Wesbanco Bank Inc. raised its stake in Constellation Brands, Inc. (NYSE:STZ) by 1.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 71,551 shares of the company’s stock after acquiring an additional 1,073 shares during the quarter. Wesbanco Bank Inc.’s holdings in Constellation Brands were worth $15,428,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Jennison Associates LLC increased its holdings in shares of Constellation Brands by 344.8% during the second quarter. Jennison Associates LLC now owns 2,101,846 shares of the company’s stock worth $460,031,000 after purchasing an additional 1,629,361 shares during the period. Standard Life Aberdeen plc increased its holdings in shares of Constellation Brands by 229.3% during the second quarter. Standard Life Aberdeen plc now owns 748,508 shares of the company’s stock worth $164,208,000 after purchasing an additional 521,174 shares during the period. BlackRock Inc. increased its holdings in shares of Constellation Brands by 3.0% during the second quarter. BlackRock Inc. now owns 11,987,700 shares of the company’s stock worth $2,623,747,000 after purchasing an additional 345,735 shares during the period. FMR LLC increased its holdings in shares of Constellation Brands by 6.0% during the second quarter. FMR LLC now owns 5,969,243 shares of the company’s stock worth $1,306,489,000 after purchasing an additional 337,338 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Constellation Brands by 17.3% during the second quarter. Bank of America Corp DE now owns 2,001,752 shares of the company’s stock worth $438,124,000 after purchasing an additional 295,598 shares during the period. 72.26% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Thomas Michael Kane sold 4,419 shares of the business’s stock in a transaction on Friday, October 19th. The shares were sold at an average price of $223.83, for a total value of $989,104.77. Following the transaction, the vice president now owns 8,499 shares in the company, valued at $1,902,331.17. The transaction was disclosed in a document filed 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 on 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 transaction, the chief executive officer now owns 737,607 shares in the company, valued at approximately $164,943,677.34. The disclosure for this sale can be found here. In the last quarter, insiders have sold 578,723 shares of company stock worth $129,438,449. 15.80% of the stock is owned by company insiders.
Shares of Constellation Brands stock opened at $191.19 on Wednesday. The company has a market capitalization of $36.64 billion, a price-to-earnings ratio of 21.92, a P/E/G ratio of 1.87 and a beta of 0.08. The company has a current ratio of 1.66, a quick ratio of 0.76 and a debt-to-equity ratio of 0.80. Constellation Brands, Inc. has a fifty-two week low of $187.87 and a fifty-two week high of $236.62.
Constellation Brands (NYSE:STZ) last issued 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. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.25 billion. Constellation Brands had a net margin of 38.18% and a return on equity of 18.63%. Constellation Brands’s revenue was up 10.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.47 earnings per share. Equities analysts anticipate that Constellation Brands, Inc. will post 9.43 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 6th were issued a dividend of $0.74 per share. The ex-dividend date was Monday, November 5th. This represents a $2.96 dividend on an annualized basis and a dividend yield of 1.55%. Constellation Brands’s dividend payout ratio (DPR) is presently 33.94%.
Several brokerages have recently commented on STZ. ValuEngine cut shares of Constellation Brands from a “buy” rating to a “hold” rating in a report on Tuesday, October 23rd. Jefferies Financial Group reaffirmed a “buy” rating and set a $289.00 target price on shares of Constellation Brands in a report on Wednesday, October 17th. Morgan Stanley set a $259.00 target price on shares of Constellation Brands and gave the stock a “buy” rating in a report on Tuesday, October 16th. Zacks Investment Research raised shares of Constellation Brands from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 16th. Finally, Citigroup lifted their price objective on shares of Constellation Brands from $235.00 to $240.00 and gave the company a “hold” rating in a research note on Wednesday, October 10th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $246.96.
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Constellation Brands 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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