Oak Ridge Investments LLC boosted its stake in Constellation Brands, Inc. (NYSE:STZ) by 10.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 3,977 shares of the company’s stock after purchasing an additional 384 shares during the period. Oak Ridge Investments LLC’s holdings in Constellation Brands were worth $907,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently modified their holdings of the business. E Fund Management Co. Ltd. bought a new position in Constellation Brands during the first quarter valued at about $68,000. Norinchukin Bank The boosted its stake in Constellation Brands by 1.7% during the first quarter. Norinchukin Bank The now owns 14,109 shares of the company’s stock valued at $3,217,000 after buying an additional 238 shares in the last quarter. Brinker Capital Investments LLC bought a new position in Constellation Brands during the first quarter valued at about $702,000. Linscomb & Williams Inc. boosted its stake in Constellation Brands by 6.4% during the first quarter. Linscomb & Williams Inc. now owns 11,636 shares of the company’s stock valued at $2,653,000 after buying an additional 698 shares in the last quarter. Finally, Sciencast Management LP boosted its stake in Constellation Brands by 166.6% during the first quarter. Sciencast Management LP now owns 6,103 shares of the company’s stock valued at $1,359,000 after buying an additional 3,814 shares in the last quarter. 70.60% of the stock is currently owned by hedge funds and other institutional investors.
STZ opened at $237.17 on Friday. Constellation Brands, Inc. has a fifty-two week low of $160.63 and a fifty-two week high of $244.75. The business’s 50-day moving average price is $236.26. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.40 and a quick ratio of 1.38. The stock has a market cap of $46.02 billion, a P/E ratio of 23.30, a PEG ratio of 4.08 and a beta of 1.20.
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 18th. Stockholders of record on Tuesday, May 4th were paid a dividend of $0.76 per share. The ex-dividend date was Monday, May 3rd. This is an increase from Constellation Brands’s previous quarterly dividend of $0.75. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.28%. Constellation Brands’s dividend payout ratio (DPR) is 9.33%.
In related news, CEO William A. Newlands sold 27,327 shares of the firm’s stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $239.19, for a total value of $6,536,345.13. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director James A. Jr. Sabia sold 12,120 shares of the firm’s stock in a transaction that occurred on Tuesday, May 25th. The shares were sold at an average price of $239.05, for a total value of $2,897,286.00. Following the completion of the transaction, the director now directly owns 58,044 shares in the company, valued at $13,875,418.20. The disclosure for this sale can be found here. Insiders have sold a total of 49,999 shares of company stock valued at $11,986,684 over the last ninety days. Company insiders own 15.77% of the company’s stock.
Several research analysts recently weighed in on the company. Royal Bank of Canada raised their target price on Constellation Brands from $262.00 to $300.00 and gave the company a “sector perform” rating in a research note on Monday, May 17th. MKM Partners decreased their price target on Constellation Brands from $219.00 to $216.00 and set a “neutral” rating for the company in a research report on Friday, April 9th. Evercore ISI reiterated a “buy” rating on shares of Constellation Brands in a research report on Sunday, June 6th. OTR Global upgraded Constellation Brands from a “negative” rating to a “positive” rating in a research report on Friday, March 19th. Finally, Sanford C. Bernstein started coverage on Constellation Brands in a research report on Monday, May 24th. They issued an “outperform” rating and a $305.00 price target for the company. Ten analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Constellation Brands currently has an average rating of “Buy” and a consensus target price of $244.50.
About Constellation Brands
Constellation Brands, Inc, together with its subsidiaries, produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. It provides beer primarily under the Corona Extra, Corona Premier, Corona Familiar, Corona Light, Corona Refresca, Corona Hard Seltzer, Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands.
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