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Constellation Brands, Inc. (NYSE:STZ) announced Friday that it has filed a prospectus supplement to register the potential resale of up to 21,274,829 shares of its Class A Common Stock by certain selling stockholders. The company stated it will not receive any proceeds from the sale of these shares by the selling stockholders.
According to the statement, the filing was made as part of an automatic shelf registration statement submitted to the Securities and Exchange Commission. The registration covers an unspecified amount of Class A Common Stock, debt securities, and certain other securities.
The company also provided a legal opinion regarding the validity of the shares covered by the prospectus supplement. This information is based on a press release statement included in the SEC filing.
In other recent news, Constellation Brands reported second-quarter earnings per share of $3.63, surpassing TD Cowen’s above-consensus estimate. Despite this earnings beat, TD Cowen lowered its price target for the company to $144.00 from $152.00, maintaining a Hold rating. Meanwhile, Constellation Brands announced the termination of a $500 million credit line with no penalties incurred, initially set to expire in 2025. Simultaneously, the company issued $500 million in senior notes due in 2035, with a public offering price of 99.716% of the principal amount. This move was part of an underwriting agreement with several major financial institutions. Additionally, JPMorgan assumed coverage of Constellation Brands with a Neutral rating and a price target of $153.00, citing long-term potential but acknowledging near-term market challenges. These developments provide investors with a comprehensive view of the company’s recent financial activities and analyst perspectives.
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