Constellation Brands, Inc. (NYSE:STZ) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC reduced its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 22.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,100 shares of the company’s stock after selling 1,500 shares during the period. Cornerstone Advisors LLC’s holdings in Constellation Brands were worth $1,312,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Citizens Financial Group Inc. RI acquired a new stake in shares of Constellation Brands during the second quarter worth $11,815,000. Dimensional Fund Advisors LP raised its holdings in shares of Constellation Brands by 31.8% during the second quarter. Dimensional Fund Advisors LP now owns 1,002,332 shares of the company’s stock worth $257,865,000 after purchasing an additional 241,982 shares during the last quarter. Fairfield Financial Advisors LTD purchased a new position in shares of Constellation Brands during the second quarter worth $57,000. Prime Capital Investment Advisors LLC raised its holdings in shares of Constellation Brands by 2.6% during the second quarter. Prime Capital Investment Advisors LLC now owns 20,116 shares of the company’s stock worth $5,176,000 after purchasing an additional 501 shares during the last quarter. Finally, Plato Investment Management Ltd raised its holdings in shares of Constellation Brands by 5.9% during the second quarter. Plato Investment Management Ltd now owns 7,137 shares of the company’s stock worth $1,836,000 after purchasing an additional 395 shares during the last quarter. 77.34% of the stock is currently owned by institutional investors and hedge funds.

Constellation Brands Stock Up 0.4 %

Shares of NYSE STZ opened at $253.53 on Tuesday. The company’s 50-day simple moving average is $245.91 and its 200-day simple moving average is $253.94. Constellation Brands, Inc. has a 52-week low of $227.50 and a 52-week high of $274.87. The firm has a market cap of $46.39 billion, a price-to-earnings ratio of 18.89, a price-to-earnings-growth ratio of 1.69 and a beta of 1.75. The company has a quick ratio of 0.53, a current ratio of 1.19 and a debt-to-equity ratio of 1.06.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings results on Wednesday, July 3rd. The company reported $3.57 earnings per share for the quarter, topping analysts’ consensus estimates of $3.46 by $0.11. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.67 billion. Constellation Brands had a net margin of 22.70% and a return on equity of 23.72%. Constellation Brands’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.91 earnings per share. Equities analysts predict that Constellation Brands, Inc. will post 13.53 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Wednesday, August 14th were given a dividend of $1.01 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $4.04 dividend on an annualized basis and a yield of 1.59%. Constellation Brands’s payout ratio is presently 30.10%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Barclays raised their target price on shares of Constellation Brands from $287.00 to $295.00 and gave the stock an “overweight” rating in a report on Friday, July 19th. UBS Group reduced their target price on shares of Constellation Brands from $320.00 to $295.00 and set a “buy” rating for the company in a report on Monday, September 9th. BMO Capital Markets reissued an “outperform” rating and set a $315.00 target price on shares of Constellation Brands in a report on Friday, July 5th. JPMorgan Chase & Co. cut their price objective on shares of Constellation Brands from $320.00 to $307.00 and set an “overweight” rating for the company in a report on Tuesday, September 3rd. Finally, Truist Financial reaffirmed a “hold” rating and issued a $265.00 price objective on shares of Constellation Brands in a report on Wednesday, July 3rd. Three research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $296.78.

Insider Buying and Selling

In related news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $240.00, for a total transaction of $3,259,920.00. Following the transaction, the chief financial officer now directly owns 11,702 shares in the company, valued at $2,808,480. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Constellation Brands news, EVP Kaneenat Kristann Carey sold 977 shares of the business’s stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $261.00, for a total value of $254,997.00. Following the transaction, the executive vice president now directly owns 2,706 shares in the company, valued at approximately $706,266. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $240.00, for a total transaction of $3,259,920.00. Following the completion of the transaction, the chief financial officer now owns 11,702 shares in the company, valued at $2,808,480. The disclosure for this sale can be found here. Over the last three months, insiders have sold 16,414 shares of company stock worth $3,982,922. 12.19% of the stock is owned by insiders.

Constellation Brands Company Profile

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. The company provides beer primarily under the Corona Extra, Corona Familiar, Corona Hard Seltzer, Corona Light, Corona Non-Alcoholic, Corona Premier, Corona Refresca, Modelo Especial, Modelo Chelada, Modelo Negra, Modelo Oro, Victoria, Vicky Chamoy, and Pacifico brands.