Fifth Third Bancorp lifted its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 25.7% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 146,139 shares of the company’s stock after purchasing an additional 29,900 shares during the quarter. Fifth Third Bancorp’s holdings in Constellation Brands were worth $31,510,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in STZ. Standard Life Aberdeen plc raised its stake in shares of Constellation Brands by 229.3% during the 2nd quarter. Standard Life Aberdeen plc now owns 748,508 shares of the company’s stock valued at $164,208,000 after purchasing an additional 521,174 shares during the period. Diamond Hill Capital Management Inc. raised its stake in shares of Constellation Brands by 689.3% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 584,421 shares of the company’s stock valued at $126,013,000 after purchasing an additional 510,376 shares during the period. Third Point LLC raised its stake in shares of Constellation Brands by 20.0% during the 3rd quarter. Third Point LLC now owns 2,400,000 shares of the company’s stock valued at $517,488,000 after purchasing an additional 400,000 shares during the period. BlackRock Inc. raised its stake in shares of Constellation Brands by 3.0% during the 2nd quarter. BlackRock Inc. now owns 11,987,700 shares of the company’s stock valued at $2,623,747,000 after purchasing an additional 345,735 shares during the period. Finally, FMR LLC raised its stake in shares of Constellation Brands by 6.0% during the 2nd quarter. FMR LLC now owns 5,969,243 shares of the company’s stock valued at $1,306,489,000 after purchasing an additional 337,338 shares during the period. Institutional investors own 72.83% of the company’s stock.
In other news, CEO Robert Sands sold 151,060 shares of the company’s stock in a transaction dated Monday, October 22nd. The stock was sold at an average price of $223.67, for a total value of $33,787,590.20. Following the completion of the transaction, the chief executive officer now directly owns 737,607 shares in the company, valued at approximately $164,980,557.69. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Thomas Michael Kane sold 4,419 shares of the company’s stock in a transaction dated Friday, October 19th. The stock was sold at an average price of $223.83, for a total value of $989,104.77. Following the completion of the transaction, the vice president now owns 8,499 shares of the company’s stock, valued at $1,902,331.17. The disclosure for this sale can be found here. Insiders sold a total of 578,723 shares of company stock valued at $129,438,449 over the last quarter. Company insiders own 15.80% of the company’s stock.
Constellation Brands (NYSE:STZ) last announced its earnings results on Thursday, October 4th. The company reported $2.87 earnings per share for the quarter, topping analysts’ consensus estimates of $2.60 by $0.27. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.25 billion. Constellation Brands had a return on equity of 18.63% and a net margin of 38.18%. The company’s quarterly revenue was up 10.1% compared to the same quarter last year. During the same period in the prior year, the company earned $2.47 EPS. Research analysts forecast that Constellation Brands, Inc. will post 9.41 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 6th were issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date of this dividend was Monday, November 5th. Constellation Brands’s payout ratio is currently 33.94%.
A number of research firms recently issued reports on STZ. Jefferies Financial Group reiterated a “buy” rating and set a $289.00 price objective on shares of Constellation Brands in a research note on Friday. Zacks Investment Research lowered Constellation Brands from a “buy” rating to a “hold” rating in a research note on Friday. Macquarie lowered Constellation Brands from an “outperform” rating to a “neutral” rating and set a $210.00 price objective on the stock. in a research note on Thursday, November 29th. ValuEngine lowered Constellation Brands from a “buy” rating to a “hold” rating in a research note on Tuesday, October 23rd. Finally, Morgan Stanley set a $259.00 price objective on Constellation Brands and gave the company a “buy” rating in a research note on Tuesday, October 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the stock. Constellation Brands presently has a consensus rating of “Buy” and a consensus price target of $244.27.
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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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