Constellation Brands just dropped $4 billion on pot. Here’s why that could be a bum deal. [CNBC]
Constellation Brands, Inc. (STZ)
Last constellation brands, inc. earnings: 4/3 07:30 am
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Source: CNBC
Constellation Brands just spent billions on pot. The wine and spirits company increased its investment in cannabis company Canopy Growth by $4 billion. Markets weren't buying it. Constellation's stock plummeted 6 percent on Wednesday in its worst daily performance since January 2017. Here's why the market hates it. They paid $4 billion for a company that was worth $5 billion and got about 38 percent of it, so the market thinks they just sort of paid too much, Boris Schlossberg , managing director of FX strategy at BK Asset Management, told CNBC's Trading Nation on Wednesday. Constellation, which owns the Corona and Modelo beer brands, increased its stake to 38 percent from the 9.9 percent holding it had in October. The deal also includes new warrants that it can use to build a 50 percent stake. Constellation's increased investment priced Canopy's shares at a 51 percent premium to their Tuesday close. The opportunity for a larger footprint in the fast-growing
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News
- With the market oversold, we're buying a geopolitical hedge and an unfairly punished beer stock [MSNBC.com]MSNBC.com
- Constellation Brands, Inc. (NYSE:STZ) Q4 2024 Earnings Call Transcript [Yahoo! Finance]Yahoo! Finance
- Constellation Brands' Continued Beer Strength Offsets Its Wine And Spirits Weakness [Yahoo! Finance]Yahoo! Finance
- Constellation Brands, Inc. (NYSE: STZ) had its price target raised by analysts at Barclays PLC from $294.00 to $295.00. They now have an "overweight" rating on the stock.MarketBeat
- Constellation Brands, Inc. (NYSE: STZ) was upgraded by analysts at Argus from a "hold" rating to a "buy" rating. They now have a $306.00 price target on the stock.MarketBeat
STZ
Earnings
- 4/11/24 - Beat
STZ
Sec Filings
- 4/16/24 - Form 4
- 4/12/24 - Form 144
- 4/12/24 - Form 144
- STZ's page on the SEC website