Patten & Patten Inc. TN cut its position in shares of Constellation Brands, Inc. (NYSE:STZ) by 14.1% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 75,567 shares of the company’s stock after selling 12,377 shares during the period. Constellation Brands comprises 1.7% of Patten & Patten Inc. TN’s portfolio, making the stock its 10th biggest position. Patten & Patten Inc. TN’s holdings in Constellation Brands were worth $17,272,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. raised its position in shares of Constellation Brands by 50.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 577 shares of the company’s stock worth $112,000 after acquiring an additional 193 shares in the last quarter. Valeo Financial Advisors LLC bought a new position in shares of Constellation Brands in the 3rd quarter worth $153,000. MPS Loria Financial Planners LLC bought a new position in shares of Constellation Brands in the 2nd quarter worth $157,000. BB&T Investment Services Inc. bought a new position in shares of Constellation Brands in the 2nd quarter worth $179,000. Finally, Mackenzie Financial Corp bought a new position in shares of Constellation Brands in the 3rd quarter worth $202,000. 75.26% of the stock is owned by institutional investors and hedge funds.
Constellation Brands, Inc. (STZ) traded up $0.43 during trading on Monday, reaching $218.71. The company’s stock had a trading volume of 313,732 shares, compared to its average volume of 3,264,523. The company has a current ratio of 1.40, a quick ratio of 0.54 and a debt-to-equity ratio of 1.01. The stock has a market cap of $42,800.00, a P/E ratio of 26.57, a PEG ratio of 1.34 and a beta of 0.08. Constellation Brands, Inc. has a twelve month low of $146.99 and a twelve month high of $229.50.
Constellation Brands (NYSE:STZ) last posted its quarterly earnings results on Friday, January 5th. The company reported $2.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.13. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $1.87 billion. Constellation Brands had a return on equity of 22.04% and a net margin of 22.55%. During the same quarter in the previous year, the business earned $1.96 EPS. analysts expect that Constellation Brands, Inc. will post 8.53 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 9th will be paid a dividend of $0.52 per share. The ex-dividend date is Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 0.95%. Constellation Brands’s payout ratio is presently 25.27%.
Constellation Brands announced that its board has authorized a stock buyback plan on Friday, January 5th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
Several research firms have recently commented on STZ. Evercore ISI boosted their price target on Constellation Brands from $235.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, January 5th. SunTrust Banks reissued a “buy” rating and issued a $230.00 price target on shares of Constellation Brands in a research report on Friday, October 6th. Pivotal Research boosted their price target on Constellation Brands from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, October 5th. Morgan Stanley upped their target price on Constellation Brands from $218.00 to $245.00 and gave the company an “overweight” rating in a research report on Friday, October 6th. Finally, Citigroup reaffirmed a “neutral” rating and set a $232.00 target price (up from $211.00) on shares of Constellation Brands in a research report on Monday, October 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $229.00.
In other Constellation Brands news, VP Thomas J. Mullin sold 18,227 shares of the business’s stock in a transaction dated Wednesday, November 8th. The stock was sold at an average price of $217.01, for a total transaction of $3,955,441.27. Following the sale, the vice president now owns 72,924 shares in the company, valued at approximately $15,825,237.24. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 15.59% of the stock is currently owned by 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.
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