Bank of Nova Scotia Sells 2,580 Shares of Constellation Brands Inc (STZ)

Bank of Nova Scotia cut its holdings in shares of Constellation Brands Inc (NYSE:STZ) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 56,455 shares of the company’s stock after selling 2,580 shares during the quarter. Bank of Nova Scotia’s holdings in Constellation Brands were worth $10,934,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Oppenheimer Asset Management Inc. raised its stake in Constellation Brands by 50.3% during the second quarter. Oppenheimer Asset Management Inc. now owns 577 shares of the company’s stock worth $112,000 after purchasing an additional 193 shares during the period. Harbour Capital Advisors LLC purchased a new position in Constellation Brands during the first quarter worth about $117,000. North Star Investment Management Corp. raised its stake in Constellation Brands by 11.6% during the second quarter. North Star Investment Management Corp. now owns 748 shares of the company’s stock worth $145,000 after purchasing an additional 78 shares during the period. Hanson McClain Inc. raised its stake in Constellation Brands by 0.4% during the second quarter. Hanson McClain Inc. now owns 772 shares of the company’s stock worth $149,000 after purchasing an additional 3 shares during the period. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. raised its stake in Constellation Brands by 609.1% during the second quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 780 shares of the company’s stock worth $151,000 after purchasing an additional 670 shares during the period. Hedge funds and other institutional investors own 74.96% of the company’s stock.

Constellation Brands (NYSE:STZ) last issued its quarterly earnings results on Thursday, October 5th. The company reported $2.47 EPS for the quarter, topping the consensus estimate of $2.17 by $0.30. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.06 billion. Constellation Brands had a net margin of 21.47% and a return on equity of 22.81%. Constellation Brands’s revenue for the quarter was up 3.1% compared to the same quarter last year. During the same period in the previous year, the business earned $1.77 earnings per share.

The business also recently declared a quarterly dividend, which will be paid on Tuesday, November 21st. Investors of record on Tuesday, November 7th will be paid a $0.52 dividend. The ex-dividend date is Monday, November 6th. This represents a $2.08 dividend on an annualized basis and a yield of 1.00%. Constellation Brands’s dividend payout ratio is currently 26.03%.

A number of equities analysts have commented on STZ shares. Royal Bank Of Canada reaffirmed a “buy” rating on shares of Constellation Brands in a research note on Friday, June 16th. Goldman Sachs Group, Inc. (The) reaffirmed a “buy” rating and set a $198.00 target price (down from $200.00) on shares of Constellation Brands in a research note on Friday, June 23rd. Morgan Stanley reissued an “overweight” rating and issued a $204.00 price target on shares of Constellation Brands in a research note on Monday, June 26th. Stifel Nicolaus boosted their price target on shares of Constellation Brands from $201.00 to $216.00 and gave the company a “buy” rating in a research note on Friday, June 30th. Finally, J P Morgan Chase & Co reissued an “overweight” rating and issued a $220.00 price target (up from $188.00) on shares of Constellation Brands in a research note on Friday, June 30th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Constellation Brands has an average rating of “Buy” and a consensus target price of $216.00.

In related news, VP Thomas J. Mullin sold 54,834 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $194.50, for a total value of $10,665,213.00. Following the completion of the sale, the vice president now owns 86,005 shares of the company’s stock, valued at approximately $16,727,972.50. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Christopher Stenzel sold 5,000 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 39,721 shares of the company’s stock, valued at approximately $7,815,106.75. The disclosure for this sale can be found here. Insiders sold a total of 77,786 shares of company stock worth $15,251,456 in the last three months. 15.59% of the stock is currently owned by company insiders.

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Constellation Brands Profile

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.

Institutional Ownership by Quarter for Constellation Brands (NYSE:STZ)

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