MAI Capital Management Sells 676 Shares of Constellation Brands, Inc. (NYSE:STZ)

MAI Capital Management lessened its position in Constellation Brands, Inc. (NYSE:STZ) by 7.4% in the third quarter, HoldingsChannel reports. The firm owned 8,512 shares of the company’s stock after selling 676 shares during the quarter. MAI Capital Management’s holdings in Constellation Brands were worth $2,193,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Thrivent Financial for Lutherans increased its position in Constellation Brands by 13.0% during the 3rd quarter. Thrivent Financial for Lutherans now owns 7,341 shares of the company’s stock valued at $1,892,000 after buying an additional 845 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in shares of Constellation Brands by 0.3% during the third quarter. Mutual of America Capital Management LLC now owns 33,223 shares of the company’s stock valued at $8,561,000 after buying an additional 100 shares during the last quarter. Schear Investment Advisers LLC increased its holdings in Constellation Brands by 12.0% in the 3rd quarter. Schear Investment Advisers LLC now owns 4,141 shares of the company’s stock worth $1,067,000 after buying an additional 444 shares in the last quarter. Natixis Advisors LLC raised its position in Constellation Brands by 37.4% in the 3rd quarter. Natixis Advisors LLC now owns 113,393 shares of the company’s stock worth $29,220,000 after buying an additional 30,862 shares during the last quarter. Finally, Koa Wealth Management LLC lifted its stake in Constellation Brands by 4.0% during the 3rd quarter. Koa Wealth Management LLC now owns 10,672 shares of the company’s stock valued at $2,750,000 after acquiring an additional 411 shares during the period. Institutional investors own 77.34% of the company’s stock.

Constellation Brands Stock Performance

STZ opened at $239.72 on Thursday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.53 and a current ratio of 1.25. The stock has a market capitalization of $43.52 billion, a price-to-earnings ratio of 77.58, a PEG ratio of 1.68 and a beta of 1.75. The company has a fifty day moving average of $243.51 and a 200 day moving average of $247.73. Constellation Brands, Inc. has a fifty-two week low of $224.76 and a fifty-two week high of $274.87.

Constellation Brands (NYSE:STZ) last issued its earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.95 billion. During the same period in the previous year, the firm posted $3.70 earnings per share. The business’s revenue was up 2.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Constellation Brands, Inc. will post 13.57 earnings per share for the current fiscal year.

Constellation Brands Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th will be given a dividend of $1.01 per share. The ex-dividend date is Tuesday, November 5th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.69%. Constellation Brands’s dividend payout ratio is currently 130.74%.

Insider Activity at Constellation Brands

In other news, Director Robert Sands sold 119,274 shares of the firm’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 completion of the sale, the director now directly owns 431,729 shares of the company’s stock, valued at $104,638,157.73. This trade represents a 21.65 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the business’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 transaction, the executive vice president now directly owns 4,970 shares in the company, valued at approximately $1,220,482.90. This represents a 23.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,296 shares of company stock valued at $45,899,031. 12.19% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. UBS Group decreased their price objective on shares of Constellation Brands from $320.00 to $295.00 and set a “buy” rating for the company in a report on Monday, September 9th. Barclays dropped their price target on Constellation Brands from $309.00 to $300.00 and set an “overweight” rating on the stock in a research note on Monday, October 7th. BMO Capital Markets reduced their price objective on Constellation Brands from $315.00 to $305.00 and set an “outperform” rating for the company in a research report on Tuesday, October 15th. Evercore ISI cut their price target on Constellation Brands from $310.00 to $300.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Constellation Brands from $307.00 to $293.00 and set an “overweight” rating on the stock in a research note on Friday, October 4th. Four research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $290.47.

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.