National Bank of Canada FI Reduces Position in Constellation Brands, Inc. (NYSE:STZ)

National Bank of Canada FI cut its position in shares of Constellation Brands, Inc. (NYSE:STZ) by 22.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,695 shares of the company’s stock after selling 17,373 shares during the period. National Bank of Canada FI’s holdings in Constellation Brands were worth $15,040,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. SouthState Corp boosted its position in Constellation Brands by 12.5% in the 2nd quarter. SouthState Corp now owns 31,631 shares of the company’s stock valued at $8,138,000 after buying an additional 3,516 shares during the period. TD Asset Management Inc boosted its position in Constellation Brands by 11.1% in the 2nd quarter. TD Asset Management Inc now owns 277,283 shares of the company’s stock valued at $71,339,000 after buying an additional 27,701 shares during the period. FineMark National Bank & Trust boosted its position in Constellation Brands by 4.1% in the 2nd quarter. FineMark National Bank & Trust now owns 54,807 shares of the company’s stock valued at $14,101,000 after buying an additional 2,143 shares during the period. Stablepoint Partners LLC boosted its position in Constellation Brands by 13.3% in the 2nd quarter. Stablepoint Partners LLC now owns 5,055 shares of the company’s stock valued at $1,244,000 after buying an additional 595 shares during the period. Finally, Belpointe Asset Management LLC boosted its position in Constellation Brands by 45.4% in the 2nd quarter. Belpointe Asset Management LLC now owns 10,568 shares of the company’s stock valued at $2,719,000 after buying an additional 3,300 shares during the period. 77.34% of the stock is owned by hedge funds and other institutional investors.

Constellation Brands Trading Up 0.3 %

NYSE STZ opened at $249.01 on Friday. The company has a fifty day simple moving average of $246.35 and a two-hundred day simple moving average of $253.71. The stock has a market cap of $45.56 billion, a P/E ratio of 18.56, a P/E/G ratio of 1.59 and a beta of 1.75. Constellation Brands, Inc. has a 12-month low of $227.50 and a 12-month high of $274.87. 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 posted 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. The business had revenue of $2.66 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Constellation Brands had a net margin of 22.70% and a return on equity of 23.72%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter last year, the company posted $2.91 earnings per share. On average, analysts forecast that Constellation Brands, Inc. will post 13.54 earnings per share for the current year.

Constellation Brands Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Wednesday, August 14th were issued a $1.01 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.62%. Constellation Brands’s dividend payout ratio is currently 30.10%.

Insiders Place Their Bets

In other Constellation Brands news, CFO Garth Hankinson sold 13,583 shares of the firm’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 owns 11,702 shares of the company’s stock, valued at $2,808,480. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, EVP Kaneenat Kristann Carey sold 977 shares of the firm’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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, 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 transaction of $3,259,920.00. Following the transaction, the chief financial officer now directly owns 11,702 shares of the company’s stock, valued at approximately $2,808,480. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,414 shares of company stock valued at $3,982,922. Insiders own 12.19% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on STZ. JPMorgan Chase & Co. lowered their price objective on shares of Constellation Brands from $320.00 to $307.00 and set an “overweight” rating for the company in a research report on Tuesday, September 3rd. Roth Mkm reduced their price target on shares of Constellation Brands from $303.00 to $298.00 and set a “buy” rating for the company in a report on Wednesday. Royal Bank of Canada restated an “outperform” rating and issued a $308.00 price target on shares of Constellation Brands in a report on Tuesday, September 3rd. UBS Group boosted their price target on shares of Constellation Brands from $315.00 to $320.00 and gave the company a “buy” rating in a report on Friday, July 5th. Finally, Barclays boosted their price target on shares of Constellation Brands from $287.00 to $295.00 and gave the company an “overweight” rating in a report on Friday, July 19th. Three investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $298.17.

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.