Henderson Group PLC lifted its stake in Constellation Brands by 11.4% in the second quarter. Janus Henderson Group PLC now owns 2,363,365 shares of the company’s stock worth $465,445,000 after acquiring an additional 242,621 shares during the period. Institutional investors own 72.10% of the company’s stock.
In other news, major shareholder Richard Sands sold 95,521 shares of Constellation Brands stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $204.57, for a total transaction of $19,540,730.97. Following the transaction, the insider now directly owns 173,379 shares of the company’s stock, valued at approximately $35,468,142.03. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jeremy S. G. Fowden sold 10,213 shares of Constellation Brands stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $197.35, for a total value of $2,015,535.55. Following the transaction, the director now directly owns 27,630 shares in the company, valued at $5,452,780.50. The disclosure for this sale can be found here. Company insiders own 15.86% of the company’s stock.
Constellation Brands (NYSE:STZ) last issued its quarterly earnings results on Friday, June 28th. The company reported $2.21 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.15. Constellation Brands had a return on equity of 14.98% and a net margin of 27.38%. The firm had revenue of $2.28 billion during the quarter, compared to the consensus estimate of $2.07 billion. During the same period last year, the company earned $2.20 earnings per share. The company’s revenue was up 11.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Constellation Brands, Inc. will post 8.35 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, August 27th. Shareholders of record on Tuesday, August 13th were given a $0.75 dividend. The ex-dividend date of this dividend was Monday, August 12th. This represents a $3.00 annualized dividend and a yield of 1.45%. Constellation Brands’s payout ratio is 32.33%.
A number of brokerages recently commented on STZ. Jefferies Financial Group raised their price target on Constellation Brands from $264.00 to $274.00 and gave the stock a “buy” rating in a research note on Monday, July 1st. Morgan Stanley raised their price target on Constellation Brands from $207.00 to $217.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 2nd. UBS Group increased their price objective on Constellation Brands from $195.00 to $212.00 and gave the stock a “neutral” rating in a report on Tuesday, July 2nd. BMO Capital Markets increased their price objective on Constellation Brands from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Tuesday. Finally, Bank of America set a $221.00 price objective on Constellation Brands and gave the stock a “buy” rating in a report on Monday, July 1st. Ten research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $222.50.
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. 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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