The Manufacturers Life Insurance Company decreased its position in Constellation Brands, Inc. (NYSE:STZ) by 24.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 918,051 shares of the company’s stock after selling 291,202 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.47% of Constellation Brands worth $209,840,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Bessemer Group Inc. grew 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 buying an additional 320 shares during the period. Cerebellum GP LLC acquired a new position in shares of Constellation Brands in the 4th quarter valued at $134,000. Valeo Financial Advisors LLC acquired a new position in shares of Constellation Brands in the 3rd quarter valued at $153,000. Calton & Associates Inc. bought a new stake in Constellation Brands in the 4th quarter valued at $153,000. Finally, Mackenzie Financial Corp bought a new stake in Constellation Brands in the 3rd quarter valued at $202,000. 75.36% of the stock is owned by institutional investors.
Shares of Constellation Brands, Inc. (NYSE:STZ) opened at $214.00 on Thursday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.54 and a current ratio of 1.40. Constellation Brands, Inc. has a 52-week low of $153.28 and a 52-week high of $229.50. The company has a market cap of $41,620.00, a PE ratio of 26.00, a price-to-earnings-growth ratio of 1.31 and a beta of 0.11.
The firm also recently declared a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Friday, February 9th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Thursday, February 8th. This represents a $2.08 annualized dividend and a yield of 0.97%. Constellation Brands’s dividend payout ratio (DPR) is presently 11.30%.
Constellation Brands announced that its Board of Directors has initiated a share buyback plan on Friday, January 5th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the company to purchase shares of its stock through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.
Several equities research analysts recently commented on STZ shares. Macquarie boosted their price objective on shares of Constellation Brands from $246.00 to $250.00 and gave the company an “outperform” rating in a research report on Wednesday, January 3rd. Zacks Investment Research raised shares of Constellation Brands from a “hold” rating to a “buy” rating and set a $249.00 price objective on the stock in a research report on Monday, December 18th. Royal Bank of Canada reaffirmed a “buy” rating and issued a $226.00 price objective on shares of Constellation Brands in a research report on Sunday, November 12th. Credit Suisse Group boosted their price objective on shares of Constellation Brands from $211.00 to $226.00 and gave the company a “neutral” rating in a research report on Tuesday, January 9th. Finally, Wells Fargo & Co boosted their price objective on shares of Constellation Brands from $235.00 to $260.00 and gave the company an “outperform” rating in a research report on Thursday, January 4th. Five investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company’s stock. Constellation Brands has an average rating of “Buy” and an average price target of $237.77.
In other Constellation Brands news, Director Barry A. Fromberg sold 2,005 shares of the business’s stock in a transaction dated 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 directly owns 20,790 shares of the company’s stock, valued at approximately $4,582,531.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 15.59% of the company’s stock.
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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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