Pinnacle Associates Ltd. Has $1.24 Million Position in Constellation Brands Inc (NYSE:STZ)

Pinnacle Associates Ltd. cut its position in Constellation Brands Inc (NYSE:STZ) by 71.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,769 shares of the company’s stock after selling 17,300 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Constellation Brands were worth $1,242,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Harbor Capital Advisors Inc. increased its position in Constellation Brands by 36.4% during the first quarter. Harbor Capital Advisors Inc. now owns 3,051 shares of the company’s stock worth $560,000 after acquiring an additional 815 shares during the period. Golden State Wealth Management LLC grew its position in shares of Constellation Brands by 137.0% during the 1st quarter. Golden State Wealth Management LLC now owns 2,204 shares of the company’s stock worth $405,000 after purchasing an additional 1,274 shares in the last quarter. Oppenheimer Asset Management Inc. increased its holdings in shares of Constellation Brands by 28.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 7,360 shares of the company’s stock worth $1,351,000 after purchasing an additional 1,651 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of Constellation Brands by 7.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,206 shares of the company’s stock valued at $3,180,000 after buying an additional 1,185 shares in the last quarter. Finally, Bessemer Group Inc. boosted its stake in shares of Constellation Brands by 3.0% in the first quarter. Bessemer Group Inc. now owns 2,242 shares of the company’s stock valued at $412,000 after buying an additional 65 shares during the period. 77.34% of the stock is owned by institutional investors and hedge funds.

Constellation Brands Stock Down 0.0%

Shares of STZ opened at $175.61 on Friday. Constellation Brands Inc has a 52 week low of $159.35 and a 52 week high of $261.06. The stock has a market capitalization of $30.96 billion, a price-to-earnings ratio of -73.48, a PEG ratio of 10.62 and a beta of 1.75. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.68 and a current ratio of 1.07. The stock has a fifty day moving average of $171.87 and a 200-day moving average of $177.92.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings data on Tuesday, July 1st. The company reported $3.22 earnings per share for the quarter, missing analysts’ consensus estimates of $3.45 by ($0.23). The company had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.57 billion. Constellation Brands had a negative net margin of 4.11% and a positive return on equity of 31.41%. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $3.57 earnings per share. As a group, sell-side analysts anticipate that Constellation Brands Inc will post 13.5 earnings per share for the current fiscal year.

Constellation Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Investors of record on Wednesday, July 30th will be issued a $1.02 dividend. The ex-dividend date is Wednesday, July 30th. This represents a $4.08 dividend on an annualized basis and a yield of 2.32%. Constellation Brands’s payout ratio is -170.71%.

Insiders Place Their Bets

In related news, EVP Samuel J. Glaetzer sold 3,150 shares of the stock in a transaction on Tuesday, May 13th. The stock was 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP James O. Bourdeau sold 821 shares of the stock in a transaction on Monday, July 21st. The shares were sold at an average price of $169.00, for a total value of $138,749.00. Following the completion of the sale, the executive vice president owned 9,438 shares of the company’s stock, valued at $1,595,022. The trade was a 8.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 12.45% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on STZ. Roth Mkm cut their price target on Constellation Brands from $284.00 to $256.00 and set a “buy” rating for the company in a research note on Thursday, April 3rd. Royal Bank Of Canada cut their price target on Constellation Brands from $289.00 to $233.00 and set an “outperform” rating for the company in a research note on Monday, April 14th. Bernstein Bank cut their price target on Constellation Brands from $260.00 to $225.00 and set an “outperform” rating for the company in a research note on Thursday, April 10th. Barclays set a $202.00 price target on Constellation Brands and gave the company an “overweight” rating in a research note on Thursday, June 26th. Finally, Truist Financial upgraded Constellation Brands from a “hold” rating to a “buy” rating and upped their target price for the stock from $190.00 to $215.00 in a research note on Wednesday, May 7th. Eleven investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Constellation Brands presently has an average rating of “Moderate Buy” and an average price target of $213.74.

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.