Concorde Asset Management LLC Acquires Shares of 2,115 Constellation Brands Inc (NYSE:STZ)

Concorde Asset Management LLC bought a new stake in Constellation Brands Inc (NYSE:STZ) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 2,115 shares of the company’s stock, valued at approximately $410,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of STZ. BlackRock Inc. increased its position in shares of Constellation Brands by 3,310.4% in the first quarter. BlackRock Inc. now owns 11,605,235 shares of the company’s stock valued at $1,880,863,000 after buying an additional 11,264,949 shares during the last quarter. State Street Corp increased its position in shares of Constellation Brands by 0.5% in the first quarter. State Street Corp now owns 7,391,582 shares of the company’s stock valued at $1,197,945,000 after buying an additional 39,246 shares during the last quarter. JPMorgan Chase & Co. increased its position in shares of Constellation Brands by 9.0% in the first quarter. JPMorgan Chase & Co. now owns 4,578,259 shares of the company’s stock valued at $741,999,000 after buying an additional 378,620 shares during the last quarter. Egerton Capital UK LLP increased its position in shares of Constellation Brands by 10.4% in the first quarter. Egerton Capital UK LLP now owns 2,485,583 shares of the company’s stock valued at $402,838,000 after buying an additional 234,607 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Constellation Brands by 3.6% in the first quarter. Bank of New York Mellon Corp now owns 2,045,867 shares of the company’s stock valued at $331,574,000 after buying an additional 71,963 shares during the last quarter. 75.39% of the stock is currently owned by institutional investors.

Shares of Constellation Brands Inc (NYSE:STZ) traded down 0.87% during trading on Monday, reaching $196.60. 1,815,915 shares of the company were exchanged. The firm’s 50 day moving average is $182.37 and its 200 day moving average is $165.44. Constellation Brands Inc has a 1-year low of $144.00 and a 1-year high of $199.64. The firm has a market capitalization of $38.40 billion, a P/E ratio of 24.66 and a beta of 0.07.

Constellation Brands (NYSE:STZ) last issued its quarterly earnings data on Thursday, June 29th. The company reported $2.34 earnings per share for the quarter, beating analysts’ consensus estimates of $1.98 by $0.36. Constellation Brands had a return on equity of 21.57% and a net margin of 19.94%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.95 billion. During the same quarter last year, the company earned $1.54 earnings per share. The firm’s revenue for the quarter was up 3.4% compared to the same quarter last year. On average, equities analysts anticipate that Constellation Brands Inc will post $8.17 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Investors of record on Wednesday, August 9th will be given a dividend of $0.52 per share. This represents a $2.08 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Monday, August 7th. Constellation Brands’s payout ratio is currently 26.03%.

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STZ has been the topic of several analyst reports. Morgan Stanley lifted their target price on shares of Constellation Brands from $204.00 to $218.00 and gave the stock an “overweight” rating in a research note on Monday, July 3rd. Wells Fargo & Company reiterated an “outperform” rating on shares of Constellation Brands in a report on Monday, April 10th. BidaskClub upgraded shares of Constellation Brands from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 12th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $205.00 price target (up previously from $183.00) on shares of Constellation Brands in a report on Friday, April 7th. Finally, UBS AG lifted their price target on shares of Constellation Brands from $162.00 to $176.00 and gave the company a “neutral” rating in a report on Friday, June 30th. One analyst has rated the stock with a sell rating, five have given a hold rating, twelve have given a buy rating and two have assigned a strong buy rating to the company’s stock. Constellation Brands currently has an average rating of “Buy” and a consensus price target of $198.53.

In related news, VP Thomas Michael Kane sold 4,940 shares of the firm’s stock in a transaction dated Friday, July 7th. The stock was sold at an average price of $193.28, for a total transaction of $954,803.20. Following the sale, the vice president now owns 8,914 shares of the company’s stock, valued at $1,722,897.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Thomas J. Mullin sold 23,827 shares of the firm’s stock in a transaction dated Wednesday, July 5th. The shares were sold at an average price of $193.64, for a total value of $4,613,860.28. Following the sale, the vice president now directly owns 78,524 shares in the company, valued at approximately $15,205,387.36. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 54,457 shares of company stock worth $10,114,944. 15.59% of the stock is owned by corporate insiders.

About Constellation Brands

Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer, wine and spirits with operations in the United States, Canada, Mexico, New Zealand and Italy. 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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Institutional Ownership by Quarter for Constellation Brands (NYSE:STZ)

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