Peapack Gladstone Financial Corp lowered its holdings in Constellation Brands, Inc. (NYSE:STZ - Free Report) by 12.5% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 25,189 shares of the company's stock after selling 3,591 shares during the quarter. Peapack Gladstone Financial Corp's holdings in Constellation Brands were worth $6,492,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of the business. International Assets Investment Management LLC boosted its position in Constellation Brands by 23,184.7% during the third quarter. International Assets Investment Management LLC now owns 499,689 shares of the company's stock valued at $128,765,000 after purchasing an additional 497,543 shares in the last quarter. State Street Corp lifted its position in shares of Constellation Brands by 6.0% during the third quarter. State Street Corp now owns 7,144,428 shares of the company's stock valued at $1,841,048,000 after buying an additional 402,211 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Constellation Brands by 31.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,002,332 shares of the company's stock valued at $257,865,000 after buying an additional 241,982 shares in the last quarter. NFJ Investment Group LLC grew its position in shares of Constellation Brands by 617.3% in the 3rd quarter. NFJ Investment Group LLC now owns 108,382 shares of the company's stock worth $27,929,000 after buying an additional 93,273 shares during the last quarter. Finally, World Investment Advisors LLC raised its stake in shares of Constellation Brands by 4,601.2% during the 3rd quarter. World Investment Advisors LLC now owns 87,771 shares of the company's stock worth $22,618,000 after acquiring an additional 85,904 shares in the last quarter. Hedge funds and other institutional investors own 77.34% of the company's stock.
Constellation Brands Stock Performance
Shares of NYSE STZ traded up $0.21 during trading on Friday, reaching $239.66. 1,077,313 shares of the company traded hands, compared to its average volume of 1,209,297. The stock has a market cap of $43.51 billion, a P/E ratio of 77.56, a PEG ratio of 1.69 and a beta of 0.90. The firm's fifty day simple moving average is $238.99 and its 200 day simple moving average is $246.02. The company has a current ratio of 1.25, a quick ratio of 0.53 and a debt-to-equity ratio of 1.31. Constellation Brands, Inc. has a 12-month low of $224.76 and a 12-month high of $274.87.
Constellation Brands (NYSE:STZ - Get Free Report) last announced its quarterly earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.08 by $0.24. The company had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.95 billion. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. Constellation Brands's revenue for the quarter was up 2.9% on a year-over-year basis. During the same period in the previous year, the company posted $3.70 earnings per share. As a group, research analysts anticipate that Constellation Brands, Inc. will post 13.57 earnings per share for the current fiscal year.
Constellation Brands Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th were issued a $1.01 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $4.04 dividend on an annualized basis and a yield of 1.69%. Constellation Brands's payout ratio is 130.74%.
Insiders Place Their Bets
In other Constellation Brands news, Director Robert Sands sold 119,274 shares of the firm's stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $242.37, for a total value of $28,908,439.38. Following the transaction, the director now owns 431,729 shares in the company, valued at approximately $104,638,157.73. This trade represents a 21.65 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO William A. Newlands sold 7,426 shares of the company's stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $237.24, for a total transaction of $1,761,744.24. Following the sale, the chief executive officer now directly owns 7,274 shares of the company's stock, valued at $1,725,683.76. The trade was a 50.52 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 189,956 shares of company stock worth $46,058,091. Company insiders own 12.19% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the stock. Morgan Stanley lowered their target price on shares of Constellation Brands from $305.00 to $280.00 and set an "overweight" rating for the company in a research note on Monday, August 26th. Roth Mkm reissued a "buy" rating and issued a $298.00 price objective on shares of Constellation Brands in a research report on Friday, October 4th. Barclays reduced their target price on Constellation Brands from $309.00 to $300.00 and set an "overweight" rating on the stock in a research report on Monday, October 7th. Needham & Company LLC started coverage on Constellation Brands in a report on Friday, December 6th. They issued a "buy" rating and a $280.00 price target for the company. Finally, TD Cowen lowered Constellation Brands from a "buy" rating to a "hold" rating and dropped their price target for the stock from $300.00 to $270.00 in a research note on Tuesday, October 8th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $288.70.
Check Out Our Latest Stock Report on STZ
Constellation Brands Profile
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Free Report)
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. The company provides beer primarily under the Corona Extra, Corona Familiar, Corona Hard Seltzer, Corona Light, Corona Non-Alcoholic, Corona Premier, Corona Refresca, Modelo Especial, Modelo Chelada, Modelo Negra, Modelo Oro, Victoria, Vicky Chamoy, and Pacifico brands.
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