SouthState Corp Acquires 1,644 Shares of Constellation Brands, Inc. (NYSE:STZ)

SouthState Corp lifted its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 5.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 33,275 shares of the company’s stock after buying an additional 1,644 shares during the period. SouthState Corp’s holdings in Constellation Brands were worth $8,575,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Manning & Napier Advisors LLC acquired a new position in Constellation Brands during the second quarter valued at approximately $119,394,000. Capital International Sarl boosted its holdings in shares of Constellation Brands by 35.9% in the 1st quarter. Capital International Sarl now owns 10,462 shares of the company’s stock valued at $2,843,000 after buying an additional 2,764 shares during the last quarter. Swedbank AB bought a new position in shares of Constellation Brands in the first quarter valued at $561,000. Cetera Advisors LLC increased its holdings in Constellation Brands by 182.1% during 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 during the last quarter. Finally, Signature Estate & Investment Advisors LLC acquired a new position in Constellation Brands during the third quarter worth $2,132,000. Institutional investors own 77.34% of the company’s stock.

Constellation Brands Price Performance

Shares of NYSE:STZ opened at $238.06 on Tuesday. The firm has a 50 day moving average of $243.88 and a 200-day moving average of $247.90. The stock has a market capitalization of $43.22 billion, a PE ratio of 77.04, a PEG ratio of 1.68 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 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. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The firm had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.95 billion. During the same quarter in the previous year, the firm earned $3.70 earnings per share. The business’s quarterly revenue was up 2.9% on a year-over-year basis. On average, equities research analysts predict that Constellation Brands, Inc. will post 13.57 EPS for the current fiscal year.

Constellation Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Investors of record on Tuesday, November 5th will be issued a dividend of $1.01 per share. This represents a $4.04 annualized dividend and a dividend yield of 1.70%. The ex-dividend date of this dividend is Tuesday, November 5th. Constellation Brands’s dividend payout ratio (DPR) is 130.74%.

Wall Street Analyst Weigh In

STZ has been the subject of a number of recent analyst reports. Evercore ISI cut their price target on shares of Constellation Brands from $310.00 to $300.00 and set an “outperform” rating for the company in a research note on Friday, October 4th. Barclays cut their target price on shares of Constellation Brands from $309.00 to $300.00 and set an “overweight” rating for the company in a research note on Monday, October 7th. TD Cowen downgraded Constellation Brands from a “buy” rating to a “hold” rating and lowered their price target for the stock from $300.00 to $270.00 in a research report on Tuesday, October 8th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $308.00 price objective on shares of Constellation Brands in a research report on Friday, October 4th. Finally, Truist Financial decreased their target price on 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 stock. According to data from MarketBeat.com, Constellation Brands currently has an average rating of “Moderate Buy” and a consensus price target of $290.47.

Insider Buying and Selling

In other Constellation Brands news, EVP Samuel J. Glaetzer sold 1,510 shares of the business’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 transaction of $370,810.70. Following the sale, the executive vice president now directly owns 4,970 shares of the company’s stock, valued at $1,220,482.90. The trade was a 23.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP James A. Jr. Sabia sold 36,086 shares of Constellation Brands stock in a transaction on Thursday, November 14th. The stock was sold at an average price of $242.99, for a total transaction of $8,768,537.14. Following the transaction, the executive vice president now owns 16,042 shares in the company, valued at approximately $3,898,045.58. This trade represents a 69.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 189,296 shares of company stock worth $45,899,031 in the last 90 days. Insiders own 12.19% of the company’s stock.

Constellation Brands 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.