OLD National Bancorp IN Increases Holdings in Constellation Brands, Inc. (STZ)
OLD National Bancorp IN raised its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 4.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,772 shares of the company’s stock after buying an additional 1,459 shares during the period. OLD National Bancorp IN’s holdings in Constellation Brands were worth $7,262,000 at the end of the most recent quarter.
A number of other hedge funds have also made changes to their positions in the business. Oppenheimer & Co. Inc. increased its holdings in Constellation Brands by 13.5% during the fourth quarter. Oppenheimer & Co. Inc. now owns 30,475 shares of the company’s stock valued at $6,966,000 after buying an additional 3,620 shares during the last quarter. Swiss National Bank increased 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 during the last quarter. Cognios Capital LLC increased its holdings in Constellation Brands by 6.2% during the fourth quarter. Cognios Capital LLC now owns 10,635 shares of the company’s stock valued at $2,429,000 after buying an additional 620 shares during the last quarter. Roffman Miller Associates Inc. PA increased its holdings in Constellation Brands by 69.0% during the fourth quarter. Roffman Miller Associates Inc. PA now owns 9,537 shares of the company’s stock valued at $2,180,000 after buying an additional 3,895 shares during the last quarter. Finally, Decatur Capital Management Inc. purchased a new stake in Constellation Brands during the fourth quarter valued at approximately $7,754,000. 75.45% of the stock is owned by institutional investors and hedge funds.
STZ has been the subject of a number of research reports. Royal Bank of Canada reaffirmed a “buy” rating and set a $226.00 target price on shares of Constellation Brands in a report on Sunday, November 12th. Zacks Investment Research raised shares of Constellation Brands from a “hold” rating to a “buy” rating and set a $249.00 target price for the company in a report on Monday, December 18th. Deutsche Bank initiated coverage on shares of Constellation Brands in a report on Wednesday, December 13th. They set a “buy” rating and a $244.00 target price for the company. Wells Fargo & Co upped their target price on shares of Constellation Brands from $235.00 to $260.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. Finally, Credit Suisse Group upped their target price on shares of Constellation Brands from $211.00 to $226.00 and gave the company a “neutral” rating in a report on Tuesday, January 9th. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $237.77.
Shares of Constellation Brands, Inc. (NYSE STZ) opened at $210.26 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.40 and a quick ratio of 0.54. The stock has a market cap of $40,939.73, a price-to-earnings ratio of 25.36, a PEG ratio of 1.29 and a beta of 0.11. Constellation Brands, Inc. has a 52 week low of $153.28 and a 52 week high of $229.50.
Constellation Brands (NYSE:STZ) last posted its earnings results on Friday, January 5th. The company reported $2.00 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.87 by $0.13. The company had revenue of $1.98 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Constellation Brands had a net margin of 22.55% and a return on equity of 22.04%. During the same period last year, the company posted $1.96 earnings per share. research analysts anticipate that Constellation Brands, Inc. will post 8.53 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Friday, February 9th will be paid 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 0.99%. Constellation Brands’s payout ratio is 22.66%.
Constellation Brands declared that its board has authorized a stock buyback plan on Friday, January 5th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the company to purchase shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
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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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