Summit Financial LLC Acquires New Position in Constellation Brands, Inc. (NYSE:STZ)

Summit Financial LLC acquired a new stake in shares of Constellation Brands, Inc. (NYSE:STZ) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 1,273 shares of the company’s stock, valued at approximately $328,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in STZ. New Millennium Group LLC bought a new stake in Constellation Brands during the 2nd quarter valued at about $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Constellation Brands during the 2nd quarter valued at about $29,000. Horizon Bancorp Inc. IN purchased a new position in Constellation Brands during the 2nd quarter valued at about $32,000. YHB Investment Advisors Inc. purchased a new position in Constellation Brands during the 1st quarter valued at about $35,000. Finally, Kapitalo Investimentos Ltda purchased a new position in Constellation Brands during the 4th quarter valued at about $35,000. Institutional investors own 77.34% of the company’s stock.

Constellation Brands Stock Up 2.6 %

STZ stock opened at $246.91 on Wednesday. The firm has a 50 day moving average of $246.95 and a 200 day moving average of $253.70. The stock has a market capitalization of $45.18 billion, a PE ratio of 18.40, a price-to-earnings-growth ratio of 1.59 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, Inc. has a 52 week low of $227.50 and a 52 week high of $274.87.

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

Constellation Brands Dividend Announcement

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

Insider Buying and Selling at Constellation Brands

In other Constellation Brands news, EVP Kaneenat Kristann Carey sold 977 shares of Constellation Brands stock in a transaction that occurred on Friday, July 12th. The shares were sold at an average price of $261.00, for a total transaction of $254,997.00. Following the completion of the sale, the executive vice president now directly owns 2,706 shares in the company, valued at approximately $706,266. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Kaneenat Kristann Carey sold 977 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $261.00, for a total transaction of $254,997.00. Following the completion of the transaction, the executive vice president now owns 2,706 shares of the company’s stock, valued at $706,266. The disclosure for this sale can be found here. In the last ninety days, insiders sold 16,414 shares of company stock worth $3,982,922. Company insiders own 12.19% of the company’s stock.

Wall Street Analyst Weigh In

STZ has been the topic of a number of research reports. Roth Mkm cut their target price on shares of Constellation Brands from $305.00 to $303.00 and set a “buy” rating on the stock in a research report on Friday, July 5th. Barclays raised their target price on shares of Constellation Brands from $287.00 to $295.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Truist Financial reissued a “hold” rating and set a $265.00 target price on shares of Constellation Brands in a research report on Wednesday, July 3rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $315.00 price objective on shares of Constellation Brands in a research report on Friday, July 5th. Finally, Morgan Stanley cut their price objective on shares of Constellation Brands from $305.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday, August 26th. Three investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $298.53.

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.