Highland Capital Management LLC Sells 111 Shares of Constellation Brands Inc. (STZ)
Highland Capital Management LLC lowered its position in shares of Constellation Brands Inc. (NYSE:STZ) by 1.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,627 shares of the company’s stock after selling 111 shares during the period. Highland Capital Management LLC’s holdings in Constellation Brands were worth $1,769,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in STZ. Hanson McClain Inc. increased its position in shares of Constellation Brands by 0.3% in the second quarter. Hanson McClain Inc. now owns 764 shares of the company’s stock worth $126,000 after buying an additional 2 shares during the last quarter. Conning Inc. boosted its stake in Constellation Brands by 0.3% in the second quarter. Conning Inc. now owns 2,875 shares of the company’s stock worth $476,000 after buying an additional 10 shares during the period. Investors Capital Advisory Services boosted its stake in Constellation Brands by 0.4% in the second quarter. Investors Capital Advisory Services now owns 3,043 shares of the company’s stock worth $502,000 after buying an additional 12 shares during the period. Quadrant Capital Group LLC boosted its stake in Constellation Brands by 2.1% in the second quarter. Quadrant Capital Group LLC now owns 678 shares of the company’s stock worth $103,000 after buying an additional 14 shares during the period. Finally, Synovus Financial Corp boosted its stake in Constellation Brands by 0.4% in the second quarter. Synovus Financial Corp now owns 3,802 shares of the company’s stock worth $629,000 after buying an additional 16 shares during the period. 73.53% of the stock is currently owned by hedge funds and other institutional investors.
Constellation Brands Inc. (NYSE:STZ) traded down 0.30% during midday trading on Tuesday, hitting $155.80. The stock had a trading volume of 1,338,192 shares. Constellation Brands Inc. has a 12-month low of $130.23 and a 12-month high of $173.55. The firm has a 50-day moving average of $162.05 and a 200-day moving average of $162.03. The company has a market cap of $31.33 billion, a PE ratio of 26.81 and a beta of 0.59.
Constellation Brands (NYSE:STZ) last announced its quarterly earnings results on Wednesday, October 5th. The company reported $1.77 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.65 by $0.12. Constellation Brands had a return on equity of 17.69% and a net margin of 15.64%. The firm earned $2.02 billion during the quarter. During the same quarter in the prior year, the firm earned $1.56 EPS. Constellation Brands’s revenue for the quarter was up 16.6% on a year-over-year basis. Equities research analysts forecast that Constellation Brands Inc. will post $6.45 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 22nd. Investors of record on Tuesday, November 8th were paid a $0.40 dividend. The ex-dividend date was Friday, November 4th. This represents a $1.60 annualized dividend and a dividend yield of 1.03%. Constellation Brands’s dividend payout ratio is presently 27.49%.
A number of analysts recently commented on the company. Zacks Investment Research cut Constellation Brands from a “buy” rating to a “hold” rating in a research report on Monday. RBC Capital Markets reiterated a “buy” rating and set a $183.00 price objective on shares of Constellation Brands in a research report on Wednesday, November 16th. Bank of America Corp. cut Constellation Brands from a “buy” rating to an “underperform” rating and reduced their price objective for the company from $195.00 to $150.00 in a research report on Wednesday, November 9th. Citigroup Inc. reiterated a “neutral” rating and set a $191.00 price objective (up previously from $180.00) on shares of Constellation Brands in a research report on Sunday, October 9th. Finally, Morgan Stanley reiterated an “overweight” rating and set a $194.00 price objective (up previously from $191.00) on shares of Constellation Brands in a research report on Saturday, October 8th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $178.30.
About Constellation Brands
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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