State Board of Administration of Florida Retirement System lowered its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 2.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 222,008 shares of the company’s stock after selling 6,671 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Constellation Brands were worth $47,869,000 as of its most recent SEC filing.
A number of other large investors have also made changes to their positions in STZ. Wealthstreet Investment Advisors LLC grew its stake in shares of Constellation Brands by 11.0% during the 3rd quarter. Wealthstreet Investment Advisors LLC now owns 5,105 shares of the company’s stock worth $1,101,000 after acquiring an additional 505 shares during the period. Eads & Heald Wealth Management grew its stake in shares of Constellation Brands by 39.9% during the 3rd quarter. Eads & Heald Wealth Management now owns 3,294 shares of the company’s stock worth $710,000 after acquiring an additional 940 shares during the period. Cypress Capital Management LLC WY grew its stake in shares of Constellation Brands by 31.4% during the 3rd quarter. Cypress Capital Management LLC WY now owns 7,351 shares of the company’s stock worth $1,585,000 after acquiring an additional 1,755 shares during the period. Moody National Bank Trust Division grew its stake in shares of Constellation Brands by 1,150.1% during the 3rd quarter. Moody National Bank Trust Division now owns 59,592 shares of the company’s stock worth $12,849,000 after acquiring an additional 54,825 shares during the period. Finally, Financial Counselors Inc. grew its stake in shares of Constellation Brands by 15.9% during the 3rd quarter. Financial Counselors Inc. now owns 10,896 shares of the company’s stock worth $2,349,000 after acquiring an additional 1,493 shares during the period. Hedge funds and other institutional investors own 73.90% of the company’s stock.
In other Constellation Brands news, Chairman Richard Sands sold 148,773 shares of the firm’s stock in a transaction dated Monday, October 22nd. The stock was sold at an average price of $223.69, for a total value of $33,279,032.37. Following the sale, the chairman now owns 346,525 shares of the company’s stock, valued at approximately $77,514,177.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Thomas Michael Kane sold 4,419 shares of the firm’s stock in a transaction dated Friday, October 19th. The shares were sold at an average price of $223.83, for a total value of $989,104.77. Following the completion of the sale, the vice president now directly owns 8,499 shares in the company, valued at approximately $1,902,331.17. The disclosure for this sale can be found here. Insiders have sold a total of 578,723 shares of company stock worth $129,438,449 in the last three months. 15.80% of the stock is currently owned by insiders.
Several research analysts have recently weighed in on STZ shares. Jefferies Financial Group reiterated a “buy” rating and set a $289.00 price target on shares of Constellation Brands in a research note on Wednesday, October 17th. Morgan Stanley set a $259.00 price target on Constellation Brands and gave the stock a “buy” rating in a research note on Tuesday, October 16th. UBS Group downgraded Constellation Brands to a “neutral” rating in a research note on Monday, August 20th. Pivotal Research reiterated a “buy” rating and set a $300.00 price target (up previously from $265.00) on shares of Constellation Brands in a research note on Friday, October 5th. Finally, Cann cut their price target on Constellation Brands from $234.00 to $226.00 and set a “buy” rating for the company in a research note on Thursday, August 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $246.96.
Shares of STZ opened at $201.32 on Monday. The stock has a market cap of $38.14 billion, a P/E ratio of 23.09, a P/E/G ratio of 1.95 and a beta of 0.08. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.76 and a current ratio of 1.66. Constellation Brands, Inc. has a 52-week low of $196.26 and a 52-week high of $236.62.
Constellation Brands (NYSE:STZ) last issued its quarterly earnings data on Thursday, October 4th. The company reported $2.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.60 by $0.27. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.25 billion. Constellation Brands had a return on equity of 18.63% and a net margin of 38.18%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.47 EPS. As a group, research analysts expect that Constellation Brands, Inc. will post 9.43 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Investors of record on Tuesday, November 6th will be issued a dividend of $0.74 per share. The ex-dividend date is Monday, November 5th. This represents a $2.96 dividend on an annualized basis and a yield of 1.47%. Constellation Brands’s dividend payout ratio (DPR) is 33.94%.
About Constellation Brands
Constellation Brands, Inc, together with its subsidiaries, produces, imports, and markets beer, wine, and spirits in the United States, Canada, Mexico, New Zealand, and Italy. The company sells wine across various categories, including table wine, sparkling wine, and dessert wine. It provides beer primarily under the Corona Extra, Corona Light, Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands, as well as Funky Buddha, Obregon Brewery, and Ballast Point brands.
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