Truist Financial Corp reduced its stake in Constellation Brands, Inc. (NYSE:STZ – Get Rating) by 4.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 38,895 shares of the company’s stock after selling 1,615 shares during the quarter. Truist Financial Corp’s holdings in Constellation Brands were worth $9,064,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Constellation Brands by 2.6% during the 1st quarter. Vanguard Group Inc. now owns 12,601,280 shares of the company’s stock worth $2,902,327,000 after buying an additional 313,344 shares during the last quarter. BlackRock Inc. raised its position in Constellation Brands by 1.2% during the 1st quarter. BlackRock Inc. now owns 11,738,986 shares of the company’s stock worth $2,703,724,000 after buying an additional 140,074 shares during the last quarter. Capital World Investors raised its position in Constellation Brands by 4.5% during the 1st quarter. Capital World Investors now owns 9,203,388 shares of the company’s stock worth $2,119,724,000 after buying an additional 392,964 shares during the last quarter. Bank of America Corp DE raised its position in Constellation Brands by 8.0% during the 1st quarter. Bank of America Corp DE now owns 2,376,746 shares of the company’s stock worth $547,412,000 after buying an additional 176,991 shares during the last quarter. Finally, American Century Companies Inc. raised its position in Constellation Brands by 0.7% during the 1st quarter. American Century Companies Inc. now owns 1,849,820 shares of the company’s stock worth $426,051,000 after buying an additional 12,772 shares during the last quarter. 73.86% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities analysts have issued reports on STZ shares. JPMorgan Chase & Co. raised their price target on shares of Constellation Brands from $263.00 to $287.00 and gave the stock an “overweight” rating in a research report on Thursday, September 15th. Morgan Stanley lifted their target price on shares of Constellation Brands from $294.00 to $298.00 and gave the company an “overweight” rating in a report on Tuesday, June 21st. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Constellation Brands from $241.00 to $243.00 and gave the company a “hold” rating in a report on Friday. UBS Group lifted their target price on shares of Constellation Brands from $270.00 to $281.00 and gave the company a “buy” rating in a report on Friday. Finally, BMO Capital Markets started coverage on shares of Constellation Brands in a report on Tuesday, August 2nd. They set an “outperform” rating and a $290.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $278.08.
Insider Transactions at Constellation Brands
In other news, CFO Garth Hankinson sold 2,270 shares of Constellation Brands stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $255.92, for a total transaction of $580,938.40. Following the transaction, the chief financial officer now owns 7,176 shares in the company, valued at approximately $1,836,481.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Garth Hankinson sold 2,270 shares of Constellation Brands stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $255.92, for a total transaction of $580,938.40. Following the transaction, the chief financial officer now owns 7,176 shares in the company, valued at approximately $1,836,481.92. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Wildstar Partners Llc sold 183,332 shares of Constellation Brands stock in a transaction on Friday, July 15th. The stock was sold at an average price of $242.81, for a total value of $44,514,842.92. Following the transaction, the insider now owns 100 shares in the company, valued at approximately $24,281. The disclosure for this sale can be found here. Insiders have sold a total of 1,619,248 shares of company stock worth $393,239,506 in the last quarter. Company insiders own 16.19% of the company’s stock.
Constellation Brands Trading Down 4.2 %
Shares of STZ opened at $222.70 on Friday. Constellation Brands, Inc. has a 52-week low of $207.59 and a 52-week high of $261.52. The company has a quick ratio of 0.70, a current ratio of 1.41 and a debt-to-equity ratio of 1.06. The firm’s fifty day moving average is $243.00 and its two-hundred day moving average is $242.38. The stock has a market cap of $41.15 billion, a PE ratio of 718.41, a price-to-earnings-growth ratio of 1.92 and a beta of 0.99.
Constellation Brands (NYSE:STZ – Get Rating) last announced its earnings results on Thursday, October 6th. The company reported $3.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.81 by $0.36. Constellation Brands had a net margin of 1.03% and a return on equity of 19.05%. The company had revenue of $2.66 billion for the quarter, compared to analysts’ expectations of $2.51 billion. During the same quarter in the previous year, the company posted $2.38 EPS. The firm’s quarterly revenue was up 12.0% on a year-over-year basis. Research analysts forecast that Constellation Brands, Inc. will post 11.2 earnings per share for the current fiscal year.
Constellation Brands Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, November 18th. Stockholders of record on Friday, November 4th will be issued a dividend of $0.80 per share. The ex-dividend date of this dividend is Thursday, November 3rd. This represents a $3.20 annualized dividend and a dividend yield of 1.44%. Constellation Brands’s dividend payout ratio is presently 1,032.29%.
Constellation Brands Profile
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Constellation Brands, Inc, together with its subsidiaries, produces, imports, markets, and sells beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. It provides beer primarily under the Corona Extra, Corona Premier, Corona Familiar, Corona Light, Corona Refresca, Corona Hard Seltzer, Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands.
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