Assenagon Asset Management S.A. increased its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 232.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 56,948 shares of the company’s stock after buying an additional 39,801 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Constellation Brands were worth $11,804,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in STZ. Jennison Associates LLC lifted its position in shares of Constellation Brands by 120.4% during the 2nd quarter. Jennison Associates LLC now owns 2,727,160 shares of the company’s stock worth $537,087,000 after buying an additional 1,490,064 shares during the last quarter. Bank of America Corp DE lifted its position in shares of Constellation Brands by 65.0% during the 2nd quarter. Bank of America Corp DE now owns 3,543,690 shares of the company’s stock worth $697,895,000 after buying an additional 1,395,888 shares during the last quarter. Nuveen Asset Management LLC lifted its position in shares of Constellation Brands by 14,808.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 655,518 shares of the company’s stock worth $129,098,000 after buying an additional 651,121 shares during the last quarter. Invesco Ltd. lifted its position in shares of Constellation Brands by 68.1% during the 2nd quarter. Invesco Ltd. now owns 1,552,996 shares of the company’s stock worth $305,847,000 after buying an additional 629,124 shares during the last quarter. Finally, Westfield Capital Management Co. LP bought a new stake in shares of Constellation Brands during the 2nd quarter worth $111,030,000. Institutional investors and hedge funds own 72.15% of the company’s stock.
In other news, major shareholder Richard Sands sold 95,521 shares of the stock in a transaction dated Friday, August 30th. The stock was sold at an average price of $204.57, for a total value of $19,540,730.97. Following the completion of the sale, the insider now owns 173,379 shares of the company’s stock, valued at $35,468,142.03. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 15.86% of the company’s stock.
A number of equities analysts have issued reports on STZ shares. Barclays reaffirmed a “buy” rating and issued a $238.00 target price on shares of Constellation Brands in a report on Tuesday, July 2nd. HSBC set a $235.00 target price on Constellation Brands and gave the stock a “buy” rating in a report on Tuesday, September 17th. TheStreet cut Constellation Brands from a “b” rating to a “c+” rating in a report on Thursday, October 3rd. BMO Capital Markets upped their target price on Constellation Brands from $225.00 to $230.00 and gave the stock an “outperform” rating in a report on Tuesday, September 17th. Finally, Bank of America set a $221.00 target price on Constellation Brands and gave the stock a “buy” rating in a report on Monday, July 1st. Ten equities research analysts have rated the stock with a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $223.76.
Shares of STZ stock opened at $198.48 on Thursday. The stock has a market cap of $36.98 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 2.89 and a beta of 0.69. The stock has a 50-day moving average of $202.03 and a 200-day moving average of $197.46. The company has a current ratio of 1.61, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. Constellation Brands, Inc. has a 1-year low of $150.37 and a 1-year high of $228.49.
Constellation Brands (NYSE:STZ) last issued its quarterly earnings results on Thursday, October 3rd. The company reported $2.72 earnings per share for the quarter, beating the consensus estimate of $2.60 by $0.12. The company had revenue of $2.34 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Constellation Brands had a return on equity of 14.66% and a net margin of 8.59%. The business’s quarterly revenue was up 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.87 earnings per share. Sell-side analysts forecast that Constellation Brands, Inc. will post 8.45 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Stockholders of record on Friday, November 8th will be paid a $0.75 dividend. The ex-dividend date is Thursday, November 7th. This represents a $3.00 annualized dividend and a dividend yield of 1.51%. Constellation Brands’s payout ratio is 32.33%.
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. It provides beer primarily under the Corona Extra, Corona Light, Corona Premier, Corona Familiar Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands, as well as Funky Buddha, Four Corners, and Ballast Point brands.
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