Franklin Resources Inc. raised its stake in Constellation Brands, Inc. (NYSE:STZ) by 11.5% during the third quarter, Holdings Channel reports. The fund owned 1,457,094 shares of the company’s stock after purchasing an additional 150,139 shares during the quarter. Franklin Resources Inc.’s holdings in Constellation Brands were worth $314,174,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Blair William & Co. IL increased its holdings in Constellation Brands by 46.4% in the 3rd quarter. Blair William & Co. IL now owns 17,293 shares of the company’s stock valued at $3,729,000 after acquiring an additional 5,481 shares during the last quarter. Baird Financial Group Inc. increased its holdings in Constellation Brands by 21.2% in the 3rd quarter. Baird Financial Group Inc. now owns 13,470 shares of the company’s stock valued at $2,874,000 after acquiring an additional 2,354 shares during the last quarter. Brown Advisory Inc. increased its holdings in Constellation Brands by 85.3% in the 3rd quarter. Brown Advisory Inc. now owns 3,968 shares of the company’s stock valued at $856,000 after acquiring an additional 1,827 shares during the last quarter. Altavista Wealth Management Inc. bought a new stake in Constellation Brands in the 3rd quarter valued at $711,000. Finally, Quantbot Technologies LP bought a new stake in shares of Constellation Brands in the 3rd quarter worth about $6,317,000. Institutional investors own 72.26% of the company’s stock.
STZ has been the topic of a number of research reports. Pivotal Research restated a “buy” rating and issued a $265.00 target price on shares of Constellation Brands in a report on Wednesday, August 15th. Cann reduced their target price on shares of Constellation Brands from $234.00 to $226.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. Bank of America reduced their target price on shares of Constellation Brands from $250.00 to $230.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. Deutsche Bank reduced their target price on shares of Constellation Brands from $234.00 to $226.00 and set a “buy” rating on the stock in a report on Thursday, August 16th. Finally, UBS Group downgraded shares of Constellation Brands to a “neutral” rating in a report on Monday, August 20th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $245.44.
Constellation Brands (NYSE:STZ) last released its quarterly earnings results on Thursday, October 4th. The company reported $2.87 EPS for the quarter, topping analysts’ consensus estimates of $2.60 by $0.27. Constellation Brands had a net margin of 38.18% and a return on equity of 18.63%. The firm had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.25 billion. During the same period in the previous year, the company earned $2.47 EPS. The firm’s revenue for the quarter was up 10.1% compared to the same quarter last year. As a group, research analysts expect that Constellation Brands, Inc. will post 9.43 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Tuesday, November 6th were paid a dividend of $0.74 per share. The ex-dividend date of this dividend was Monday, November 5th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.51%. Constellation Brands’s dividend payout ratio is presently 33.94%.
In other Constellation Brands news, Chairman Richard Sands sold 148,773 shares of the business’s stock in a transaction dated Monday, October 22nd. The shares were sold at an average price of $223.69, for a total value of $33,279,032.37. Following the completion of the sale, the chairman now directly owns 346,525 shares of the company’s stock, valued at approximately $77,514,177.25. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Robert Sands sold 136,547 shares of the business’s stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $223.62, for a total transaction of $30,534,640.14. Following the completion of the sale, the chief executive officer now directly owns 737,607 shares of the company’s stock, valued at $164,943,677.34. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 578,723 shares of company stock valued at $129,438,449. 15.80% of the stock is owned by corporate 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. 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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