E Fund Management Co. Ltd. bought a new position in Constellation Brands, Inc. (NYSE:STZ) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 298 shares of the company’s stock, valued at approximately $68,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Norges Bank purchased a new position in Constellation Brands during the fourth quarter valued at approximately $365,957,000. JPMorgan Chase & Co. grew its position in Constellation Brands by 14.6% during the fourth quarter. JPMorgan Chase & Co. now owns 7,120,717 shares of the company’s stock valued at $1,559,794,000 after purchasing an additional 908,033 shares in the last quarter. AGF Investments Inc. grew its position in Constellation Brands by 25,547.1% during the fourth quarter. AGF Investments Inc. now owns 471,907 shares of the company’s stock valued at $103,371,000 after purchasing an additional 470,067 shares in the last quarter. Vontobel Asset Management Inc. bought a new stake in Constellation Brands in the fourth quarter worth approximately $73,700,000. Finally, Ninety One UK Ltd bought a new stake in Constellation Brands in the fourth quarter worth approximately $63,585,000. Institutional investors and hedge funds own 70.60% of the company’s stock.
Constellation Brands stock traded up $0.81 during trading hours on Thursday, reaching $237.48. 4,269 shares of the company’s stock traded hands, compared to its average volume of 1,135,488. The company has a debt-to-equity ratio of 0.75, a current ratio of 2.40 and a quick ratio of 1.38. Constellation Brands, Inc. has a fifty-two week low of $160.63 and a fifty-two week high of $244.75. The company has a market cap of $46.08 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 4.08 and a beta of 1.20. The business’s 50 day moving average price is $236.11.
The company also recently declared a quarterly dividend, which was paid on Tuesday, May 18th. Investors of record on Tuesday, May 4th were given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.28%. This is an increase from Constellation Brands’s previous quarterly dividend of $0.75. The ex-dividend date of this dividend was Monday, May 3rd. Constellation Brands’s dividend payout ratio (DPR) is currently 9.33%.
STZ has been the subject of several recent research reports. Evercore ISI reissued a “buy” rating on shares of Constellation Brands in a research report on Sunday. Royal Bank of Canada boosted their target price on shares of Constellation Brands from $262.00 to $300.00 and gave the stock a “sector perform” rating in a research report on Monday, May 17th. MKM Partners decreased their target price on shares of Constellation Brands from $219.00 to $216.00 and set a “neutral” rating for the company in a research report on Friday, April 9th. Truist cut shares of Constellation Brands from a “buy” rating to a “hold” rating and set a $240.00 price objective for the company. in a research note on Tuesday, February 16th. Finally, OTR Global upgraded shares of Constellation Brands from a “negative” rating to a “positive” rating in a research note on Friday, March 19th. Ten research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Constellation Brands currently has an average rating of “Buy” and an average price target of $244.50.
In other Constellation Brands news, Director James A. Jr. Sabia sold 12,120 shares of the firm’s stock in a transaction that occurred on Tuesday, May 25th. The shares were sold at an average price of $239.05, for a total transaction of $2,897,286.00. Following the sale, the director now directly owns 58,044 shares in the company, valued at approximately $13,875,418.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO William A. Newlands sold 27,327 shares of the firm’s stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $239.19, for a total transaction of $6,536,345.13. The disclosure for this sale can be found here. Insiders sold a total of 49,999 shares of company stock worth $11,986,684 over the last quarter. 15.77% of the stock is currently owned by corporate insiders.
About Constellation Brands
Constellation Brands, Inc, together with its subsidiaries, produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. It provides beer primarily under the Corona Extra, Corona Premier, Corona Familiar, Corona Light, Corona Refresca, Corona Hard Seltzer, Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands.
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