First Trust Advisors LP decreased its stake in Constellation Brands, Inc. (NYSE:STZ) by 61.9% during the third quarter, Holdings Channel reports. The institutional investor owned 16,212 shares of the company’s stock after selling 26,293 shares during the quarter. First Trust Advisors LP’s holdings in Constellation Brands were worth $3,496,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the company. New England Research & Management Inc. bought a new position in shares of Constellation Brands during the 3rd quarter valued at $634,000. Arrow Financial Corp grew its holdings in shares of Constellation Brands by 4.0% during the 2nd 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 last quarter. HRT Financial LLC grew its holdings in shares of Constellation Brands by 71.3% during the 2nd 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 last quarter. Cozad Asset Management Inc. bought a new position in shares of Constellation Brands during the 2nd quarter valued at $5,809,000. Finally, FMR LLC grew its holdings in shares of Constellation Brands by 6.0% during the 2nd quarter. FMR LLC now owns 5,969,243 shares of the company’s stock valued at $1,306,489,000 after purchasing an additional 337,338 shares during the last quarter. 72.26% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CEO Robert Sands sold 136,547 shares of the firm’s stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $223.62, for a total value of $30,534,640.14. Following the completion of the sale, the chief executive officer now directly owns 737,607 shares of the company’s stock, valued at approximately $164,943,677.34. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Chairman Richard Sands sold 148,773 shares of the firm’s stock in a transaction dated Monday, October 22nd. The stock was sold at an average price of $223.69, for a total transaction of $33,279,032.37. Following the completion of the sale, the chairman now directly owns 346,525 shares of the company’s stock, valued at $77,514,177.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 578,723 shares of company stock valued at $129,438,449. Corporate insiders own 15.80% of the company’s stock.
Constellation Brands (NYSE:STZ) last announced its quarterly earnings results on Thursday, October 4th. The company reported $2.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.60 by $0.27. Constellation Brands had a net margin of 38.18% and a return on equity of 18.63%. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same quarter in the prior year, the company posted $2.47 EPS. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, equities research analysts forecast that Constellation Brands, Inc. will post 9.43 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 6th were given a $0.74 dividend. The ex-dividend date was Monday, November 5th. This represents a $2.96 annualized dividend and a dividend yield of 1.53%. Constellation Brands’s dividend payout ratio is 33.94%.
Several research firms recently commented on STZ. Zacks Investment Research raised shares of Constellation Brands from a “strong sell” rating to a “hold” rating in a report on Tuesday, October 16th. ValuEngine lowered shares of Constellation Brands from a “buy” rating to a “hold” rating in a report on Tuesday, October 23rd. Macquarie set a $245.00 target price on shares of Constellation Brands and gave the company a “buy” rating in a report on Friday, October 5th. Bank of America reduced their target price on shares of Constellation Brands from $250.00 to $230.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. Finally, Morgan Stanley reduced their target price on shares of Constellation Brands from $258.00 to $251.00 and set a “buy” rating on the stock in a report on Thursday, September 27th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. Constellation Brands presently has an average rating of “Buy” and an average price target of $246.96.
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. 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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