Earnings rose 15.5% to $1.19 a share, a nickel above estimates, on 14% revenue growth to $1.54 billion. The stock closed down 1.21 points or 0.79% at $151.47 with 1,682,009 shares getting traded.
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For fiscal 2017, the beverage maker anticipates $6.05-$6.35 on a comparable basis and $6-$6.30 on a reported basis. The firm now has a “buy” rating on the stock.
Shares of Constellation Brands Inc (NYSE:STZ) advanced to $152.68.
For the 12 months ended February 29, Constellation enjoyed a 9% net sales gain and an 18% jump in operating income.
Shares of Constellation Brands, Inc.
Constellation Brands announced a $285 million deal Wednesday to buy The Prisoner Wine Co. Company shares were Reiterated by Stifel on Jan 8, 2016 to Buy, Raises Price Target to $ 174 from a previous price target of $162. The company’s revenue was up 14.0% compared to the same quarter a year ago.
Constellation Brands Inc (STZ) released a profit for its fourth quarter that gained ground from a year ago. Analysts had expected $1.52 billion in sales.
Constellation also raised its quarterly dividend from $0.31 to $0.40 and said the company is considering an initial public offering for a portion of its Canadian wine business.
With a view to support the future growth of its Mexican beer business, which is now outperforming the USA beer business, the company recently acquired the Ballast Point craft beer, completed a 5 million hectoliter capacity expansion at its Nava brewery and started investing in a new brewery at Mexicali in Mexico. This represents a $1.60 annualized dividend and a dividend yield of 1.06%.
STZ has been the topic of several recent research reports. Wells Fargo started coverage on shares of Constellation Brands in a research report on Tuesday. They set an “overweight” rating and a $155.00 price objective on the stock.
Separately, TheStreet Ratings now has a “Buy” rating on the stock with a letter grade of A+. On Jan 21, 2016, David Eric Klein (Exec Vice Pres. & CFO) sold 30,000 shares at 145.41 per share price. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
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Constellation Brands, Inc.is an worldwide beverage alcohol company. Sales growth in the company’s wine and spirits business is expected to rise in the mid to high single-digit range.
