Beaumont Financial Partners LLC lessened its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 29.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,959 shares of the company’s stock after selling 1,220 shares during the quarter. Beaumont Financial Partners LLC’s holdings in Constellation Brands were worth $638,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. boosted its position in shares of Constellation Brands by 3.0% during the 2nd quarter. BlackRock Inc. now owns 11,987,700 shares of the company’s stock valued at $2,623,747,000 after acquiring an additional 345,735 shares during the last quarter. FMR LLC boosted its position 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 acquiring an additional 337,338 shares during the last quarter. Jennison Associates LLC boosted its position in shares of Constellation Brands by 344.8% during the 2nd quarter. Jennison Associates LLC now owns 2,101,846 shares of the company’s stock valued at $460,031,000 after acquiring an additional 1,629,361 shares during the last quarter. Bank of America Corp DE boosted its position in shares of Constellation Brands by 17.3% during the 2nd quarter. Bank of America Corp DE now owns 2,001,752 shares of the company’s stock valued at $438,124,000 after acquiring an additional 295,598 shares during the last quarter. Finally, American Century Companies Inc. boosted its position in shares of Constellation Brands by 13.1% during the 2nd quarter. American Century Companies Inc. now owns 1,732,680 shares of the company’s stock valued at $379,232,000 after acquiring an additional 200,045 shares during the last quarter. 73.90% of the stock is owned by institutional investors and hedge funds.
NYSE:STZ opened at $200.30 on Tuesday. The company has a market capitalization of $38.14 billion, a P/E ratio of 22.97, a PEG ratio of 1.95 and a beta of 0.08. Constellation Brands, Inc. has a 1-year low of $196.26 and a 1-year high of $236.62. The company has a quick ratio of 0.76, a current ratio of 1.66 and a debt-to-equity ratio of 0.80.
Constellation Brands (NYSE:STZ) last announced its quarterly earnings results on Thursday, October 4th. The company reported $2.87 EPS for the quarter, topping the Zacks’ consensus estimate of $2.60 by $0.27. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Constellation Brands had a return on equity of 18.63% and a net margin of 38.18%. The business’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm earned $2.47 EPS. On average, equities analysts forecast that Constellation Brands, Inc. will post 9.43 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 20th. Shareholders of record on Tuesday, November 6th will be paid a $0.74 dividend. The ex-dividend date of this dividend is Monday, November 5th. This represents a $2.96 dividend on an annualized basis and a yield of 1.48%. Constellation Brands’s dividend payout ratio (DPR) is currently 10.67%.
A number of brokerages have recently issued reports on STZ. Zacks Investment Research upgraded Constellation Brands from a “sell” rating to a “hold” rating in a research report on Thursday, September 20th. Deutsche Bank dropped their price target on Constellation Brands from $234.00 to $226.00 and set a “buy” rating for the company in a research report on Thursday, August 16th. Cann dropped their price target on Constellation Brands from $234.00 to $226.00 and set a “buy” rating for the company in a research report on Thursday, August 16th. Jefferies Financial Group started coverage on Constellation Brands in a research report on Friday, September 7th. They issued a “buy” rating and a $283.00 target price for the company. Finally, Susquehanna Bancshares downgraded Constellation Brands from a “neutral” rating to a “negative” rating and dropped their target price for the stock from $199.00 to $169.00 in a research report on Monday, August 20th. 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 given a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $246.96.
In other Constellation Brands news, Chairman Richard Sands sold 148,773 shares of Constellation Brands stock in a transaction that occurred on Monday, October 22nd. The stock was sold at an average price of $223.69, for a total value of $33,279,032.37. Following the transaction, the chairman now directly owns 346,525 shares of the company’s stock, valued at approximately $77,514,177.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas Michael Kane sold 4,419 shares of Constellation Brands stock in a transaction that occurred 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 completion of 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 a total of 578,723 shares of company stock worth $129,438,449 over the last ninety days. Insiders own 15.80% of the company’s stock.
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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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