2023-05-08 13:34:02 ET
Constellation Brands ( NYSE: STZ ) rose 1.8% amid speculation of potential activist involvement after a 13F filing.
A 13F filing from Barclays indicated that Barclays added ~1.9 million shares in Q1, according to bank's latest filing late last week. It's possible that an activist investor may be accumulating the shares through Barclays, Gordon Haskett's Don Bilson highlighted in a note earlier.
The additions from Barclays is noteworthy because prime brokerage sometimes acts as counterparties for activist swap positions.
The Barclays filing is interesting because it comes shortly after the Sands family, which has a 14% stake in Constellation Brands, executed a share class exchange that reduced the family's voting power, Bilson wrote. He doesn't see a high likelihood of any activist given the Sands family's sizeable stake and it's not clear what an activist might push for, besides board seats.
Constellation Brands ( STZ ) reported Q1 results a month ago.
More on Constellation Brands
- Constellation Brands: Beer Business Remains Key Driver
- Constellation Brands Still Gaining Share, But Depletion Volume And Margins Are Still Near-Term Risks
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Constellations Brands gains amid activist speculation after 13F filing