CIBC Asset Management Inc Sells 978 Shares of Constellation Brands, Inc. (NYSE:STZ)

CIBC Asset Management Inc reduced its stake in Constellation Brands, Inc. (NYSE:STZFree Report) by 4.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 22,321 shares of the company’s stock after selling 978 shares during the period. CIBC Asset Management Inc’s holdings in Constellation Brands were worth $5,396,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of STZ. Norges Bank purchased a new position in shares of Constellation Brands in the fourth quarter worth $443,844,000. Darsana Capital Partners LP increased its position in shares of Constellation Brands by 288.9% in the third quarter. Darsana Capital Partners LP now owns 875,000 shares of the company’s stock valued at $219,914,000 after acquiring an additional 650,000 shares during the period. Boston Partners bought a new position in shares of Constellation Brands during the fourth quarter valued at about $156,358,000. International Assets Investment Management LLC boosted its holdings in shares of Constellation Brands by 24,922.5% during the fourth quarter. International Assets Investment Management LLC now owns 567,010 shares of the company’s stock worth $137,075,000 after purchasing an additional 564,744 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Constellation Brands by 38.3% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,403,495 shares of the company’s stock worth $335,402,000 after purchasing an additional 388,390 shares during the last quarter. Institutional investors own 77.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on STZ shares. HSBC lifted their price objective on Constellation Brands from $290.00 to $300.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. Evercore ISI upped their price objective on shares of Constellation Brands from $300.00 to $310.00 and gave the stock an “outperform” rating in a report on Friday, April 12th. UBS Group lifted their target price on shares of Constellation Brands from $312.00 to $320.00 and gave the company a “buy” rating in a research note on Friday, April 12th. BMO Capital Markets increased their price target on shares of Constellation Brands from $290.00 to $315.00 and gave the stock an “outperform” rating in a research note on Friday, April 12th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $305.00 price objective on shares of Constellation Brands in a research report on Friday, April 12th. Three equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $298.20.

Check Out Our Latest Stock Report on Constellation Brands

Insider Buying and Selling at Constellation Brands

In other Constellation Brands news, EVP Michael Mcgrew sold 3,237 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $255.50, for a total value of $827,053.50. Following the sale, the executive vice president now owns 1,731 shares in the company, valued at $442,270.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Michael Mcgrew sold 3,237 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $255.50, for a total value of $827,053.50. Following the transaction, the executive vice president now owns 1,731 shares of the company’s stock, valued at approximately $442,270.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP James A. Jr. Sabia sold 15,781 shares of the business’s stock in a transaction dated Friday, April 12th. The shares were sold at an average price of $263.63, for a total transaction of $4,160,345.03. Following the completion of the sale, the executive vice president now directly owns 20,910 shares of the company’s stock, valued at $5,512,503.30. The disclosure for this sale can be found here. Insiders sold 48,031 shares of company stock worth $12,582,321 over the last 90 days. Company insiders own 16.19% of the company’s stock.

Constellation Brands Stock Performance

STZ opened at $250.01 on Thursday. The company has a fifty day moving average of $257.54 and a 200 day moving average of $251.30. Constellation Brands, Inc. has a fifty-two week low of $227.50 and a fifty-two week high of $274.87. The stock has a market capitalization of $45.75 billion, a price-to-earnings ratio of 26.65, a PEG ratio of 1.69 and a beta of 0.89. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.53 and a current ratio of 1.19.

Constellation Brands (NYSE:STZGet Free Report) last posted its earnings results on Thursday, April 11th. The company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.16. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.09 billion. Constellation Brands had a return on equity of 23.06% and a net margin of 16.13%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.98 earnings per share. As a group, sell-side analysts forecast that Constellation Brands, Inc. will post 13.54 earnings per share for the current fiscal year.

Constellation Brands Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Friday, May 3rd were issued a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 1.62%. The ex-dividend date was Thursday, May 2nd. This is a positive change from Constellation Brands’s previous quarterly dividend of $0.89. Constellation Brands’s dividend payout ratio (DPR) is 43.07%.

About Constellation Brands

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

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