Huntington National Bank Lowers Stock Holdings in Constellation Brands, Inc. (NYSE:STZ)
Huntington National Bank trimmed its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 32.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 60,832 shares of the company’s stock after selling 29,632 shares during the period. Huntington National Bank’s holdings in Constellation Brands were worth $10,643,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. Trust Investment Advisors lifted its holdings in shares of Constellation Brands by 1.3% during the first quarter. Trust Investment Advisors now owns 5,498 shares of the company’s stock valued at $788,000 after purchasing an additional 68 shares during the last quarter. Enterprise Bank & Trust Co raised its holdings in Constellation Brands by 0.7% in the 2nd quarter. Enterprise Bank & Trust Co now owns 10,544 shares of the company’s stock worth $1,845,000 after acquiring an additional 70 shares during the last quarter. Gateway Investment Advisers LLC raised its holdings in Constellation Brands by 4.4% in the 1st quarter. Gateway Investment Advisers LLC now owns 1,676 shares of the company’s stock worth $240,000 after acquiring an additional 71 shares during the last quarter. Ellevest Inc. raised its holdings in Constellation Brands by 84.1% in the 2nd quarter. Ellevest Inc. now owns 162 shares of the company’s stock worth $28,000 after acquiring an additional 74 shares during the last quarter. Finally, Garner Asset Management Corp raised its holdings in Constellation Brands by 1.5% in the 1st quarter. Garner Asset Management Corp now owns 5,017 shares of the company’s stock worth $719,000 after acquiring an additional 76 shares during the last quarter. Hedge funds and other institutional investors own 71.78% of the company’s stock.
A number of equities research analysts recently commented on the stock. HSBC increased their target price on shares of Constellation Brands from $147.00 to $170.00 and gave the company a “hold” rating in a research report on Thursday, July 2nd. Royal Bank of Canada reissued a “buy” rating and set a $216.00 target price on shares of Constellation Brands in a research report on Thursday, June 4th. Barclays reissued a “buy” rating on shares of Constellation Brands in a research report on Thursday, April 30th. SunTrust Banks reissued a “buy” rating and set a $200.00 target price on shares of Constellation Brands in a research report on Monday, April 6th. Finally, Cfra decreased their price target on shares of Constellation Brands from $200.00 to $140.00 and set a “hold” rating for the company in a report on Friday, April 3rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $197.32.
Constellation Brands (NYSE:STZ) last issued its earnings results on Wednesday, July 1st. The company reported $2.30 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.01 by $0.29. Constellation Brands had a net margin of 0.62% and a return on equity of 15.10%. The firm had revenue of $1.96 billion during the quarter, compared to analysts’ expectations of $1.97 billion. During the same quarter last year, the company posted $2.21 earnings per share. The firm’s revenue was down 6.4% compared to the same quarter last year. On average, equities analysts anticipate that Constellation Brands, Inc. will post 8.88 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Investors of record on Tuesday, August 11th will be given a dividend of $0.75 per share. The ex-dividend date is Monday, August 10th. This represents a $3.00 annualized dividend and a yield of 1.68%. Constellation Brands’s dividend payout ratio is presently 32.89%.
In related news, Chairman Robert Sands sold 90,184 shares of the firm’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $181.20, for a total transaction of $16,341,340.80. Following the sale, the chairman now owns 644,719 shares in the company, valued at $116,823,082.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, major shareholder Richard Sands sold 638,407 shares of the firm’s stock in a transaction on Friday, July 24th. The shares were sold at an average price of $180.12, for a total transaction of $114,989,868.84. Following the sale, the insider now owns 249,763 shares in the company, valued at approximately $44,987,311.56. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,052,364 shares of company stock worth $189,856,440. 15.77% of the stock is owned by company insiders.
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. It provides beer primarily under the Corona Extra, Corona Light, Corona Premier, Corona Familiar Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands, as well as Funky Buddha, Four Corners, and Ballast Point brands.
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