Perigon Wealth Management LLC raised its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 11.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,837 shares of the company’s stock after purchasing an additional 402 shares during the quarter. Perigon Wealth Management LLC’s holdings in Constellation Brands were worth $671,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Heritage Wealth Advisors raised its stake in shares of Constellation Brands by 193.3% in the 2nd quarter. Heritage Wealth Advisors now owns 440 shares of the company’s stock valued at $26,000 after purchasing an additional 290 shares in the last quarter. Ellevest Inc. raised its stake in Constellation Brands by 84.1% during the 2nd quarter. Ellevest Inc. now owns 162 shares of the company’s stock valued at $28,000 after acquiring an additional 74 shares in the last quarter. NuWave Investment Management LLC acquired a new position in Constellation Brands during the 2nd quarter worth $28,000. Citizens Financial Group Inc RI increased its holdings in shares of Constellation Brands by 121.1% during the first quarter. Citizens Financial Group Inc RI now owns 210 shares of the company’s stock valued at $30,000 after purchasing an additional 115 shares during the period. Finally, Verus Capital Partners LLC bought a new stake in shares of Constellation Brands during the fourth quarter valued at about $43,000. 71.78% of the stock is currently owned by institutional investors.
A number of analysts have recently weighed in on STZ shares. Credit Suisse Group upped their price target on shares of Constellation Brands from $205.00 to $215.00 and gave the stock an “outperform” rating in a research note on Thursday, July 2nd. HSBC boosted their price objective on Constellation Brands from $147.00 to $170.00 and gave the stock a “hold” rating in a research note on Thursday, July 2nd. Zacks Investment Research raised Constellation Brands from a “hold” rating to a “buy” rating and set a $179.00 target price on the stock in a report on Monday, June 15th. MKM Partners lifted their price objective on shares of Constellation Brands from $147.00 to $151.00 in a research note on Monday, July 6th. Finally, Royal Bank of Canada restated a “buy” rating and issued a $216.00 price target on shares of Constellation Brands in a research report on Thursday, June 4th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have given a buy rating to the stock. Constellation Brands currently has a consensus rating of “Buy” and a consensus price target of $197.32.
Constellation Brands (NYSE:STZ) last posted its earnings results on Wednesday, July 1st. The company reported $2.30 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.29. The business had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. Constellation Brands had a return on equity of 15.10% and a net margin of 0.62%. Constellation Brands’s revenue for the quarter was down 6.4% compared to the same quarter last year. During the same period in the prior year, the business earned $2.21 EPS. Research analysts expect that Constellation Brands, Inc. will post 8.88 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be given a $0.75 dividend. The ex-dividend date is Monday, August 10th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.68%. Constellation Brands’s payout ratio is presently 32.89%.
In other Constellation Brands news, Chairman Robert Sands sold 90,184 shares of Constellation Brands stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $181.20, for a total value of $16,341,340.80. Following the completion of the transaction, the chairman now directly owns 644,719 shares of the company’s stock, valued at approximately $116,823,082.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Richard Sands sold 638,407 shares of the company’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $180.12, for a total value of $114,989,868.84. Following the sale, the insider now owns 249,763 shares of the company’s stock, valued at $44,987,311.56. The disclosure for this sale can be found here. Insiders sold 1,052,364 shares of company stock worth $189,856,440 over the last 90 days. 15.77% of the stock is currently owned by corporate insiders.
Constellation Brands 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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