CIBC Asset Management Inc Sells 631 Shares of Constellation Brands, Inc. (NYSE:STZ)

CIBC Asset Management Inc decreased its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 2.8% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,310 shares of the company’s stock after selling 631 shares during the period. CIBC Asset Management Inc’s holdings in Constellation Brands were worth $5,740,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. New Millennium Group LLC acquired a new position in Constellation Brands during the 2nd quarter worth approximately $25,000. Thurston Springer Miller Herd & Titak Inc. acquired a new position in Constellation Brands during the 2nd quarter worth approximately $29,000. Horizon Bancorp Inc. IN acquired a new position in Constellation Brands during the 2nd quarter worth approximately $32,000. YHB Investment Advisors Inc. acquired a new position in Constellation Brands during the 1st quarter worth approximately $35,000. Finally, First Financial Corp IN acquired a new position in Constellation Brands during the 1st quarter worth approximately $35,000. Institutional investors own 77.34% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on STZ shares. Jefferies Financial Group upped their price target on Constellation Brands from $310.00 to $311.00 and gave the stock a “buy” rating in a research note on Friday, July 5th. Truist Financial reaffirmed a “hold” rating and set a $265.00 price target on shares of Constellation Brands in a research note on Wednesday, July 3rd. Barclays increased their price objective on Constellation Brands from $287.00 to $295.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. BMO Capital Markets reissued an “outperform” rating and issued a $315.00 price objective on shares of Constellation Brands in a research note on Friday, July 5th. Finally, UBS Group increased their price objective on Constellation Brands from $315.00 to $320.00 and gave the stock a “buy” rating in a research note on Friday, July 5th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, Constellation Brands currently has an average rating of “Moderate Buy” and an average target price of $298.26.

Insider Transactions at Constellation Brands

In other news, CFO Garth Hankinson sold 13,583 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $240.00, for a total value of $3,259,920.00. Following the completion of the transaction, the chief financial officer now directly owns 11,702 shares of the company’s stock, valued at $2,808,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Garth Hankinson sold 13,583 shares of the firm’s stock in a transaction on Thursday, August 8th. The stock was sold at an average price of $240.00, for a total value of $3,259,920.00. Following the completion of the transaction, the chief financial officer now directly owns 11,702 shares of the company’s stock, valued at $2,808,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Daniel J. Mccarthy sold 1,854 shares of the firm’s stock in a transaction on Friday, July 26th. The stock was sold at an average price of $252.43, for a total value of $468,005.22. Following the completion of the transaction, the director now directly owns 3,232 shares of the company’s stock, valued at $815,853.76. The disclosure for this sale can be found here. Insiders sold 16,414 shares of company stock valued at $3,982,922 over the last three months. Company insiders own 12.19% of the company’s stock.

Constellation Brands Price Performance

Shares of NYSE STZ opened at $246.61 on Thursday. The stock has a fifty day simple moving average of $246.66 and a two-hundred day simple moving average of $253.65. Constellation Brands, Inc. has a 1-year low of $227.50 and a 1-year high of $274.87. The firm has a market cap of $45.12 billion, a price-to-earnings ratio of 18.38, a price-to-earnings-growth ratio of 1.59 and a beta of 1.75. The company has a current ratio of 1.19, a quick ratio of 0.53 and a debt-to-equity ratio of 1.06.

Constellation Brands (NYSE:STZ) last announced its quarterly earnings data on Wednesday, July 3rd. The company reported $3.57 earnings per share for the quarter, beating the consensus estimate of $3.46 by $0.11. Constellation Brands had a return on equity of 23.72% and a net margin of 22.70%. The business had revenue of $2.66 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same period in the prior year, the company earned $2.91 earnings per share. Constellation Brands’s revenue was up 5.8% compared to the same quarter last year. Analysts anticipate that Constellation Brands, Inc. will post 13.54 earnings per share for the current year.

Constellation Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Wednesday, August 14th were issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a yield of 1.64%. The ex-dividend date of this dividend was Wednesday, August 14th. Constellation Brands’s dividend payout ratio (DPR) is 30.10%.

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.