Allstate Corp Increases Holdings in Constellation Brands Inc $STZ

Allstate Corp lifted its position in Constellation Brands Inc (NYSE:STZ) by 92.8% in the 4th quarter, HoldingsChannel reports. The firm owned 10,866 shares of the company’s stock after purchasing an additional 5,230 shares during the quarter. Allstate Corp’s holdings in Constellation Brands were worth $1,499,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently modified their holdings of STZ. Vanguard Group Inc. raised its position in Constellation Brands by 3.3% during the third quarter. Vanguard Group Inc. now owns 18,202,611 shares of the company’s stock valued at $2,451,346,000 after acquiring an additional 573,766 shares in the last quarter. Capital International Investors raised its position in Constellation Brands by 0.7% during the third quarter. Capital International Investors now owns 4,337,054 shares of the company’s stock valued at $584,135,000 after acquiring an additional 28,036 shares in the last quarter. Grantham Mayo Van Otterloo & Co. LLC raised its position in Constellation Brands by 1.0% during the third quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,710,940 shares of the company’s stock valued at $499,752,000 after acquiring an additional 35,085 shares in the last quarter. Ameriprise Financial Inc. raised its position in Constellation Brands by 76.7% during the third quarter. Ameriprise Financial Inc. now owns 3,126,644 shares of the company’s stock valued at $421,059,000 after acquiring an additional 1,356,903 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in Constellation Brands by 15.5% during the third quarter. Van ECK Associates Corp now owns 2,160,202 shares of the company’s stock valued at $290,915,000 after acquiring an additional 290,701 shares in the last quarter. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

Constellation Brands Stock Down 2.4%

NYSE STZ opened at $138.78 on Friday. Constellation Brands Inc has a 52 week low of $126.45 and a 52 week high of $180.41. The company has a quick ratio of 0.55, a current ratio of 1.08 and a debt-to-equity ratio of 1.16. The business’s fifty day simple moving average is $152.10 and its 200-day simple moving average is $149.14. The firm has a market cap of $23.90 billion, a PE ratio of 14.47, a P/E/G ratio of 3.12 and a beta of 0.43.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings results on Wednesday, April 8th. The company reported $1.90 EPS for the quarter, topping the consensus estimate of $1.71 by $0.19. Constellation Brands had a return on equity of 26.18% and a net margin of 17.29%.The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.84 billion. During the same quarter in the previous year, the firm earned $2.63 EPS. The company’s quarterly revenue was down 11.3% compared to the same quarter last year. As a group, equities analysts anticipate that Constellation Brands Inc will post 11.9 earnings per share for the current year.

Constellation Brands Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Wednesday, April 29th were paid a $1.03 dividend. This is a boost from Constellation Brands’s previous quarterly dividend of $1.02. The ex-dividend date of this dividend was Wednesday, April 29th. This represents a $4.12 annualized dividend and a dividend yield of 3.0%. Constellation Brands’s dividend payout ratio is currently 42.96%.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on STZ shares. TD Cowen upgraded Constellation Brands from a “hold” rating to a “buy” rating and lifted their price target for the company from $142.00 to $190.00 in a research report on Monday, April 13th. Barclays lifted their price target on Constellation Brands from $151.00 to $170.00 and gave the company an “equal weight” rating in a research report on Friday, April 10th. Needham & Company LLC boosted their price objective on Constellation Brands from $180.00 to $185.00 and gave the company a “buy” rating in a research report on Friday, April 10th. Morgan Stanley boosted their price objective on Constellation Brands from $160.00 to $183.00 and gave the company an “equal weight” rating in a research report on Friday, April 10th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $185.00 price objective on shares of Constellation Brands in a research report on Friday, April 10th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $175.26.

Insider Activity at Constellation Brands

In other news, EVP James O. Bourdeau sold 4,407 shares of the company’s stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $143.24, for a total value of $631,258.68. Following the transaction, the executive vice president owned 9,109 shares of the company’s stock, valued at $1,304,773.16. This represents a 32.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 12.45% of the stock is currently owned by company insiders.

About Constellation Brands

Constellation Brands, Inc is a leading producer and marketer of beer, wine and spirits, with operations spanning production, importation, marketing and distribution. The company’s beverage portfolio includes a range of premium and mainstream wines and spirits alongside major imported beer brands; in the U.S. market Constellation is widely known for its role in bringing Mexican imports such as Corona and Modelo to American consumers. Constellation supplies retail, on‑premise and foodservice channels and supports its brands with national sales and marketing platforms and supply‑chain capabilities.

The company traces its roots to the Canandaigua Wine Company, founded by Marvin Sands in 1945, and evolved through organic growth and acquisition into a diversified beverage company.