State of Michigan Retirement System boosted its stake in Constellation Brands, Inc. (NYSE:STZ) by 11.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 42,887 shares of the company’s stock after purchasing an additional 4,512 shares during the quarter. State of Michigan Retirement System’s holdings in Constellation Brands were worth $7,503,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently bought and sold shares of the company. Capital Research Global Investors boosted its stake in Constellation Brands by 35.4% during the first quarter. Capital Research Global Investors now owns 12,313,886 shares of the company’s stock valued at $1,765,321,000 after buying an additional 3,217,357 shares during the period. BlackRock Inc. grew its holdings in shares of Constellation Brands by 7.6% during the first quarter. BlackRock Inc. now owns 13,559,391 shares of the company’s stock worth $1,943,874,000 after purchasing an additional 961,594 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Constellation Brands by 32.1% during the first quarter. Wellington Management Group LLP now owns 2,920,282 shares of the company’s stock worth $418,651,000 after purchasing an additional 709,541 shares in the last quarter. Jennison Associates LLC raised its stake in Constellation Brands by 35.1% in the first quarter. Jennison Associates LLC now owns 2,708,253 shares of the company’s stock valued at $388,255,000 after purchasing an additional 702,933 shares in the last quarter. Finally, Girard Partners LTD. raised its stake in Constellation Brands by 1,790.6% in the first quarter. Girard Partners LTD. now owns 510,229 shares of the company’s stock valued at $4,430,000 after purchasing an additional 483,241 shares in the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.
Shares of Constellation Brands stock opened at $178.20 on Friday. The company’s fifty day simple moving average is $179.48 and its two-hundred day simple moving average is $172.76. Constellation Brands, Inc. has a 12-month low of $104.28 and a 12-month high of $212.00. The firm has a market cap of $34.36 billion, a PE ratio of 19.33, a price-to-earnings-growth ratio of 1.96 and a beta of 0.92. The company has a quick ratio of 1.18, a current ratio of 1.94 and a debt-to-equity ratio of 1.02.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Tuesday, August 11th will be given a $0.75 dividend. The ex-dividend date of this dividend is Monday, August 10th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.68%. Constellation Brands’s dividend payout ratio is currently 32.89%.
A number of equities analysts have recently commented on the stock. Guggenheim increased their price target on shares of Constellation Brands from $149.00 to $159.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Deutsche Bank raised their price target on Constellation Brands from $176.00 to $185.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Zacks Investment Research upgraded Constellation Brands from a “hold” rating to a “buy” rating and set a $179.00 price objective for the company in a report on Monday, June 15th. Credit Suisse Group raised their price objective on Constellation Brands from $205.00 to $215.00 and gave the company an “outperform” rating in a report on Thursday, July 2nd. Finally, Cowen upped their target price on Constellation Brands from $160.00 to $205.00 and gave the stock an “outperform” rating in a research note on Monday, June 1st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and fourteen have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $197.32.
In other Constellation Brands news, Chairman Robert Sands sold 90,184 shares of the company’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $181.20, for a total value of $16,341,340.80. Following the completion of the transaction, the chairman now directly owns 644,719 shares in the company, valued at approximately $116,823,082.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Richard Sands sold 638,407 shares of the firm’s stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $180.12, for a total transaction of $114,989,868.84. Following the completion of the sale, the insider now directly owns 249,763 shares of the company’s stock, valued at $44,987,311.56. The disclosure for this sale can be found here. Over the last quarter, insiders sold 1,052,364 shares of company stock worth $189,856,440. Corporate insiders own 15.77% of the company’s stock.
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. It provides beer primarily under the Corona Extra, Corona Light, Corona Premier, Corona Familiar Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands, as well as Funky Buddha, Four Corners, and Ballast Point brands.
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