Carnegie Investment Counsel Lowers Stake in Constellation Brands Inc (NYSE:STZ)

Carnegie Investment Counsel cut its position in shares of Constellation Brands Inc (NYSE:STZ) by 30.3% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 3,550 shares of the company’s stock after selling 1,546 shares during the quarter. Carnegie Investment Counsel’s holdings in Constellation Brands were worth $613,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of STZ. Harbor Capital Advisors Inc. increased its position in shares of Constellation Brands by 36.4% in 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 in the last quarter. Golden State Wealth Management LLC increased its position in shares of Constellation Brands by 137.0% in the first quarter. Golden State Wealth Management LLC now owns 2,204 shares of the company’s stock worth $405,000 after acquiring an additional 1,274 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Constellation Brands by 28.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 7,360 shares of the company’s stock worth $1,351,000 after acquiring an additional 1,651 shares in the last quarter. Allspring Global Investments Holdings LLC increased 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 worth $3,180,000 after acquiring an additional 1,185 shares in the last quarter. Finally, Bessemer Group Inc. increased its position 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 worth $412,000 after acquiring an additional 65 shares in the last quarter. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on STZ shares. Royal Bank Of Canada reduced their target price on shares of Constellation Brands from $289.00 to $233.00 and set an “outperform” rating on the stock in a research report on Monday, April 14th. DA Davidson dropped their price target on shares of Constellation Brands from $272.00 to $241.00 in a research note on Friday, April 11th. BMO Capital Markets decreased their price objective on shares of Constellation Brands from $260.00 to $215.00 and set an “outperform” rating for the company in a research report on Friday, April 11th. Citigroup lifted their target price on Constellation Brands from $170.00 to $174.00 and gave the stock a “neutral” rating in a research report on Thursday, July 3rd. Finally, Bank of America increased their price target on Constellation Brands from $180.00 to $182.00 and gave the company a “neutral” rating in a report on Thursday, July 3rd. Eleven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Constellation Brands has a consensus rating of “Moderate Buy” and an average target price of $213.74.

Constellation Brands Stock Down 0.0%

STZ opened at $175.61 on Friday. The stock 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 1.75. The stock’s 50 day moving average price is $171.87 and its 200 day moving average price is $177.92. Constellation Brands Inc has a 12 month low of $159.35 and a 12 month high of $261.06. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.07 and a quick ratio of 0.68.

Constellation Brands (NYSE:STZ) last released its earnings results 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). Constellation Brands had a positive return on equity of 31.41% and a negative net margin of 4.11%. The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same quarter last year, the company earned $3.57 earnings per share. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. As a group, research analysts predict that Constellation Brands Inc will post 13.5 earnings per share for the current year.

Constellation Brands Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP James O. Bourdeau sold 821 shares of the firm’s stock in a transaction on Monday, July 21st. The stock was sold at an average price of $169.00, for a total transaction of $138,749.00. Following the completion of the sale, the executive vice president directly owned 9,438 shares of the company’s stock, valued at $1,595,022. This trade represents a 8.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Samuel J. Glaetzer sold 3,150 shares of the business’s 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 sale, the executive vice president directly owned 3,126 shares in the company, valued at $589,376.04. This trade represents a 50.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.45% 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.