Tower Bridge Advisors Lowers Stock Position in Constellation Brands, Inc. (NYSE:STZ)

Tower Bridge Advisors reduced its stake in Constellation Brands, Inc. (NYSE:STZ) by 1.2% during the third quarter, HoldingsChannel reports. The firm owned 10,042 shares of the company’s stock after selling 119 shares during the period. Tower Bridge Advisors’ holdings in Constellation Brands were worth $2,588,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its position in Constellation Brands by 3.5% during the first quarter. Vanguard Group Inc. now owns 13,705,793 shares of the company’s stock valued at $3,724,686,000 after acquiring an additional 462,891 shares during the last quarter. Capital International Investors grew its position in Constellation Brands by 39.4% during the first quarter. Capital International Investors now owns 11,685,249 shares of the company’s stock valued at $3,175,583,000 after acquiring an additional 3,304,709 shares during the last quarter. Capital World Investors grew its position in Constellation Brands by 8.7% during the first quarter. Capital World Investors now owns 9,040,669 shares of the company’s stock valued at $2,456,892,000 after acquiring an additional 723,549 shares during the last quarter. Capital Research Global Investors grew its position in Constellation Brands by 9.9% during the first quarter. Capital Research Global Investors now owns 2,469,997 shares of the company’s stock valued at $671,246,000 after acquiring an additional 222,380 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Constellation Brands by 5.7% during the second quarter. Legal & General Group Plc now owns 1,335,976 shares of the company’s stock valued at $343,717,000 after acquiring an additional 72,637 shares during the last quarter. 77.34% of the stock is owned by hedge funds and other institutional investors.

Constellation Brands Stock Performance

NYSE:STZ opened at $237.51 on Friday. The stock’s fifty day moving average is $244.13 and its 200 day moving average is $248.05. The firm has a market capitalization of $43.12 billion, a PE ratio of 76.86, a PEG ratio of 1.68 and a beta of 0.90. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.53 and a current ratio of 1.25. 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 posted its quarterly earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.08 by $0.24. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The business had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the prior year, the company earned $3.70 EPS. The business’s revenue was up 2.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Constellation Brands, Inc. will post 13.57 earnings per share for the current year.

Constellation Brands Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be paid a $1.01 dividend. This represents a $4.04 dividend on an annualized basis and a yield of 1.70%. The ex-dividend date of this dividend is Tuesday, November 5th. Constellation Brands’s dividend payout ratio (DPR) is presently 130.74%.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. TD Cowen cut shares of Constellation Brands from a “buy” rating to a “hold” rating and reduced their price target for the company from $300.00 to $270.00 in a research report on Tuesday, October 8th. Barclays cut their target price on shares of Constellation Brands from $309.00 to $300.00 and set an “overweight” rating on the stock in a report on Monday, October 7th. JPMorgan Chase & Co. cut their target price on shares of Constellation Brands from $307.00 to $293.00 and set an “overweight” rating on the stock in a report on Friday, October 4th. Roth Mkm restated a “buy” rating and issued a $298.00 target price on shares of Constellation Brands in a report on Friday, October 4th. Finally, Truist Financial cut their target price on shares of Constellation Brands from $265.00 to $255.00 and set a “hold” rating on the stock in a report on Friday, October 4th. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $290.47.

Insider Buying and Selling at Constellation Brands

In related news, CEO William A. Newlands sold 7,426 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $237.24, for a total transaction of $1,761,744.24. Following the sale, the chief executive officer now directly owns 7,274 shares of the company’s stock, valued at $1,725,683.76. This trade represents a 50.52 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the firm’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 completion of the sale, the executive vice president now directly owns 4,970 shares in the company, valued at approximately $1,220,482.90. The trade was a 23.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 189,296 shares of company stock worth $45,899,031. 12.19% of the stock is owned by insiders.

About Constellation Brands

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.