Economy

Constellation Brands takes 9.9% stake in Canopy Growth

The transaction is expected to close in November. Constellation Brands had 67 analyst reports since August 27, 2015 according to SRatingsIntel. Cullinan Associates Inc bought 6,364 shares as the company's stock rose 12.77% with the market. The Aperio Group Llc holds 75,853 shares with $14.70 million value, up from 66,732 last quarter. W. E. Donoghue & Co. Rwc Asset Management Llp who had been investing in Constellation Brands Inc for a number of months, seems to be bullish on the $41.47B market cap company. Finally, WFG Advisors LP lifted its holdings in shares of Constellation Brands by 7.3% during the second quarter. The firm purchased 226,675 shares of the company's stock, valued at approximately $43,914,000.

Constellation Brands Inc (NYSE STZ) traded up 0.08% during mid-day trading on Friday, reaching $211.90. About 801,436 shares traded. The company has a 50-day moving average of $166.60 and a 200-day moving average of $162.23.

Constellation Brands (NYSE:STZ) last announced its quarterly earnings results on Thursday, October 5th. The company reported $1.77 earnings per share for the quarter, beating the Thomson Reuters' consensus estimate of $1.65 by $0.12. The business had revenue of $2.08 billion for the quarter, compared to the consensus estimate of $2.06 billion. Jennison Associates LLC boosted its stake in Constellation Brands by 21.7% in the second quarter. The firm's quarterly revenue was up 16.6% compared to the same quarter past year. (NYSE:STZ) were released by: Bloomberg.com and their article: "Sam Adams Suits Constellation's Top-Shelf Deal Tastes" published on October 13, 2017 as well as Seekingalpha.com's news article titled: "Constellation Brands: Keeping The Tap On" with publication date: October 06, 2017. Shareholders of record on Tuesday, November 7th will be given a dividend of $0.52 per share. This represents a $1.60 annualized dividend and a yield of 1.00%. Constellation Brands's dividend payout ratio (DPR) is presently 23.85%. The stock increased 4.26% or $42.25 on October 27, reaching $1033.67. The sale was disclosed in a filing with the SEC, which is available through this link. The shares were sold at an average price of $197.00, for a total transaction of $2,465,849.00. Institutional investors and hedge funds own 74.89% of the company's stock. Following the completion of the sale, the vice president now directly owns 88,602 shares of the company's stock, valued at $14,745,144.84. Insiders own 15.59% of the company's stock.

More notable recent Alphabet Inc (NASDAQ:GOOGL) news were published by: "Finance.Yahoo.com which released: "Go Long Alphabet Inc Stock â€" Even at All Time High Levels" on October 27, 2017, also Nasdaq.com with their article: "Adobe, Tesla, Alphabet Inc., Apple and Amazon highlighted as Zacks Bull and ..." published on October 24, 2017, Seekingalpha.com published: "3 Key Items To Watch Ahead Of Alphabet's Earnings" on October 24, 2017. Argus Research maintained the shares of STZ in report on Monday, January 11 with "Buy" rating. J P Morgan Chase & Co reaffirmed an "overweight" rating and set a $237.00 price target (up from $220.00) on shares of Constellation Brands in a report on Friday, October 6th. Jefferies maintained it with "Sell" rating and $1800 target in Tuesday, June 13 report. On Friday, June 30 the stock rating was maintained by RBC Capital Markets with "Buy". Finally, Morgan Stanley raised their target price on Constellation Brands from $218.00 to $245.00 and gave the company an "overweight" rating in a report on Friday, October 6th.

Among 14 analysts covering ABB Ltd (NYSE:ABB), 7 have Buy rating, 2 Sell and 5 Hold. The company was maintained on Thursday, October 8 by RBC Capital Markets.

ILLEGAL ACTIVITY NOTICE: This story was reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. (NYSE:STZ). Geneva Advsrs Limited Liability reported 0.01% of its portfolio in Constellation Brands, Inc.

This marks a significant change in emphasis for Constellation Brands, which focusses on the beer, wine and spirits market, by marrying the best of both to create a new line of cannabis infused alcoholic drinks.

Constellation Brands is an global producer and marketer of beer, wine and spirits with operations in the US, Mexico, New Zealand, Italy and Canada.



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