Constellation Brands found strong growth from its beer brands
The stock shot up to an all-time high of $149 on Thursday after reporting robust third-quarter fiscal 2016 results, earning $1.42 a share on $164 billion revenue.
The Victor, New York-based company said it had profit of $1.33 per share.
The company had previously forecast adjusted earnings of $5-$5.20 per share and beer net sales growth of about 10 percent.
Sales were up 6 percent to $1.64 billion, from $1.54 billion.
Constellation expects to see benefits from the Ballast Point acquisition starting in 2017, when the brewery is anticipated to boost earnings by five cents to six cents a share. The continued popularity of Mexican beer brands Corona and Modelo, which Constellation imports into the USA, helped increase its beer sales by 8 percent over the same period from the previous year. The stock has climbed 44 percent in the last 12 months. During the same period in the prior year, the firm earned $1.23 earnings per share. Finally, Cowen and Company reaffirmed an outperform rating and issued a $170.00 price target on shares of Constellation Brands in a report on Sunday, December 13th.
A number of other brokerages also recently issued reports on STZ. Stifel Nicolaus upped their target price on Constellation Brands from $153.00 to $162.00 and gave the stock a "buy" rating in a research note on Friday, December 11th. Vetr upgraded Constellation Brands from a "hold" rating to a "buy" rating and set a $142.67 target price on the stock in a research note on Monday, October 12th. Stockholders of record on Tuesday, February 9th will be paid a $0.31 dividend. RBC Capital upped their target price on Constellation Brands from $148.00 to $165.00 and gave the stock an "outperform" rating in a research note on Wednesday, December 16th. This represents a $1.24 dividend on an annualized basis and a dividend yield of 0.83%. Finally, Argus lifted their price objective on shares of Constellation Brands from $154.00 to $166.00 and gave the company a "buy" rating in a research note on Monday, December 7th. The stock now has an average rating of Buy and a consensus price target of $146.45. It is a multi-category supplier (NYSE:STZ) of beverage alcohol in the United States.
Longest standoff in USA history ended after Texas man facing felony charges
Gray did not step off his property for almost 15 years. "It wasn't worth it", Henderson County Sheriff Ray Nutt told WFAA News . During the standoff, Gray decorated his property with paranoid anti-government signs such as, "vaccines equal annihilation".
