Stifel Nicolaus downgraded shares of Constellation Brands (NYSE:STZ) from a buy rating to a hold rating in a research report released on Monday morning, Marketbeat reports. Stifel Nicolaus currently has $228.00 price objective on the stock, down from their prior price objective of $245.00. The analysts noted that the move was a valuation call.
Several other research firms have also weighed in on STZ. Zacks Investment Research lowered Constellation Brands from a hold rating to a sell rating in a research note on Tuesday, March 13th. Pivotal Research raised their target price on Constellation Brands from $265.00 to $285.00 and gave the stock a buy rating in a research report on Thursday, March 29th. Susquehanna Bancshares set a $207.00 target price on Constellation Brands and gave the stock a hold rating in a research report on Monday, January 1st. SunTrust Banks reaffirmed a buy rating and issued a $260.00 target price on shares of Constellation Brands in a research report on Thursday, March 29th. Finally, Cowen reaffirmed a buy rating and issued a $265.00 target price on shares of Constellation Brands in a research report on Friday, March 30th. Seven analysts have rated the stock with a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Constellation Brands has a consensus rating of Buy and an average price target of $245.77.
STZ opened at $229.93 on Monday. The firm has a market cap of $44,092.08, a PE ratio of 26.37, a P/E/G ratio of 1.28 and a beta of 0.09. The company has a debt-to-equity ratio of 1.17, a current ratio of 1.79 and a quick ratio of 0.71. Constellation Brands has a fifty-two week low of $168.44 and a fifty-two week high of $231.83.
Constellation Brands announced that its Board of Directors has initiated a stock buyback program on Friday, January 5th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the company to purchase shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 24th. Investors of record on Thursday, May 10th will be issued a dividend of $0.74 per share. This represents a $2.96 annualized dividend and a dividend yield of 1.29%. This is a positive change from Constellation Brands’s previous quarterly dividend of $0.52. The ex-dividend date is Wednesday, May 9th. Constellation Brands’s dividend payout ratio (DPR) is currently 10.67%.
In related news, Director Barry A. Fromberg sold 2,005 shares of the stock in a transaction on Tuesday, January 30th. The stock was sold at an average price of $220.42, for a total transaction of $441,942.10. Following the completion of the sale, the director now directly owns 20,790 shares in the company, valued at $4,582,531.80. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Barry A. Fromberg sold 3,000 shares of the stock in a transaction on Monday, April 2nd. The stock was sold at an average price of $229.22, for a total value of $687,660.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,905 shares of company stock valued at $5,218,499. 15.59% of the stock is owned by corporate insiders.
Several large investors have recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in Constellation Brands by 5.6% during the fourth quarter. Geode Capital Management LLC now owns 1,682,164 shares of the company’s stock valued at $383,615,000 after buying an additional 88,681 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Constellation Brands by 11,394.5% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,183,937 shares of the company’s stock valued at $270,612,000 after buying an additional 1,173,637 shares in the last quarter. Swiss National Bank raised its holdings in Constellation Brands by 0.9% during the fourth quarter. Swiss National Bank now owns 772,716 shares of the company’s stock valued at $176,620,000 after buying an additional 6,800 shares in the last quarter. Parametric Portfolio Associates LLC raised its holdings in Constellation Brands by 1.3% during the third quarter. Parametric Portfolio Associates LLC now owns 640,510 shares of the company’s stock valued at $127,750,000 after buying an additional 8,004 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. raised its holdings in Constellation Brands by 4.6% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 586,627 shares of the company’s stock valued at $134,086,000 after buying an additional 25,728 shares in the last quarter. Institutional investors and hedge funds own 74.55% of the company’s stock.
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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. The company sells wine across various categories, including table wine, sparkling wine, and dessert wine. It offers beer primarily under the Corona Extra, Corona Light, Modelo Especial, Modelo Negra, and Pacifico brands; wine under the Black Box, Clos du Bois, Estancia, Franciscan Estate, Inniskillin, Kim Crawford, Mark West, Meiomi, Mount Veeder, Nobilo, Robert Mondavi, Ruffino, Saved, Simi, The Dreaming Tree, The Prisoner, Charles Smith, and Wild Horse brands; and sprits under the SVEDKA vodka, Black Velvet Canadian whisky, Casa Noble tequila, High West craft whisky brands.
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