Traynor Capital Management Inc. Raises Position in Constellation Brands Inc (STZ)
Traynor Capital Management Inc. raised its position in shares of Constellation Brands Inc (NYSE:STZ) by 10.1% during the second quarter, Holdings Channel reports. The institutional investor owned 10,973 shares of the company’s stock after buying an additional 1,003 shares during the period. Constellation Brands makes up approximately 1.1% of Traynor Capital Management Inc.’s portfolio, making the stock its 19th largest position. Traynor Capital Management Inc.’s holdings in Constellation Brands were worth $2,133,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in STZ. Harbour Capital Advisors LLC purchased a new stake in shares of Constellation Brands during the first quarter worth about $117,000. North Star Investment Management Corp. boosted its stake in shares of Constellation Brands by 11.6% in the second quarter. North Star Investment Management Corp. now owns 748 shares of the company’s stock worth $145,000 after buying an additional 78 shares during the period. Quadrant Capital Group LLC boosted its stake in shares of Constellation Brands by 3.2% in the first quarter. Quadrant Capital Group LLC now owns 765 shares of the company’s stock worth $115,000 after buying an additional 24 shares during the period. Hanson McClain Inc. boosted its stake in shares of Constellation Brands by 0.3% in the first quarter. Hanson McClain Inc. now owns 769 shares of the company’s stock worth $125,000 after buying an additional 2 shares during the period. Finally, Tompkins Financial Corp boosted its stake in shares of Constellation Brands by 29.4% in the first quarter. Tompkins Financial Corp now owns 770 shares of the company’s stock worth $116,000 after buying an additional 175 shares during the period. 76.14% of the stock is owned by institutional investors and hedge funds.
Constellation Brands Inc (NYSE:STZ) traded up 0.32% during trading on Friday, reaching $195.31. 43,698 shares of the company’s stock traded hands. The company has a 50-day moving average price of $193.29 and a 200 day moving average price of $174.15. The firm has a market capitalization of $38.14 billion, a PE ratio of 24.50 and a beta of 0.06. Constellation Brands Inc has a one year low of $144.00 and a one year high of $199.89.
Constellation Brands (NYSE:STZ) last issued its quarterly earnings results on Thursday, June 29th. The company reported $2.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.98 by $0.36. The business had revenue of $1.94 billion for the quarter, compared to analysts’ expectations of $1.95 billion. Constellation Brands had a net margin of 19.94% and a return on equity of 21.57%. The business’s quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.54 earnings per share. On average, analysts anticipate that Constellation Brands Inc will post $8.17 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, August 23rd. Stockholders of record on Wednesday, August 9th will be given a dividend of $0.52 per share. The ex-dividend date of this dividend is Monday, August 7th. This represents a $2.08 annualized dividend and a dividend yield of 1.07%. Constellation Brands’s dividend payout ratio is presently 26.03%.
A number of analysts have recently issued reports on STZ shares. Vetr cut shares of Constellation Brands from a “hold” rating to a “sell” rating and set a $175.98 price objective for the company. in a research note on Tuesday, May 16th. Zacks Investment Research raised shares of Constellation Brands from a “hold” rating to a “buy” rating and set a $207.00 price objective for the company in a research note on Thursday, June 22nd. Argus increased their price objective on shares of Constellation Brands from $194.00 to $220.00 and gave the stock a “buy” rating in a research note on Wednesday, July 5th. Goldman Sachs Group, Inc. (The) raised shares of Constellation Brands from a “buy” rating to a “conviction-buy” rating and reduced their price objective for the stock from $200.00 to $168.95 in a research note on Monday, April 17th. Finally, Wells Fargo & Company reissued an “outperform” rating and issued a $215.00 price objective (up from $205.00) on shares of Constellation Brands in a research note on Monday, July 3rd. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $200.53.
In other news, EVP Christopher Stenzel sold 5,000 shares of the stock in a transaction dated Wednesday, July 19th. The shares were sold at an average price of $196.75, for a total transaction of $983,750.00. Following the sale, the executive vice president now owns 39,721 shares of the company’s stock, valued at $7,815,106.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Barry A. Fromberg sold 2,000 shares of the stock in a transaction dated Thursday, July 13th. The stock was sold at an average price of $195.93, for a total transaction of $391,860.00. Following the sale, the director now directly owns 22,820 shares in the company, valued at approximately $4,471,122.60. The disclosure for this sale can be found here. Insiders have sold 95,601 shares of company stock worth $18,586,986 in the last three months. Corporate insiders own 15.59% of the company’s stock.
Constellation Brands Company Profile
Constellation Brands, Inc is an international beverage alcohol company. The Company is a producer and marketer of beer, wine and spirits with operations in the United States, Canada, Mexico, New Zealand and Italy. Its segments include Beer, Wine and Spirits, and Corporate Operations and Other. It is a multi-category supplier (beer, wine and spirits) of beverage alcohol in the United States.
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