Raymond James & Associates Cuts Stake in Constellation Brands, Inc. (NYSE:STZ)

Raymond James & Associates lessened its holdings in Constellation Brands, Inc. (NYSE:STZ) by 3.4% during the third quarter, Holdings Channel.com reports. The firm owned 427,933 shares of the company’s stock after selling 15,151 shares during the quarter. Raymond James & Associates’ holdings in Constellation Brands were worth $110,274,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. New Millennium Group LLC purchased a new position in shares of Constellation Brands in the second quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in Constellation Brands during the 2nd quarter worth approximately $29,000. Horizon Bancorp Inc. IN purchased a new position in Constellation Brands in the 2nd quarter worth approximately $32,000. First Financial Corp IN bought a new stake in Constellation Brands in the first quarter valued at approximately $35,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Constellation Brands during the second quarter valued at approximately $36,000. 77.34% of the stock is owned by institutional investors.

Constellation Brands Trading Up 0.6 %

NYSE:STZ opened at $241.52 on Monday. The firm has a market capitalization of $44.19 billion, a P/E ratio of 18.00, a PEG ratio of 1.70 and a beta of 1.75. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.25 and a quick ratio of 0.53. Constellation Brands, Inc. has a one year low of $227.64 and a one year high of $274.87. The company’s 50-day simple moving average is $246.51 and its 200 day simple moving average is $251.36.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings data on Thursday, October 3rd. The company reported $4.32 earnings per share for the quarter, beating analysts’ consensus estimates of $4.08 by $0.24. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The company had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.95 billion. During the same quarter last year, the company earned $3.70 EPS. The firm’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, analysts forecast that Constellation Brands, Inc. will post 13.57 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Tuesday, November 5th will be given a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a yield of 1.67%. The ex-dividend date is Tuesday, November 5th. Constellation Brands’s dividend payout ratio (DPR) is 30.10%.

Wall Street Analyst Weigh In

Several research analysts recently commented on STZ shares. JPMorgan Chase & Co. lowered their price target on shares of Constellation Brands from $307.00 to $293.00 and set an “overweight” rating for the company in a report on Friday, October 4th. BMO Capital Markets lowered their price objective on shares of Constellation Brands from $315.00 to $305.00 and set an “outperform” rating for the company in a research note on Tuesday, October 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $308.00 target price on shares of Constellation Brands in a research note on Friday, October 4th. Bank of America reaffirmed a “neutral” rating and set a $255.00 price target (down previously from $300.00) on shares of Constellation Brands in a research report on Monday, October 7th. Finally, Barclays cut their price objective on Constellation Brands from $309.00 to $300.00 and set an “overweight” rating on the stock in a research report on Monday, October 7th. Four equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $290.47.

Insider Buying and Selling at Constellation Brands

In other news, Director Robert Sands sold 119,274 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $242.37, for a total value of $28,908,439.38. Following the transaction, the director now owns 431,729 shares in the company, valued at approximately $104,638,157.73. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Robert Sands sold 119,274 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $242.37, for a total value of $28,908,439.38. Following the transaction, the director now directly owns 431,729 shares of the company’s stock, valued at approximately $104,638,157.73. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $245.57, for a total value of $370,810.70. Following the completion of the transaction, the executive vice president now directly owns 4,970 shares in the company, valued at $1,220,482.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 136,221 shares of company stock worth $33,007,175. 12.19% of the stock is owned by corporate 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.