Piedmont Investment Advisors Inc. increased its stake in Constellation Brands, Inc. (NYSE:STZ) by 89.6% in the 3rd quarter, HoldingsChannel reports. The fund owned 13,051 shares of the company’s stock after acquiring an additional 6,169 shares during the period. Piedmont Investment Advisors Inc.’s holdings in Constellation Brands were worth $2,814,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. New England Research & Management Inc. purchased a new position in shares of Constellation Brands during the third quarter valued at approximately $634,000. Toth Financial Advisory Corp boosted its holdings in shares of Constellation Brands by 1,469.8% in the second quarter. Toth Financial Advisory Corp now owns 675 shares of the company’s stock valued at $148,000 after purchasing an additional 632 shares during the period. Arrow Financial Corp boosted its holdings in shares of Constellation Brands by 4.0% in the second quarter. Arrow Financial Corp now owns 8,946 shares of the company’s stock valued at $1,958,000 after purchasing an additional 341 shares during the period. HRT Financial LLC boosted its holdings in shares of Constellation Brands by 71.3% in the second quarter. HRT Financial LLC now owns 22,518 shares of the company’s stock valued at $4,928,000 after purchasing an additional 9,374 shares during the period. Finally, Braun Stacey Associates Inc. boosted its holdings in shares of Constellation Brands by 1.5% in the third quarter. Braun Stacey Associates Inc. now owns 73,650 shares of the company’s stock valued at $15,880,000 after purchasing an additional 1,115 shares during the period. Institutional investors own 73.89% of the company’s stock.
A number of analysts recently issued reports on the company. ValuEngine lowered Constellation Brands from a “buy” rating to a “hold” rating in a report on Tuesday, October 23rd. Jefferies Financial Group reiterated a “buy” rating and issued 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 company a “buy” rating in a report on Tuesday, October 16th. Zacks Investment Research upgraded Constellation Brands from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 16th. Finally, Citigroup boosted their price target on Constellation Brands from $235.00 to $240.00 and gave the company a “hold” rating in a report on Wednesday, October 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Constellation Brands has a consensus rating of “Buy” and an average price target of $246.96.
Constellation Brands (NYSE:STZ) last issued its quarterly earnings data on Thursday, October 4th. The company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates 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%. Constellation Brands’s revenue for the quarter was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.47 earnings per share. On average, sell-side analysts predict that Constellation Brands, Inc. will post 9.43 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Investors of record on Tuesday, November 6th will be paid a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Monday, November 5th. Constellation Brands’s dividend payout ratio (DPR) is 33.94%.
In related news, CEO Robert Sands sold 151,060 shares of the business’s stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $223.67, for a total value of $33,787,590.20. Following the completion of the transaction, the chief executive officer now owns 737,607 shares of the company’s stock, valued at $164,980,557.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 value of $989,104.77. Following the transaction, the vice president now directly owns 8,499 shares in the company, valued at $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 three months. 15.80% of the stock is currently owned by 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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