Confluence Investment Management LLC Cuts Position in Constellation Brands, Inc. (NYSE:STZ)

Confluence Investment Management LLC reduced its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 1.6% during the third quarter, HoldingsChannel.com reports. The fund owned 138,370 shares of the company’s stock after selling 2,319 shares during the quarter. Confluence Investment Management LLC’s holdings in Constellation Brands were worth $35,656,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. New Millennium Group LLC bought a new stake in shares of Constellation Brands during the 2nd quarter worth $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in Constellation Brands in the second quarter valued at about $29,000. Horizon Bancorp Inc. IN bought a new position in shares of Constellation Brands during the 2nd quarter valued at approximately $32,000. LRI Investments LLC bought a new position in shares of Constellation Brands during the 1st quarter valued at approximately $37,000. Finally, Opal Wealth Advisors LLC purchased a new stake in shares of Constellation Brands during the 2nd quarter worth approximately $36,000. Hedge funds and other institutional investors own 77.34% of the company’s stock.

Constellation Brands Price Performance

NYSE:STZ opened at $233.28 on Friday. The firm has a market capitalization of $42.35 billion, a price-to-earnings ratio of 75.50, a P/E/G ratio of 1.69 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. The stock has a fifty day moving average of $245.09 and a 200 day moving average of $249.15. Constellation Brands, Inc. has a 52-week low of $224.76 and a 52-week high of $274.87.

Constellation Brands (NYSE:STZ) last issued its quarterly earnings data 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 during the quarter, compared to analyst estimates of $2.95 billion. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. Constellation Brands’s revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $3.70 earnings per share. On average, research analysts expect that Constellation Brands, Inc. will post 13.57 EPS for the current fiscal 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 1.73%. The ex-dividend date is Tuesday, November 5th. Constellation Brands’s payout ratio is 130.74%.

Wall Street Analysts Forecast Growth

STZ has been the subject of several research reports. Bank of America reissued a “neutral” rating and set a $255.00 price objective (down from $300.00) on shares of Constellation Brands in a report on Monday, October 7th. Morgan Stanley cut their price target on Constellation Brands from $305.00 to $280.00 and set an “overweight” rating for the company in a research note on Monday, August 26th. Royal Bank of Canada restated an “outperform” rating and issued a $308.00 price objective on shares of Constellation Brands in a research note on Friday, October 4th. Evercore ISI cut their target price on shares of Constellation Brands from $310.00 to $300.00 and set an “outperform” rating for the company in a research report on Friday, October 4th. Finally, UBS Group reduced their target price on shares of Constellation Brands from $320.00 to $295.00 and set a “buy” rating for the company in a research note on Monday, September 9th. Four analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $290.47.

Insider Activity

In related news, Director Robert Sands sold 119,274 shares of the stock in a transaction 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 transaction, the director now owns 431,729 shares of the company’s stock, valued at $104,638,157.73. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Constellation Brands news, EVP Samuel J. Glaetzer sold 1,510 shares of Constellation Brands stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,220,482.90. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert Sands sold 119,274 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $242.37, for a total transaction 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 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 128,210 shares of company stock worth $31,040,994. 12.19% of the stock is currently 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.