CIBC Asset Management Inc Has $4.73 Million Stock Holdings in Constellation Brands Inc $STZ

Key Points

• CIBC Asset Management increased its stake in Constellation Brands by 54% in the fourth quarter, ending with 34,314 shares valued at about $4.73 million.
• Constellation Brands reported quarterly earnings of $1.90 per share, beating expectations, while revenue came in at $1.92 billion despite an 11.3% decline from a year earlier.
• The company raised its quarterly dividend to $1.03 per share, and analysts currently hold a Moderate Buy consensus with a price target of about $175.26.

CIBC Asset Management Inc raised its position in Constellation Brands Inc (NYSE:STZ - Free Report) by 54.0% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,314 shares of the company's stock after buying an additional 12,036 shares during the quarter. CIBC Asset Management Inc's holdings in Constellation Brands were worth $4,734,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Stance Capital LLC acquired a new position in Constellation Brands in the 3rd quarter valued at $26,000. GoalVest Advisory LLC acquired a new position in Constellation Brands in the 4th quarter valued at $28,000. Elyxium Wealth LLC acquired a new position in Constellation Brands in the 4th quarter valued at $33,000. Mowery & Schoenfeld Wealth Management LLC acquired a new position in Constellation Brands in the 4th quarter valued at $39,000. Finally, Bruce G. Allen Investments LLC grew its holdings in Constellation Brands by 74.9% in the 4th quarter. Bruce G. Allen Investments LLC now owns 306 shares of the company's stock valued at $42,000 after buying an additional 131 shares in the last quarter. 77.34% of the stock is owned by institutional investors and hedge funds.

Constellation Brands Stock Performance

NYSE:STZ opened at $141.11 on Friday. The stock has a fifty day moving average price of $150.69 and a 200-day moving average price of $149.41. The company has a market cap of $24.30 billion, a price-to-earnings ratio of 14.71, a PEG ratio of 3.26 and a beta of 0.39. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.55 and a current ratio of 1.08. Constellation Brands Inc has a fifty-two week low of $126.45 and a fifty-two week high of $178.13.

Constellation Brands (NYSE:STZ - Get Free Report) last released its earnings results on Wednesday, April 8th. The company reported $1.90 earnings per share for the quarter, beating analysts' consensus estimates of $1.71 by $0.19. The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.84 billion. Constellation Brands had a return on equity of 26.18% and a net margin of 17.29%.The company's revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.63 EPS. As a group, equities analysts anticipate that Constellation Brands Inc will post 11.87 EPS for the current fiscal year.

Constellation Brands Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 14th. Investors of record on Wednesday, April 29th were given a dividend of $1.03 per share. The ex-dividend date was Wednesday, April 29th. This represents a $4.12 annualized dividend and a dividend yield of 2.9%. This is an increase from Constellation Brands's previous quarterly dividend of $1.02. Constellation Brands's dividend payout ratio is currently 42.96%.

Insider Buying and Selling at Constellation Brands

In related news, EVP James O. Bourdeau sold 4,407 shares of the company's stock in a transaction on Tuesday, May 12th. The stock was sold at an average price of $143.24, for a total transaction of $631,258.68. Following the completion of the sale, the executive vice president directly owned 9,109 shares in the company, valued at $1,304,773.16. This represents a 32.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 12.45% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Morgan Stanley upped their price objective on Constellation Brands from $160.00 to $183.00 and gave the company an "equal weight" rating in a report on Friday, April 10th. TD Cowen upgraded Constellation Brands from a "hold" rating to a "buy" rating and upped their target price for the company from $142.00 to $190.00 in a research report on Monday, April 13th. Evercore set a $175.00 target price on Constellation Brands and gave the company an "outperform" rating in a research report on Friday, April 10th. Wells Fargo & Company upped their target price on Constellation Brands from $180.00 to $185.00 and gave the company an "overweight" rating in a research report on Friday, April 10th. Finally, JPMorgan Chase & Co. upped their target price on Constellation Brands from $155.00 to $163.00 and gave the company a "neutral" rating in a research report on Wednesday, April 1st. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, seven have given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $175.26.

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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