Jackson Square Partners LLC Invests $395.02 Million in Constellation Brands, Inc. (NYSE:STZ)
Jackson Square Partners LLC acquired a new stake in shares of Constellation Brands, Inc. (NYSE:STZ) during the first quarter, HoldingsChannel.com reports. The fund acquired 2,252,985 shares of the company’s stock, valued at approximately $395,015,000. Constellation Brands accounts for approximately 2.2% of Jackson Square Partners LLC’s holdings, making the stock its 18th largest holding.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in STZ. BlackRock Inc. boosted its stake in shares of Constellation Brands by 14.7% during the first quarter. BlackRock Inc. now owns 13,545,436 shares of the company’s stock valued at $2,374,922,000 after purchasing an additional 1,734,902 shares in the last quarter. Norges Bank bought a new position in shares of Constellation Brands during the fourth quarter valued at approximately $237,135,000. Jennison Associates LLC boosted its stake in Constellation Brands by 185.9% in the first quarter. Jennison Associates LLC now owns 1,237,096 shares of the company’s stock valued at $216,900,000 after acquiring an additional 804,429 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Constellation Brands by 53.3% in the first quarter. Janus Henderson Group PLC now owns 2,120,744 shares of the company’s stock valued at $371,831,000 after acquiring an additional 737,613 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in Constellation Brands by 169.6% in the fourth quarter. Mackenzie Financial Corp now owns 1,093,303 shares of the company’s stock valued at $175,825,000 after acquiring an additional 687,703 shares in the last quarter. Hedge funds and other institutional investors own 70.84% of the company’s stock.
Shares of NYSE STZ traded down $5.08 during midday trading on Wednesday, reaching $189.88. The company had a trading volume of 40,246 shares, compared to its average volume of 2,306,944. The stock has a market cap of $36.89 billion, a P/E ratio of 20.47, a P/E/G ratio of 2.56 and a beta of 0.69. Constellation Brands, Inc. has a 1 year low of $150.37 and a 1 year high of $234.26. The company has a current ratio of 1.16, a quick ratio of 0.49 and a debt-to-equity ratio of 0.92.
The business also recently declared a quarterly dividend, which was paid on Friday, May 24th. Shareholders of record on Friday, May 10th were issued a $0.75 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 1.58%. This is a boost from Constellation Brands’s previous quarterly dividend of $0.74. Constellation Brands’s dividend payout ratio (DPR) is currently 10.02%.
In related news, CMO James A. Jr. Sabia sold 4,275 shares of the firm’s stock in a transaction on Tuesday, May 28th. The shares were sold at an average price of $194.70, for a total transaction of $832,342.50. Following the completion of the transaction, the chief marketing officer now owns 43,494 shares of the company’s stock, valued at $8,468,281.80. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Thomas Michael Kane sold 3,071 shares of the firm’s stock in a transaction on Friday, April 5th. The stock was sold at an average price of $190.08, for a total transaction of $583,735.68. The disclosure for this sale can be found here. In the last ninety days, insiders sold 80,921 shares of company stock valued at $16,404,441. Corporate insiders own 15.86% of the company’s stock.
STZ has been the subject of several recent analyst reports. Credit Suisse Group set a $230.00 target price on shares of Constellation Brands and gave the company a “buy” rating in a research note on Friday, April 5th. Zacks Investment Research upgraded shares of Constellation Brands from a “sell” rating to a “hold” rating in a research note on Monday, March 4th. Morgan Stanley set a $233.00 target price on shares of Constellation Brands and gave the company a “buy” rating in a research note on Thursday, February 14th. Macquarie set a $183.00 target price on shares of Constellation Brands and gave the company a “hold” rating in a research note on Friday, April 5th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Constellation Brands in a research note on Thursday, February 21st. Eleven investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $224.13.
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Constellation Brands 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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