Sumitomo Mitsui Trust Holdings Inc. Lowers Holdings in Constellation Brands, Inc. (NYSE:STZ)

Sumitomo Mitsui Trust Holdings Inc. reduced its position in shares of Constellation Brands, Inc. (NYSE:STZ) by 1.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 376,817 shares of the company’s stock after selling 6,492 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Constellation Brands were worth $102,404,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. BKM Wealth Management LLC purchased a new position in shares of Constellation Brands during the fourth quarter worth $28,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Constellation Brands in the fourth quarter valued at $35,000. First Financial Corp IN acquired a new stake in shares of Constellation Brands in the first quarter valued at $35,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Constellation Brands in the fourth quarter valued at $37,000. Finally, Exchange Traded Concepts LLC acquired a new stake in shares of Constellation Brands in the fourth quarter valued at $45,000. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

Constellation Brands Stock Performance

Shares of STZ stock opened at $250.37 on Thursday. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.53 and a current ratio of 1.19. Constellation Brands, Inc. has a 1 year low of $227.50 and a 1 year high of $274.87. The stock’s 50-day moving average is $255.22 and its two-hundred day moving average is $254.02. The firm has a market cap of $45.81 billion, a price-to-earnings ratio of 26.69, a PEG ratio of 1.71 and a beta of 1.75.

Constellation Brands (NYSE:STZ) last released its quarterly earnings results on Wednesday, July 3rd. The company reported $3.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.46 by $0.11. Constellation Brands had a return on equity of 23.06% and a net margin of 16.13%. The firm had revenue of $2.66 billion for the quarter, compared to analyst estimates of $2.67 billion. During the same quarter last year, the company posted $2.91 earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. Analysts predict that Constellation Brands, Inc. will post 13.67 earnings per share for the current year.

Constellation Brands Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, August 23rd. Investors of record on Wednesday, August 14th will be issued a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.61%. Constellation Brands’s dividend payout ratio is currently 43.07%.

Insider Buying and Selling

In related news, CEO William A. Newlands sold 25,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $261.54, for a total transaction of $6,538,500.00. Following the transaction, the chief executive officer now owns 14,700 shares of the company’s stock, valued at $3,844,638. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO William A. Newlands sold 25,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $261.54, for a total transaction of $6,538,500.00. Following the transaction, the chief executive officer now owns 14,700 shares of the company’s stock, valued at $3,844,638. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO William A. Newlands sold 4,013 shares of Constellation Brands stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $263.25, for a total value of $1,056,422.25. Following the completion of the sale, the chief executive officer now directly owns 5,395 shares in the company, valued at approximately $1,420,233.75. The disclosure for this sale can be found here. Insiders have sold a total of 48,031 shares of company stock valued at $12,582,321 over the last quarter. 12.19% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on STZ. Royal Bank of Canada reiterated an “outperform” rating and issued a $308.00 price objective on shares of Constellation Brands in a research note on Tuesday, May 28th. HSBC increased their price objective on Constellation Brands from $290.00 to $300.00 and gave the company a “buy” rating in a research note on Friday, April 12th. Piper Sandler started coverage on Constellation Brands in a research note on Friday, March 22nd. They issued an “overweight” rating and a $300.00 price objective on the stock. Evercore ISI raised their price target on Constellation Brands from $300.00 to $310.00 and gave the company an “outperform” rating in a research note on Friday, April 12th. Finally, BMO Capital Markets raised their price target on Constellation Brands from $290.00 to $315.00 and gave the company an “outperform” rating in a research note on Friday, April 12th. Three research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $298.63.

About Constellation Brands

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.