Washington Trust Bank Reduces Stake in Constellation Brands, Inc. (NYSE:STZ)

Washington Trust Bank trimmed its stake in Constellation Brands, Inc. (NYSE:STZ) by 5.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 43,540 shares of the company’s stock after selling 2,430 shares during the quarter. Washington Trust Bank’s holdings in Constellation Brands were worth $11,220,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Radnor Capital Management LLC boosted its stake in Constellation Brands by 3.6% in the third quarter. Radnor Capital Management LLC now owns 6,919 shares of the company’s stock valued at $1,783,000 after acquiring an additional 240 shares during the last quarter. 1834 Investment Advisors Co. boosted its stake in Constellation Brands by 10.2% in the third quarter. 1834 Investment Advisors Co. now owns 1,586 shares of the company’s stock valued at $409,000 after acquiring an additional 147 shares during the last quarter. HMS Capital Management LLC boosted its stake in Constellation Brands by 8.2% in the third quarter. HMS Capital Management LLC now owns 3,060 shares of the company’s stock valued at $789,000 after acquiring an additional 232 shares during the last quarter. Cornerstone Capital Inc. boosted its stake in Constellation Brands by 7.5% in the third quarter. Cornerstone Capital Inc. now owns 51,092 shares of the company’s stock valued at $13,166,000 after acquiring an additional 3,585 shares during the last quarter. Finally, Crestwood Advisors Group LLC lifted its stake in shares of Constellation Brands by 0.4% during the 3rd quarter. Crestwood Advisors Group LLC now owns 134,657 shares of the company’s stock valued at $34,700,000 after buying an additional 492 shares in the last quarter. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently commented on STZ shares. JPMorgan Chase & Co. dropped their price target 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. Truist Financial dropped their price target on shares of Constellation Brands from $265.00 to $255.00 and set a “hold” rating on the stock in a research note on Friday, October 4th. Barclays dropped their price target on shares of Constellation Brands from $309.00 to $300.00 and set an “overweight” rating on the stock in a research note on Monday, October 7th. TD Cowen cut shares of Constellation Brands from a “buy” rating to a “hold” rating and dropped their price target for the company from $300.00 to $270.00 in a research note on Tuesday, October 8th. Finally, Bank of America restated a “neutral” rating and set a $255.00 price target (down from $300.00) on shares of Constellation Brands in a research note on Monday, October 7th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $290.47.

Constellation Brands Price Performance

Shares of NYSE:STZ traded up $2.30 during trading on Thursday, reaching $231.88. The company had a trading volume of 45,117 shares, compared to its average volume of 1,192,943. The company has a fifty day moving average of $245.09 and a two-hundred day moving average of $249.15. The stock has a market capitalization of $42.10 billion, a P/E ratio of 74.32, a price-to-earnings-growth ratio of 1.64 and a beta of 0.90. Constellation Brands, Inc. has a 12 month low of $224.76 and a 12 month high of $274.87. The company has a current ratio of 1.25, a quick ratio of 0.53 and a debt-to-equity ratio of 1.31.

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

Constellation Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th will be issued a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.74%. The ex-dividend date of this dividend is Tuesday, November 5th. Constellation Brands’s payout ratio is 130.74%.

Insider Transactions at Constellation Brands

In related news, EVP Samuel J. Glaetzer sold 1,510 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $245.57, for a total transaction of $370,810.70. Following the transaction, the executive vice president now owns 4,970 shares of the company’s stock, valued at approximately $1,220,482.90. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO William A. Newlands sold 7,426 shares of the stock in a transaction on 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 owns 7,274 shares of the company’s stock, valued at approximately $1,725,683.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $245.57, for a total transaction 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 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 128,210 shares of company stock valued at $31,040,994 in the last quarter. Insiders own 12.19% of the company’s stock.

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.