filings.toolsItem 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
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Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
Our Class A Common Stock and Class B Common Stock trade on the New York Stock Exchange® (“NYSE”) under the symbols STZ and STZ.B, respectively. There is no public trading market for our Class 1 Common Stock. The following table sets forth, for the periods indicated, the high and low sales prices of our Class A Common Stock and Class B Common Stock as reported on the NYSE, and cash dividends declared for those classes of common stock. For all periods presented, the cash dividends declared for our Class 1 Common Stock are the same as those declared for our Class B Common Stock.
| Fiscal 2018 | Fiscal 2017 | ||||||||||||||||||||||
| High | Low | Dividends | High | Low | Dividends | ||||||||||||||||||
| Class A Common Stock | |||||||||||||||||||||||
| 1st Quarter | $ | 186.06 | $ | 155.11 | $ | 0.52 | $ | 165.81 | $ | 137.85 | $ | 0.40 | |||||||||||
| 2nd Quarter | $ | 200.64 | $ | 176.21 | $ | 0.52 | $ | 168.68 | $ | 149.26 | $ | 0.40 | |||||||||||
| 3rd Quarter | $ | 227.20 | $ | 197.32 | $ | 0.52 | $ | 173.55 | $ | 146.90 | $ | 0.40 | |||||||||||
| 4th Quarter | $ | 229.50 | $ | 204.60 | $ | 0.52 | $ | 162.48 | $ | 144.00 | $ | 0.40 | |||||||||||
| Class B Common Stock | |||||||||||||||||||||||
| 1st Quarter | $ | 182.10 | $ | 156.97 | $ | 0.47 | $ | 162.68 | $ | 140.00 | $ | 0.36 | |||||||||||
| 2nd Quarter | $ | 199.16 | $ | 180.00 | $ | 0.47 | $ | 171.00 | $ | 151.60 | $ | 0.36 | |||||||||||
| 3rd Quarter | $ | 221.28 | $ | 198.11 | $ | 0.47 | $ | 175.50 | $ | 150.91 | $ | 0.36 | |||||||||||
| 4th Quarter | $ | 229.27 | $ | 205.48 | $ | 0.47 | $ | 161.91 | $ | 147.95 | $ | 0.36 |
At April 17, 2018, the number of holders of record of our Class A Common Stock, Class B Common Stock and Class 1 Common Stock were 553, 100 and 4, respectively.
In April 2015, our Board of Directors approved the initiation of a dividend program under which we paid quarterly cash dividends during Fiscal 2018, Fiscal 2017 and Fiscal 2016. Prior to Fiscal 2016, we had not paid any cash dividends on our common stock since our initial public offering in 1973 as we had retained all earnings to finance the development and expansion of our business. On March 28, 2018, we declared an increased regular quarterly cash dividend of $0.74 per share of Class A Common Stock, $0.67 per share of Class B Common Stock and $0.67 per share of Class 1 Common Stock payable on May 24, 2018, to stockholders of record of each class on May 10, 2018.
We currently expect to continue to pay a regular quarterly cash dividend to stockholders of our common stock in the future, but such payments are subject to approval of our Board of Directors and are dependent upon our financial condition, results of operations, capital requirements and other factors, including those set forth under Item 1A “Risk Factors” of this Annual Report on Form 10-K. In addition, the terms of our 2017 Credit Agreement may restrict the payment of cash dividends on our common stock under certain circumstances. Any indentures for debt securities issued in the future, the terms of any preferred stock issued in the future and any credit agreements entered into in the future may also restrict or prohibit the payment of cash dividends on our common stock.
ISSUER PURCHASES OF EQUITY SECURITIES
| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program (1) (2) (3) | ||||||||||
| December 1 – 31, 2017 | — | $ | — | — | $ | 307,696,518 | ||||||||
| January 1 – 31, 2018 | 1,854,109 | $ | 219.30 | 1,854,109 | $ | 2,901,088,168 | ||||||||
| February 1 – 28, 2018 | 1,832,468 | $ | 214.31 | 1,832,468 | $ | 2,508,369,668 | ||||||||
| Total | 3,686,577 | $ | 216.82 | 3,686,577 |
| (1) | In November 2016, we announced that our Board of Directors authorized the repurchase of up to an aggregate amount of $1.0 billion of our Class A Common Stock and Class B Convertible Common Stock under the 2017 Authorization. The Board of Directors did not specify a date upon which the 2017 Authorization would expire. In January 2018, we utilized the remaining $307.7 million available under the 2017 Authorization to repurchase 1,406,710 shares of Class A Common Stock at an average cost of $218.73 per share, through open market transactions, thereby completing the 2017 Authorization. |
| (2) | In January 2018, we announced that our Board of Directors authorized the repurchase of up to an aggregate amount of $3.0 billion of our Class A Common Stock and Class B Convertible Common Stock under the 2018 Authorization. The Board of Directors did not specify a date upon which the 2018 Authorization would expire. |
| (3) | Subsequent to February 28, 2018, we repurchased 93,287 shares of Class A Common Stock pursuant to the 2018 Authorization at an average cost of $227.06 per share through open market transactions. |
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