Bahl & Gaynor Inc. Has $19.75 Million Holdings in Constellation Brands, Inc. (STZ)
Bahl & Gaynor Inc. decreased its holdings in Constellation Brands, Inc. (NYSE:STZ) by 32.2% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,584 shares of the company’s stock after selling 43,535 shares during the quarter. Bahl & Gaynor Inc.’s holdings in Constellation Brands were worth $19,747,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of STZ. Jennison Associates LLC raised its stake in Constellation Brands by 344.8% in the 2nd quarter. Jennison Associates LLC now owns 2,101,846 shares of the company’s stock worth $460,031,000 after purchasing an additional 1,629,361 shares in the last quarter. Standard Life Aberdeen plc raised its stake in Constellation Brands by 229.3% in the 2nd quarter. Standard Life Aberdeen plc now owns 748,508 shares of the company’s stock worth $164,208,000 after purchasing an additional 521,174 shares in the last quarter. BlackRock Inc. raised its stake in Constellation Brands by 3.0% in the 2nd quarter. BlackRock Inc. now owns 11,987,700 shares of the company’s stock worth $2,623,747,000 after purchasing an additional 345,735 shares in the last quarter. FMR LLC raised its stake in Constellation Brands by 6.0% in the 2nd quarter. FMR LLC now owns 5,969,243 shares of the company’s stock worth $1,306,489,000 after purchasing an additional 337,338 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Constellation Brands by 17.3% in the 2nd quarter. Bank of America Corp DE now owns 2,001,752 shares of the company’s stock worth $438,124,000 after purchasing an additional 295,598 shares in the last quarter. Institutional investors and hedge funds own 72.26% of the company’s stock.
STZ has been the subject of several analyst reports. Royal Bank of Canada lifted their price objective on shares of Constellation Brands to $300.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 22nd. SunTrust Banks cut shares of Constellation Brands from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $260.00 to $220.00 in a research note on Monday, September 10th. Zacks Investment Research upgraded shares of Constellation Brands from a “sell” rating to a “hold” rating in a research note on Thursday, September 20th. Cann dropped their price objective on shares of Constellation Brands from $234.00 to $226.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Finally, Guggenheim assumed coverage on shares of Constellation Brands in a report on Thursday, September 13th. They issued a “sell” rating and a $177.00 target price on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $246.96.
Constellation Brands (NYSE:STZ) last announced its quarterly earnings results on Thursday, October 4th. The company reported $2.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.60 by $0.27. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.25 billion. Constellation Brands had a net margin of 38.18% and a return on equity of 18.63%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm posted $2.47 EPS. Equities research analysts forecast that Constellation Brands, Inc. will post 9.43 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Tuesday, November 6th were issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 1.52%. The ex-dividend date of this dividend was Monday, November 5th. Constellation Brands’s dividend payout ratio (DPR) is presently 10.67%.
In related news, CEO Robert Sands sold 151,060 shares of Constellation Brands stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $223.67, for a total transaction of $33,787,590.20. Following the sale, the chief executive officer now directly owns 737,607 shares of the company’s stock, valued at approximately $164,980,557.69. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Chairman Richard Sands sold 148,773 shares of Constellation Brands stock in a transaction that occurred on Monday, October 22nd. The shares were sold at an average price of $223.69, for a total transaction of $33,279,032.37. Following the sale, the chairman now directly owns 346,525 shares in the company, valued at $77,514,177.25. The disclosure for this sale can be found here. Insiders have sold a total of 578,723 shares of company stock worth $129,438,449 over the last ninety days. 15.80% of the stock is currently owned by insiders.
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Constellation Brands Company Profile
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. The company sells wine across various categories, including table wine, sparkling wine, and dessert wine. It provides beer primarily under the Corona Extra, Corona Light, Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands, as well as Funky Buddha, Obregon Brewery, and Ballast Point brands.
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