Eastern Bank Purchases New Shares in Constellation Brands, Inc. (NYSE:STZ)

Eastern Bank purchased a new stake in Constellation Brands, Inc. (NYSE:STZ) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 150 shares of the company’s stock, valued at approximately $39,000.

Other institutional investors have also made changes to their positions in the company. New Millennium Group LLC bought a new position in shares of Constellation Brands in the second quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of Constellation Brands in the second quarter valued at about $29,000. Horizon Bancorp Inc. IN bought a new position in shares of Constellation Brands in the second quarter valued at about $32,000. LRI Investments LLC bought a new position in shares of Constellation Brands in the first quarter valued at about $37,000. Finally, Opal Wealth Advisors LLC bought a new position in shares of Constellation Brands in the second quarter valued at about $36,000. 77.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on STZ. Truist Financial cut their price target on Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a report on Friday, October 4th. JPMorgan Chase & Co. lowered their price objective on Constellation Brands from $307.00 to $293.00 and set an “overweight” rating for the company in a research report on Friday, October 4th. Barclays lowered their price objective on Constellation Brands from $309.00 to $300.00 and set an “overweight” rating for the company in a research report on Monday, October 7th. TD Cowen lowered Constellation Brands from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $300.00 to $270.00 in a research report on Tuesday, October 8th. Finally, Morgan Stanley lowered their price objective on Constellation Brands from $305.00 to $280.00 and set an “overweight” rating for the company in a research report on Monday, August 26th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, Constellation Brands currently has an average rating of “Moderate Buy” and an average target price of $290.47.

Constellation Brands Price Performance

Constellation Brands stock opened at $239.38 on Friday. The firm has a market capitalization of $43.80 billion, a P/E ratio of 17.84, a PEG ratio of 1.70 and a beta of 1.75. Constellation Brands, Inc. has a 1 year low of $227.64 and a 1 year high of $274.87. The business has a 50-day moving average of $246.34 and a 200-day moving average of $250.69. The company has a current ratio of 1.25, a quick ratio of 0.53 and a debt-to-equity ratio of 1.31.

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

Constellation Brands Announces Dividend

The firm 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 $1.01 dividend. The ex-dividend date of this dividend is Tuesday, November 5th. This represents a $4.04 annualized dividend and a dividend yield of 1.69%. Constellation Brands’s dividend payout ratio is presently 30.10%.

Insider Activity at Constellation Brands

In related news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction that occurred 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 in the company, valued at approximately $2,808,480. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Constellation Brands news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction that occurred 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 sale, the chief financial officer now owns 11,702 shares in the company, valued at approximately $2,808,480. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Robert Sands sold 119,274 shares of the business’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 completion of the sale, the director now owns 431,729 shares in the company, valued at $104,638,157.73. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 134,367 shares of company stock worth $32,539,170. 12.19% of the stock is owned by company insiders.

Constellation Brands 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.