Brown-Forman Co. (BF.B) Upgraded by Zacks Investment Research to Hold


Brown-Forman Co. (NYSE:BF.B) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Friday.
According to Zacks, “Brown-Forman started fiscal 2017 on a soft note as earnings for first-quarter missed estimates and fell year over year. While top-line growth was hurt by the persistence of currency headwinds, tough economic conditions in emerging markets and the impact of the sale of Southern Comfort and Tuaca, underlying sales gained from the company's strong portfolio of premium American whiskey brands, along with its Jack Daniel’s trademark. All these led to a downtrend in estimates. Though Brown-Forman anticipates the perils of currency headwinds and unstable emerging market conditions along with an uncertain global economic and geopolitical environment to linger, it remains confident of persistent growth in underlying net sales and operating income in fiscal 2017. The company expects to grow on the back of strong demand for its authentic American whiskey brands worldwide, consumer interest in flavored whiskey and a growing trend in premium spirits.”
Separately, Bank of America Corp. downgraded shares of Brown-Forman from a “neutral” rating to an “underperform” rating in a research note on Wednesday, July 13th. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $104.00.

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Brown-Forman (NYSE:BF.B) last posted its quarterly earnings results on Wednesday, August 31st. The company reported $0.36 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by $0.01. The business had revenue of $856 million for the quarter, compared to analyst estimates of $875.50 million. The firm’s quarterly revenue was down 4.9% on a year-over-year basis. During the same period last year, the business posted $0.75 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Thursday, September 1st will be given a dividend of $0.17 per share. The ex-dividend date of this dividend is Tuesday, August 30th. This represents a $0.68 annualized dividend and a dividend yield of Infinity.
Brown-Forman Company Profile
Brown-Forman Corporation is a spirit and wine company. The Company manufactures, bottles, imports, exports, markets and sells a range of alcoholic beverages. The Company has a portfolio of approximately 40 spirit, wine and ready-to-drink cocktail (RTD) brands. Its principal brands include Jack Daniel’s Tennessee Whiskey, Jack Daniel’s RTDs, Jack Daniel’s Tennessee Honey, Gentleman Jack Rare Tennessee Whiskey, Jack Daniel’s Tennessee Fire, Jack Daniel’s Single Barrel Collection, Jack Daniel’s Sinatra Select, Jack Daniel’s Winter Jack, Jack Daniel’s No.
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