Tocqueville Asset Management L.P. Cuts Stake in Constellation Brands Inc. (STZ)
Tocqueville Asset Management L.P. decreased its stake in Constellation Brands Inc. (NYSE:STZ) by 15.8% during the second quarter, Holdings Channel reports. The firm owned 48,153 shares of the company’s stock after selling 9,045 shares during the period. Tocqueville Asset Management L.P.’s holdings in Constellation Brands were worth $7,965,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nuveen Asset Management LLC increased its position in Constellation Brands by 14.3% in the first quarter. Nuveen Asset Management LLC now owns 207,493 shares of the company’s stock valued at $31,350,000 after buying an additional 25,918 shares during the period. Wellington Management Group LLP bought a new position in Constellation Brands during the first quarter valued at $57,704,000. Redwood Investments LLC bought a new position in Constellation Brands during the second quarter valued at $14,966,000. Natixis increased its position in Constellation Brands by 1,155.2% in the first quarter. Natixis now owns 305,995 shares of the company’s stock valued at $46,233,000 after buying an additional 281,616 shares during the period. Finally, CIBC World Markets Inc. increased its position in Constellation Brands by 42.4% in the second quarter. CIBC World Markets Inc. now owns 76,159 shares of the company’s stock valued at $12,597,000 after buying an additional 22,676 shares during the period. Hedge funds and other institutional investors own 75.05% of the company’s stock.
Constellation Brands Inc. (NYSE:STZ) traded up 0.17% during midday trading on Tuesday, hitting $167.41. 402,983 shares of the stock traded hands. The company has a market cap of $33.66 billion, a PE ratio of 28.80 and a beta of 0.63. Constellation Brands Inc. has a one year low of $130.23 and a one year high of $173.55. The company’s 50-day moving average is $166.19 and its 200-day moving average is $161.35.
Constellation Brands (NYSE:STZ) last posted its quarterly earnings data on Wednesday, October 5th. The company reported $1.77 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.12. The business earned $2.02 billion during the quarter. Constellation Brands had a net margin of 15.64% and a return on equity of 17.69%. The business’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period in the prior year, the firm earned $1.56 EPS. Equities research analysts expect that Constellation Brands Inc. will post $6.37 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 22nd. Stockholders of record on Tuesday, November 8th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 0.96%. The ex-dividend date is Friday, November 4th. Constellation Brands’s dividend payout ratio is presently 27.49%.
A number of analysts have commented on the stock. Citigroup Inc. reiterated a “neutral” rating and issued a $191.00 price objective (up previously from $180.00) on shares of Constellation Brands in a report on Sunday, October 9th. RBC Capital Markets set a $181.00 price objective on shares of Constellation Brands and gave the company a “buy” rating in a report on Wednesday, September 28th. Credit Agricole SA reiterated an “outperform” rating on shares of Constellation Brands in a report on Monday, August 22nd. Bank of America Corp. reiterated a “buy” rating and issued a $185.00 price objective on shares of Constellation Brands in a report on Friday, September 30th. Finally, Zacks Investment Research upgraded shares of Constellation Brands from a “hold” rating to a “buy” rating and set a $186.00 price objective for the company in a report on Friday, September 16th. Five equities research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. Constellation Brands presently has an average rating of “Buy” and an average target price of $181.25.
In related news, VP Thomas J. Mullin sold 9,516 shares of the company’s stock in a transaction that occurred on Thursday, August 25th. The shares were sold at an average price of $166.42, for a total transaction of $1,583,652.72. Following the completion of the transaction, the vice president now owns 88,602 shares of the company’s stock, valued at $14,745,144.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas Michael Kane sold 7,000 shares of the company’s stock in a transaction that occurred on Thursday, July 28th. The stock was sold at an average price of $163.26, for a total transaction of $1,142,820.00. Following the transaction, the vice president now directly owns 8,764 shares of the company’s stock, valued at approximately $1,430,810.64. The disclosure for this sale can be found here. 10.63% of the stock is currently owned by insiders.
Constellation Brands Company Profile
Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer and wine the United States and Canada. Its segments include Beer, Wine and Spirits, and Corporate Operations and Other. It is a multi-category supplier (beer, wine and spirits) of beverage alcohol in the United States.
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