Constellation Brands Inc (NYSE:STZ) gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. The stock had previously closed at $206.75, but opened at $209.25. Constellation Brands shares last traded at $208.90, with a volume of 775,022 shares.

The company reported $2.47 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.17 by $0.30. The company had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. Constellation Brands had a return on equity of 21.57% and a net margin of 19.94%. The company’s revenue for the quarter was up 3.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.77 EPS.

Several research analysts have commented on the company. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $220.00 price target (up from $188.00) on shares of Constellation Brands in a research report on Friday, June 30th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $220.00 price target (up from $205.00) on shares of Constellation Brands in a research report on Friday, June 30th. UBS AG lifted their price target on Constellation Brands from $162.00 to $176.00 and gave the stock a “neutral” rating in a research report on Friday, June 30th. Stifel Nicolaus lifted their price target on Constellation Brands from $216.00 to $235.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Morgan Stanley lifted their price target on Constellation Brands from $218.00 to $245.00 and gave the stock an “overweight” rating in a research report on Friday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $213.84.

In related news, Director Barry A. Fromberg sold 2,000 shares of the business’s stock in a transaction on Thursday, July 13th. The stock was sold at an average price of $195.93, for a total value of $391,860.00. Following the sale, the director now owns 22,820 shares of the company’s stock, valued at approximately $4,471,122.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Thomas J. Mullin sold 54,834 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $194.50, for a total value of $10,665,213.00. Following the completion of the sale, the vice president now directly owns 86,005 shares in the company, valued at approximately $16,727,972.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 79,351 shares of company stock worth $15,484,172. 15.59% of the stock is owned by insiders.

Hedge funds have recently made changes to their positions in the stock. Oppenheimer Asset Management Inc. boosted its stake in Constellation Brands by 50.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 577 shares of the company’s stock valued at $112,000 after buying an additional 193 shares in the last quarter. Harbour Capital Advisors LLC acquired a new stake in Constellation Brands in the 1st quarter valued at $117,000. North Star Investment Management Corp. boosted its stake in Constellation Brands by 11.6% in the 2nd quarter. North Star Investment Management Corp. now owns 748 shares of the company’s stock valued at $145,000 after buying an additional 78 shares in the last quarter. Hanson McClain Inc. boosted its stake in Constellation Brands by 0.4% in the 2nd quarter. Hanson McClain Inc. now owns 772 shares of the company’s stock valued at $149,000 after buying an additional 3 shares in the last quarter. Finally, Mitsubishi UFJ Securities Holdings Co. Ltd. boosted its stake in Constellation Brands by 609.1% in the 2nd quarter. Mitsubishi UFJ Securities Holdings Co. Ltd. now owns 780 shares of the company’s stock valued at $151,000 after buying an additional 670 shares in the last quarter. 74.96% of the stock is currently owned by institutional investors and hedge funds.

The company’s 50 day moving average is $201.11 and its 200 day moving average is $186.94. The company has a market cap of $41.03 billion, a price-to-earnings ratio of 26.35 and a beta of 0.04. Constellation Brands also was the recipient of unusually large options trading on Wednesday. Traders bought 8,867 put options on the company. This represents an increase of approximately 667% compared to the typical daily volume of 1,156 put options.

TRADEMARK VIOLATION NOTICE: “Constellation Brands Inc (STZ) Shares Gap Up Following Earnings Beat” was published by The Cerbat Gem and is the property of of The Cerbat Gem. If you are reading this piece on another domain, it was copied illegally and republished in violation of US and international trademark and copyright legislation. The legal version of this piece can be read at https://www.thecerbatgem.com/2017/10/07/constellation-brands-inc-stz-shares-gap-up-following-earnings-beat.html.

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.

Receive News & Stock Ratings for Constellation Brands Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Constellation Brands Inc and related stocks with our FREE daily email newsletter.