Royal London Asset Management Ltd. lowered its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 0.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 61,269 shares of the company’s stock after selling 163 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Constellation Brands were worth $12,074,000 at the end of the most recent reporting period.
Other hedge funds also recently made changes to their positions in the company. Atlantic Union Bankshares Corp acquired a new stake in Constellation Brands during the second quarter worth $1,221,000. Advisory Services Network LLC boosted its stake in Constellation Brands by 17.9% during the first quarter. Advisory Services Network LLC now owns 9,705 shares of the company’s stock worth $1,702,000 after buying an additional 1,470 shares in the last quarter. B. Riley Wealth Management Inc. acquired a new stake in Constellation Brands during the first quarter worth $796,000. Sound View Wealth Advisors LLC boosted its stake in Constellation Brands by 10.7% during the first quarter. Sound View Wealth Advisors LLC now owns 1,732 shares of the company’s stock worth $304,000 after buying an additional 168 shares in the last quarter. Finally, Successful Portfolios LLC acquired a new stake in Constellation Brands during the first quarter worth $201,000. 71.37% of the stock is currently owned by institutional investors and hedge funds.
A number of research firms have weighed in on STZ. Evercore ISI set a $220.00 price target on shares of Constellation Brands and gave the stock a “buy” rating in a research note on Friday, August 9th. Barclays reiterated a “buy” rating and set a $238.00 price target on shares of Constellation Brands in a research note on Tuesday, July 2nd. Citigroup set a $210.00 price target on shares of Constellation Brands and gave the stock a “hold” rating in a research note on Monday, July 1st. UBS Group lifted their price target on shares of Constellation Brands from $195.00 to $212.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 2nd. Finally, Bank of America set a $221.00 price target on shares of Constellation Brands and gave the stock a “buy” rating in a research note on Monday, July 1st. Ten investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $223.83.
Constellation Brands (NYSE:STZ) last issued its earnings results on Friday, June 28th. The company reported $2.21 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.06 by $0.15. Constellation Brands had a net margin of 27.38% and a return on equity of 14.98%. The company had revenue of $2.28 billion for the quarter, compared to the consensus estimate of $2.07 billion. During the same quarter in the previous year, the company earned $2.20 EPS. The firm’s revenue for the quarter was up 11.5% compared to the same quarter last year. On average, sell-side analysts forecast that Constellation Brands, Inc. will post 8.36 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, August 27th. Stockholders of record on Tuesday, August 13th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Monday, August 12th. This represents a $3.00 annualized dividend and a dividend yield of 1.54%. Constellation Brands’s dividend payout ratio is presently 10.02%.
In related news, Director Jeremy S. G. Fowden sold 10,213 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $197.35, for a total transaction of $2,015,535.55. Following the transaction, the director now owns 27,630 shares in the company, valued at approximately $5,452,780.50. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO James A. Jr. Sabia sold 4,275 shares of the company’s stock in a transaction dated Tuesday, May 28th. The stock was sold at an average price of $194.70, for a total transaction of $832,342.50. Following the transaction, the chief marketing officer now owns 43,494 shares in the company, valued at approximately $8,468,281.80. The disclosure for this sale can be found here. 15.86% of the stock is currently owned by insiders.
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. 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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