Assenagon Asset Management S.A. Has $17.04 Million Stake in Constellation Brands Inc $STZ

Key Points

• Assenagon Asset Management increased its stake in Constellation Brands by 85.3% in the first quarter, ending with 113,594 shares valued at about $17.0 million.
• Constellation Brands reported better-than-expected earnings for the quarter, with EPS of $1.90 versus estimates of $1.71 and revenue of $1.92 billion versus expectations of $1.84 billion.
• The company raised its quarterly dividend to $1.03 per share, while analysts remain largely constructive with a consensus rating of Moderate Buy and a price target of $173.

Assenagon Asset Management S.A. raised its position in Constellation Brands Inc (NYSE:STZ - Free Report) by 85.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 113,594 shares of the company's stock after buying an additional 52,304 shares during the quarter. Assenagon Asset Management S.A. owned about 0.07% of Constellation Brands worth $17,039,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in STZ. MV Capital Management Inc. bought a new stake in shares of Constellation Brands during the 4th quarter worth approximately $26,000. Stance Capital LLC acquired a new position in Constellation Brands during the third quarter valued at approximately $26,000. Strive Financial Group LLC acquired a new position in Constellation Brands during the fourth quarter valued at approximately $27,000. GoalVest Advisory LLC bought a new stake in Constellation Brands during the fourth quarter worth $28,000. Finally, Elyxium Wealth LLC bought a new stake in Constellation Brands during the fourth quarter worth $33,000. 77.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP James O. Bourdeau sold 4,407 shares of the company's stock in a transaction that occurred 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 completion of 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 12.20% of the stock is owned by corporate insiders.

Constellation Brands Trading Up 1.3%

NYSE STZ opened at $146.37 on Friday. The company has a market cap of $25.20 billion, a price-to-earnings ratio of 15.26, a price-to-earnings-growth ratio of 4.29 and a beta of 0.39. Constellation Brands Inc has a twelve month low of $126.45 and a twelve month high of $178.13. 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 moving average is $146.88 and its 200 day moving average is $150.29.

Constellation Brands (NYSE:STZ - Get Free Report) last issued its earnings results on Wednesday, April 8th. The company reported $1.90 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.71 by $0.19. The business had revenue of $1.92 billion during the quarter, compared to analysts' expectations of $1.84 billion. Constellation Brands had a return on equity of 26.18% and a net margin of 17.29%.The business's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.63 EPS. As a group, sell-side analysts expect that Constellation Brands Inc will post 11.77 EPS for the current fiscal year.

Constellation Brands Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Wednesday, April 29th were issued a dividend of $1.03 per share. This represents a $4.12 annualized dividend and a dividend yield of 2.8%. This is an increase from Constellation Brands's previous quarterly dividend of $1.02. The ex-dividend date was Wednesday, April 29th. Constellation Brands's dividend payout ratio (DPR) is presently 42.96%.

Analysts Set New Price Targets

A number of brokerages have weighed in on STZ. Deutsche Bank Aktiengesellschaft raised their target price on Constellation Brands from $154.00 to $155.00 and gave the company a "hold" rating in a report on Friday, April 10th. Barclays upped their price objective on Constellation Brands from $151.00 to $170.00 and gave the stock an "equal weight" rating in a research report on Friday, April 10th. Roth Mkm reaffirmed a "buy" rating on shares of Constellation Brands in a research note on Thursday, April 9th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $185.00 price objective on shares of Constellation Brands in a research note on Friday, April 10th. Finally, Morgan Stanley lifted their target price 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. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $173.00.

Key Constellation Brands News

Here are the key news stories impacting Constellation Brands this week:

• Positive Sentiment: RBC said Constellation Brands is likely to post in-line quarterly results and reiterated its outlook, which suggests the company may be on track heading into earnings. Constellation Brands Likely to Report In-Line Quarterly Results, Reiterate Outlook, RBC Says
• Positive Sentiment: TD Cowen reaffirmed its buy rating and set a $174 price target, implying meaningful upside from recent trading levels. Benzinga analyst update
• Positive Sentiment: Needham also reaffirmed a buy rating and raised its price target to $185, signaling continued confidence in the company’s long-term earnings potential. Benzinga analyst update

Constellation Brands Profile

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.

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