Wetherby Asset Management Inc. Purchases 513 Shares of Constellation Brands Inc (STZ)
Wetherby Asset Management Inc. boosted its stake in shares of Constellation Brands Inc (NYSE:STZ) by 25.8% during the second quarter, Holdings Channel reports. The firm owned 2,502 shares of the company’s stock after buying an additional 513 shares during the period. Wetherby Asset Management Inc.’s holdings in Constellation Brands were worth $485,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Huntington National Bank increased its stake in shares of Constellation Brands by 0.8% in the first quarter. Huntington National Bank now owns 191,787 shares of the company’s stock valued at $31,083,000 after buying an additional 1,443 shares during the period. Barometer Capital Management Inc. purchased a new stake in shares of Constellation Brands during the first quarter valued at about $130,000. DnB Asset Management AS increased its stake in shares of Constellation Brands by 28.2% in the first quarter. DnB Asset Management AS now owns 24,127 shares of the company’s stock valued at $3,910,000 after buying an additional 5,300 shares during the period. Palisade Capital Management LLC NJ increased its stake in shares of Constellation Brands by 29.5% in the first quarter. Palisade Capital Management LLC NJ now owns 51,695 shares of the company’s stock valued at $8,378,000 after buying an additional 11,761 shares during the period. Finally, Lodestar Investment Counsel LLC IL increased its stake in shares of Constellation Brands by 4.3% in the first quarter. Lodestar Investment Counsel LLC IL now owns 1,958 shares of the company’s stock valued at $317,000 after buying an additional 81 shares during the period. 76.14% of the stock is owned by institutional investors.
Shares of Constellation Brands Inc (NYSE:STZ) opened at 195.65 on Friday. Constellation Brands Inc has a 52 week low of $144.00 and a 52 week high of $199.89. The company’s 50 day moving average is $193.61 and its 200-day moving average is $174.46. The company has a market capitalization of $38.21 billion, a PE ratio of 24.54 and a beta of 0.06.
Constellation Brands (NYSE:STZ) last posted its quarterly earnings data on Thursday, June 29th. The company reported $2.34 EPS for the quarter, topping analysts’ consensus estimates of $1.98 by $0.36. The company had revenue of $1.94 billion for the quarter, compared to analyst estimates of $1.95 billion. Constellation Brands had a return on equity of 21.57% and a net margin of 19.94%. The business’s revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.54 earnings per share. On average, analysts expect that Constellation Brands Inc will post $8.17 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 23rd. Shareholders of record on Wednesday, August 9th will be paid a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 1.06%. The ex-dividend date is Monday, August 7th. Constellation Brands’s dividend payout ratio is currently 26.03%.
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Several brokerages have issued reports on STZ. Wells Fargo & Company reaffirmed an “outperform” rating and issued a $216.00 price objective (up previously from $215.00) on shares of Constellation Brands in a research report on Saturday, July 22nd. Goldman Sachs Group, Inc. (The) downgraded shares of Constellation Brands from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $212.00 to $210.00 in a research report on Monday, July 24th. BidaskClub raised shares of Constellation Brands from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 12th. Royal Bank Of Canada reissued a “buy” rating and set a $220.00 price target on shares of Constellation Brands in a research report on Wednesday, August 2nd. Finally, Morgan Stanley reissued an “overweight” rating and set a $218.00 price target on shares of Constellation Brands in a research report on Monday, July 10th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Constellation Brands currently has a consensus rating of “Buy” and an average target price of $200.53.
In other Constellation Brands news, VP Thomas Michael Kane sold 4,940 shares of the business’s stock in a transaction on Friday, July 7th. The stock was sold at an average price of $193.28, for a total value of $954,803.20. Following the transaction, the vice president now owns 8,914 shares of the company’s stock, valued at $1,722,897.92. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Christopher Stenzel sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 19th. The shares were sold at an average price of $196.75, for a total value of $983,750.00. Following the transaction, the executive vice president now directly owns 39,721 shares in the company, valued at approximately $7,815,106.75. The disclosure for this sale can be found here. In the last three months, insiders sold 95,601 shares of company stock worth $18,586,986. Insiders own 15.59% of the company’s stock.
About Constellation Brands
Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer, wine and spirits with operations in the United States, Canada, Mexico, New Zealand and Italy. 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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