Advisors Capital Management LLC cut its position in Constellation Brands, Inc. (NYSE:STZ) by 15.4% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 75,406 shares of the company’s stock after selling 13,777 shares during the period. Advisors Capital Management LLC’s holdings in Constellation Brands were worth $12,127,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Independent Advisor Alliance grew its holdings in shares of Constellation Brands by 14.1% during the third quarter. Independent Advisor Alliance now owns 14,787 shares of the company’s stock worth $2,322,000 after purchasing an additional 1,825 shares during the last quarter. Clearbridge Investments LLC raised its position in shares of Constellation Brands by 73.9% during the third quarter. Clearbridge Investments LLC now owns 17,126 shares of the company’s stock worth $3,693,000 after purchasing an additional 7,275 shares during the period. Vanguard Group Inc raised its position in Constellation Brands by 0.3% in the 3rd quarter. Vanguard Group Inc now owns 12,013,148 shares of the company’s stock valued at $2,590,276,000 after buying an additional 30,782 shares during the last quarter. River Wealth Advisors LLC raised its position in Constellation Brands by 14.7% in the 3rd quarter. River Wealth Advisors LLC now owns 9,316 shares of the company’s stock valued at $2,009,000 after buying an additional 1,197 shares during the last quarter. Finally, New England Research & Management Inc. purchased a new stake in Constellation Brands in the 3rd quarter valued at $634,000. 72.57% of the stock is owned by institutional investors and hedge funds.
In other Constellation Brands news, Chairman Richard Sands sold 137,924 shares of the firm’s stock in a transaction dated Friday, October 19th. The stock was sold at an average price of $223.66, for a total value of $30,848,081.84. Following the completion of the transaction, the chairman now owns 346,525 shares in the company, valued at approximately $77,503,781.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Robert Sands sold 136,547 shares of the firm’s stock in a transaction dated Friday, October 19th. The stock was sold at an average price of $223.62, for a total value of $30,534,640.14. Following the completion of the transaction, the chief executive officer now owns 737,607 shares of the company’s stock, valued at approximately $164,943,677.34. The disclosure for this sale can be found here. In the last 90 days, insiders sold 578,723 shares of company stock valued at $129,438,449. 15.80% of the stock is owned by corporate insiders.
Constellation Brands (NYSE:STZ) last issued its earnings results on Wednesday, January 9th. The company reported $2.37 EPS for the quarter, topping the consensus estimate of $2.04 by $0.33. Constellation Brands had a return on equity of 17.62% and a net margin of 35.27%. The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter last year, the company earned $2.00 EPS. The firm’s revenue was up 9.5% compared to the same quarter last year. Equities analysts predict that Constellation Brands, Inc. will post 9.2 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 26th. Shareholders of record on Tuesday, February 12th will be paid a $0.74 dividend. The ex-dividend date of this dividend is Monday, February 11th. This represents a $2.96 annualized dividend and a yield of 1.85%. Constellation Brands’s dividend payout ratio is currently 33.94%.
STZ has been the subject of a number of analyst reports. HSBC raised Constellation Brands from a “hold” rating to a “buy” rating in a research report on Monday, January 7th. They noted that the move was a valuation call. Susquehanna Bancshares upgraded Constellation Brands from a “negative” rating to a “neutral” rating and set a $174.00 price objective for the company in a research note on Monday, January 7th. Macquarie dropped coverage on Constellation Brands in a research note on Thursday, January 10th. Jefferies Financial Group restated a “buy” rating and issued a $289.00 price objective on shares of Constellation Brands in a research note on Wednesday, October 17th. Finally, Zacks Investment Research downgraded Constellation Brands from a “buy” rating to a “hold” rating in a research note on Friday, December 7th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $226.80.
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Constellation Brands Company Profile
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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