Patten & Patten Inc. TN Lowers Stock Holdings in Constellation Brands Inc (NYSE:STZ)

Patten & Patten Inc. TN reduced its position in shares of Constellation Brands Inc (NYSE:STZFree Report) by 36.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 18,809 shares of the company’s stock after selling 10,565 shares during the period. Patten & Patten Inc. TN’s holdings in Constellation Brands were worth $3,452,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of STZ. Brighton Jones LLC boosted its position in shares of Constellation Brands by 23.0% during the fourth quarter. Brighton Jones LLC now owns 1,001 shares of the company’s stock worth $221,000 after buying an additional 187 shares during the period. Bank Pictet & Cie Europe AG boosted its holdings in Constellation Brands by 39.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 6,096 shares of the company’s stock valued at $1,347,000 after purchasing an additional 1,733 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Constellation Brands by 3.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 7,580 shares of the company’s stock valued at $1,697,000 after purchasing an additional 239 shares during the period. UniSuper Management Pty Ltd boosted its holdings in Constellation Brands by 25.6% in the fourth quarter. UniSuper Management Pty Ltd now owns 14,029 shares of the company’s stock valued at $3,100,000 after purchasing an additional 2,859 shares during the period. Finally, NEOS Investment Management LLC boosted its holdings in Constellation Brands by 25.6% in the fourth quarter. NEOS Investment Management LLC now owns 6,074 shares of the company’s stock valued at $1,342,000 after purchasing an additional 1,238 shares during the period. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Constellation Brands news, EVP James O. Bourdeau sold 821 shares of Constellation Brands stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $169.00, for a total value of $138,749.00. Following the sale, the executive vice president owned 9,438 shares of the company’s stock, valued at approximately $1,595,022. The trade was a 8.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Samuel J. Glaetzer sold 3,150 shares of Constellation Brands stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $188.54, for a total value of $593,901.00. Following the completion of the sale, the executive vice president directly owned 3,126 shares in the company, valued at $589,376.04. This represents a 50.19% decrease in their position. The disclosure for this sale can be found here. 12.45% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

STZ has been the subject of a number of recent research reports. Raymond James Financial upgraded Constellation Brands to a “strong-buy” rating in a report on Monday, July 7th. BMO Capital Markets decreased their target price on Constellation Brands from $260.00 to $215.00 and set an “outperform” rating for the company in a report on Friday, April 11th. JPMorgan Chase & Co. lifted their target price on Constellation Brands from $170.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday, July 3rd. Bank of America lifted their target price on Constellation Brands from $180.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday, July 3rd. Finally, Barclays set a $202.00 target price on Constellation Brands and gave the company an “overweight” rating in a report on Thursday, June 26th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $213.74.

Check Out Our Latest Research Report on STZ

Constellation Brands Stock Performance

NYSE STZ opened at $175.61 on Monday. The company has a quick ratio of 0.68, a current ratio of 1.07 and a debt-to-equity ratio of 1.30. Constellation Brands Inc has a 52-week low of $159.35 and a 52-week high of $261.06. The business’s 50-day moving average price is $171.87 and its 200 day moving average price is $177.63. The firm has a market cap of $30.96 billion, a P/E ratio of -73.48, a P/E/G ratio of 10.62 and a beta of 0.67.

Constellation Brands (NYSE:STZGet Free Report) last released its quarterly earnings results on Tuesday, July 1st. The company reported $3.22 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.45 by ($0.23). Constellation Brands had a positive return on equity of 31.41% and a negative net margin of 4.11%. The company had revenue of $2.52 billion for the quarter, compared to analysts’ expectations of $2.57 billion. During the same period in the prior year, the business earned $3.57 EPS. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. On average, equities research analysts expect that Constellation Brands Inc will post 13.5 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, August 14th. Investors of record on Wednesday, July 30th will be issued a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Wednesday, July 30th. Constellation Brands’s dividend payout ratio is currently -170.71%.

Constellation Brands Company Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Constellation Brands (NYSE:STZ)

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