Empire Life Investments Inc. grew its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 0.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 87,913 shares of the company’s stock after buying an additional 707 shares during the quarter. Constellation Brands makes up 1.6% of Empire Life Investments Inc.’s portfolio, making the stock its 24th largest position. Empire Life Investments Inc.’s holdings in Constellation Brands were worth $20,094,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of STZ. Bessemer Group Inc. raised its holdings in shares of Constellation Brands by 153.1% in the 4th quarter. Bessemer Group Inc. now owns 529 shares of the company’s stock valued at $121,000 after purchasing an additional 320 shares during the period. Cerebellum GP LLC bought a new stake in shares of Constellation Brands in the 4th quarter valued at about $134,000. Trustcore Financial Services LLC bought a new stake in shares of Constellation Brands in the 4th quarter valued at about $142,000. Valeo Financial Advisors LLC bought a new stake in shares of Constellation Brands in the 3rd quarter valued at about $153,000. Finally, Calton & Associates Inc. bought a new stake in shares of Constellation Brands in the 4th quarter valued at about $153,000. 74.55% of the stock is currently owned by hedge funds and other institutional investors.
Constellation Brands, Inc. (STZ) opened at $230.34 on Monday. Constellation Brands, Inc. has a 52-week low of $156.16 and a 52-week high of $230.35. The stock has a market cap of $44,630.00, a P/E ratio of 27.99, a price-to-earnings-growth ratio of 1.24 and a beta of 0.14. 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 company also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Friday, February 9th were given a dividend of $0.52 per share. The ex-dividend date was Thursday, February 8th. This represents a $2.08 annualized dividend and a dividend yield of 0.90%. Constellation Brands’s dividend payout ratio is 11.30%.
Constellation Brands announced that its board has initiated a stock buyback program 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 programs are often a sign that the company’s management believes its stock is undervalued.
A number of brokerages have recently issued reports on STZ. Zacks Investment Research cut shares of Constellation Brands from a “buy” rating to a “hold” rating in a report on Monday, December 11th. Vetr raised shares of Constellation Brands from a “buy” rating to a “strong-buy” rating and set a $238.15 target price on the stock in a report on Monday, February 12th. SunTrust Banks reaffirmed a “buy” rating and issued a $250.00 target price (up from $230.00) on shares of Constellation Brands in a report on Monday, January 8th. Evercore ISI upped their target price on shares of Constellation Brands from $235.00 to $250.00 and gave the company an “outperform” rating in a report on Friday, January 5th. Finally, BMO Capital Markets began coverage on shares of Constellation Brands in a report on Monday, February 5th. They issued an “outperform” rating and a $275.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $237.77.
In related news, Director Barry A. Fromberg sold 2,005 shares of the stock in a transaction that occurred on Tuesday, January 30th. The shares were sold at an average price of $220.42, for a total transaction of $441,942.10. Following the sale, the director now owns 20,790 shares in the company, valued at approximately $4,582,531.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 15.59% of the company’s stock.
About Constellation Brands
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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