Gerber Kawasaki Wealth & Investment Management purchased a new position in Constellation Brands Inc. (NYSE:STZ) during the second quarter, Holdings Channel reports. The institutional investor purchased 2,850 shares of the company’s stock, valued at approximately $471,000.
A number of other hedge funds also recently modified their holdings of STZ. Nuveen Asset Management LLC increased its stake in Constellation Brands by 14.3% in the first quarter. Nuveen Asset Management LLC now owns 207,493 shares of the company’s stock valued at $31,350,000 after buying an additional 25,918 shares during the period. Wellington Management Group LLP acquired a new stake in Constellation Brands during the first quarter valued at $57,704,000. Redwood Investments LLC acquired a new stake in Constellation Brands during the second quarter valued at $14,966,000. Natixis increased its stake in Constellation Brands by 1,155.2% in the first quarter. Natixis now owns 305,995 shares of the company’s stock valued at $46,233,000 after buying an additional 281,616 shares during the period. Finally, CIBC World Markets Inc. increased its stake in Constellation Brands by 42.4% in the second quarter. CIBC World Markets Inc. now owns 76,159 shares of the company’s stock valued at $12,597,000 after buying an additional 22,676 shares during the period. Institutional investors own 75.05% of the company’s stock.
Constellation Brands Inc. (NYSE:STZ) traded down 1.61% during midday trading on Monday, hitting $166.74. The company had a trading volume of 1,214,579 shares. The firm has a 50-day moving average price of $166.15 and a 200-day moving average price of $161.08. Constellation Brands Inc. has a 12 month low of $130.23 and a 12 month high of $173.55. The company has a market cap of $33.53 billion, a price-to-earnings ratio of 28.69 and a beta of 0.63.
Constellation Brands (NYSE:STZ) last posted its earnings results on Wednesday, October 5th. The company reported $1.77 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.65 by $0.12. Constellation Brands had a return on equity of 17.69% and a net margin of 15.64%. The firm had revenue of $2.02 billion for the quarter. During the same period in the previous year, the company posted $1.56 EPS. Constellation Brands’s revenue was up 16.6% on a year-over-year basis. Equities analysts anticipate that Constellation Brands Inc. will post $6.37 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 22nd. Shareholders of record on Tuesday, November 8th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 0.94%. The ex-dividend date is Friday, November 4th. Constellation Brands’s dividend payout ratio is currently 27.49%.
Several analysts have recently weighed in on the company. Zacks Investment Research upgraded Constellation Brands from a “sell” rating to a “hold” rating and set a $183.00 target price for the company in a research report on Friday, July 1st. Pivotal Research reiterated a “buy” rating and set a $200.00 target price on shares of Constellation Brands in a research report on Thursday, October 6th. Citigroup Inc. reiterated a “neutral” rating and set a $191.00 target price (up from $180.00) on shares of Constellation Brands in a research report on Sunday, October 9th. Morgan Stanley reiterated an “overweight” rating and set a $194.00 target price (up from $191.00) on shares of Constellation Brands in a research report on Saturday, October 8th. Finally, Credit Suisse Group AG assumed coverage on Constellation Brands in a research report on Thursday, September 15th. They set a “neutral” rating and a $178.00 target price for the company. Five research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $181.25.
In other Constellation Brands news, EVP William F. Hackett sold 8,000 shares of the stock in a transaction dated Thursday, July 21st. The stock was sold at an average price of $164.67, for a total value of $1,317,360.00. Following the sale, the executive vice president now owns 54,934 shares of the company’s stock, valued at approximately $9,045,981.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas J. Mullin sold 9,516 shares of the stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $166.42, for a total value of $1,583,652.72. Following the completion of the sale, the vice president now directly owns 88,602 shares in the company, valued at approximately $14,745,144.84. The disclosure for this sale can be found here. 10.63% of the stock is owned by company insiders.
About Constellation Brands
Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer and wine the United States and Canada. Its segments include Beer, Wine and Spirits, and Corporate Operations and Other. It is a multi-category supplier (beer, wine and spirits) of beverage alcohol in the United States.
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