PNC Financial Services Group Inc. Cuts Stake in Constellation Brands, Inc. (NYSE:STZ)

PNC Financial Services Group Inc. lessened its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 134,429 shares of the company’s stock after selling 4,675 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Constellation Brands were worth $34,641,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in STZ. Manning & Napier Advisors LLC bought a new position in shares of Constellation Brands during the second quarter worth $119,394,000. Capital International Sarl boosted its holdings in shares of Constellation Brands by 35.9% during the 1st quarter. Capital International Sarl now owns 10,462 shares of the company’s stock valued at $2,843,000 after purchasing an additional 2,764 shares during the last quarter. Signature Estate & Investment Advisors LLC purchased a new position in shares of Constellation Brands during the third quarter valued at about $2,132,000. Swedbank AB bought a new stake in shares of Constellation Brands in the first quarter worth about $561,000. Finally, Cetera Advisors LLC lifted its position in shares of Constellation Brands by 182.1% in the first quarter. Cetera Advisors LLC now owns 14,236 shares of the company’s stock worth $3,869,000 after buying an additional 9,190 shares in the last quarter. 77.34% of the stock is currently owned by institutional investors.

Constellation Brands Stock Performance

STZ stock opened at $239.72 on Thursday. Constellation Brands, Inc. has a twelve month low of $224.76 and a twelve month high of $274.87. The firm has a market cap 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 business’s fifty day simple moving average is $243.51 and its two-hundred day simple moving average is $247.73. The company has a quick ratio of 0.53, a current ratio of 1.25 and a debt-to-equity ratio of 1.31.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings results on Thursday, October 3rd. The company reported $4.32 EPS for the quarter, topping the consensus estimate of $4.08 by $0.24. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.95 billion. Constellation Brands had a net margin of 5.29% and a return on equity of 25.34%. The firm’s revenue was up 2.9% compared to the same quarter last year. During the same quarter last year, the firm posted $3.70 EPS. Analysts predict that Constellation Brands, Inc. will post 13.57 earnings per share for the current year.

Constellation Brands Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Tuesday, November 5th will be issued a $1.01 dividend. 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 payout ratio is 130.74%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. 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. Morgan Stanley reduced their price target 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. Royal Bank of Canada reiterated an “outperform” rating and set a $308.00 price objective on shares of Constellation Brands in a research report on Tuesday. Bank of America restated a “neutral” rating and issued a $255.00 target price (down from $300.00) on shares of Constellation Brands in a report on Monday, October 7th. Finally, Evercore ISI lowered their price target on shares of Constellation Brands from $310.00 to $300.00 and set an “outperform” rating for the company in a report on Friday, October 4th. Four investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Constellation Brands presently has a consensus rating of “Moderate Buy” and a consensus price target of $290.47.

Insider Buying and Selling

In other Constellation Brands news, CEO William A. Newlands sold 7,426 shares of the stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $237.24, for a total transaction of $1,761,744.24. Following the transaction, the chief executive officer now directly owns 7,274 shares in the company, valued at $1,725,683.76. This represents a 50.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were sold at an average price of $245.57, for a total transaction of $370,810.70. Following the completion of the sale, the executive vice president now owns 4,970 shares of the company’s stock, 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. Insiders have sold a total of 189,296 shares of company stock valued at $45,899,031 over the last quarter. 12.19% of the stock is owned by corporate insiders.

Constellation Brands Company 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.