American International Group Inc. reduced its position in Constellation Brands, Inc. (NYSE:STZ) by 0.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 54,091 shares of the company’s stock after selling 326 shares during the quarter. American International Group Inc.’s holdings in Constellation Brands were worth $9,484,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Versant Capital Management Inc increased its stake in Constellation Brands by 210.9% in the 1st quarter. Versant Capital Management Inc now owns 143 shares of the company’s stock valued at $25,000 after buying an additional 97 shares during the period. Ledyard National Bank acquired a new position in Constellation Brands in the 4th quarter valued at $31,000. We Are One Seven LLC acquired a new position in Constellation Brands in the 4th quarter valued at $32,000. Quantamental Technologies LLC acquired a new position in Constellation Brands in the 4th quarter valued at $32,000. Finally, Bay Harbor Wealth Management LLC acquired a new position in Constellation Brands in the 1st quarter valued at $33,000. 74.05% of the stock is currently owned by institutional investors.
In related news, EVP David Eric Klein sold 25,980 shares of the business’s stock in a transaction dated Thursday, April 18th. The shares were sold at an average price of $198.66, for a total value of $5,161,186.80. Following the sale, the executive vice president now directly owns 69,852 shares in the company, valued at approximately $13,876,798.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, VP Thomas Michael Kane sold 3,071 shares of the business’s stock in a transaction dated Friday, April 5th. The stock was sold at an average price of $190.08, for a total transaction of $583,735.68. The disclosure for this sale can be found here. Insiders sold a total of 76,646 shares of company stock worth $15,572,098 over the last quarter. Insiders own 15.80% of the company’s stock.
Constellation Brands (NYSE:STZ) last released its quarterly earnings data on Thursday, April 4th. The company reported $1.84 EPS for the quarter, topping the consensus estimate of $1.72 by $0.12. Constellation Brands had a net margin of 38.67% and a return on equity of 15.63%. The business had revenue of $1.80 billion for the quarter, compared to analyst estimates of $1.73 billion. During the same period in the previous year, the firm earned $1.90 EPS. The business’s revenue for the quarter was up 2.0% compared to the same quarter last year. Analysts forecast that Constellation Brands, Inc. will post 8.51 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 24th. Investors of record on Friday, May 10th will be given a $0.75 dividend. The ex-dividend date is Thursday, May 9th. This is a positive change from Constellation Brands’s previous quarterly dividend of $0.74. This represents a $3.00 annualized dividend and a dividend yield of 1.48%. Constellation Brands’s payout ratio is currently 10.02%.
STZ has been the topic of several recent research reports. Credit Suisse Group initiated coverage on shares of Constellation Brands in a research note on Wednesday, March 6th. They issued an “outperform” rating and a $230.00 price objective on the stock. Barclays set a $226.00 target price on shares of Constellation Brands and gave the stock a “buy” rating in a research report on Friday, April 5th. Atlantic Securities initiated coverage on shares of Constellation Brands in a research report on Monday, January 21st. They set an “overweight” rating and a $227.00 target price on the stock. Morgan Stanley set a $233.00 target price on shares of Constellation Brands and gave the stock a “buy” rating in a research report on Thursday, February 14th. Finally, Jefferies Financial Group boosted their target price on shares of Constellation Brands from $267.00 to $275.00 and gave the stock a “top pick” rating in a research report on Monday, April 22nd. Eleven analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the stock. The company has an average rating of “Buy” and an average price target of $223.13.
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.
Featured Article: Strangles
Want to see what other hedge funds are holding STZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Constellation Brands, Inc. (NYSE:STZ).
Receive News & Ratings for Constellation Brands Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Constellation Brands and related companies with MarketBeat.com's FREE daily email newsletter.