Victory Capital Management Inc. Cuts Stock Holdings in Constellation Brands, Inc. (NYSE:STZ)

Victory Capital Management Inc. trimmed its position in shares of Constellation Brands, Inc. (NYSE:STZ) by 4.0% during the third quarter, Holdings Channel.com reports. The fund owned 60,854 shares of the company’s stock after selling 2,535 shares during the quarter. Victory Capital Management Inc.’s holdings in Constellation Brands were worth $15,681,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of STZ. New Millennium Group LLC purchased a new position in shares of Constellation Brands in the 2nd quarter worth about $25,000. Thurston Springer Miller Herd & Titak Inc. bought a new stake in Constellation Brands in the 2nd quarter valued at about $29,000. Horizon Bancorp Inc. IN bought a new stake in Constellation Brands in the 2nd quarter valued at about $32,000. LRI Investments LLC bought a new stake in Constellation Brands in the 1st quarter valued at about $37,000. Finally, Opal Wealth Advisors LLC bought a new stake in Constellation Brands in the 2nd quarter valued at about $36,000. 77.34% of the stock is owned by hedge funds and other institutional investors.

Constellation Brands Trading Up 1.0 %

Constellation Brands stock opened at $240.44 on Wednesday. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.25 and a quick ratio of 0.53. Constellation Brands, Inc. has a one year low of $224.76 and a one year high of $274.87. The stock has a market capitalization of $43.65 billion, a PE ratio of 77.81, a price-to-earnings-growth ratio of 1.68 and a beta of 0.90. The business’s fifty day moving average is $243.70 and its 200 day moving average is $247.79.

Constellation Brands (NYSE:STZ) last announced its earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.08 by $0.24. The business had revenue of $2.92 billion for the quarter, compared to analysts’ expectations of $2.95 billion. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The business’s revenue for the quarter was up 2.9% on a year-over-year basis. During the same period last year, the firm posted $3.70 earnings per share. On average, sell-side analysts predict that Constellation Brands, Inc. will post 13.57 EPS for the current year.

Constellation Brands Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th will be paid a $1.01 dividend. This represents a $4.04 annualized dividend and a dividend yield of 1.68%. The ex-dividend date is Tuesday, November 5th. Constellation Brands’s dividend payout ratio (DPR) is currently 130.74%.

Insider Transactions at Constellation Brands

In other news, EVP Samuel J. Glaetzer sold 1,510 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $245.57, for a total value of $370,810.70. Following the transaction, the executive vice president now owns 4,970 shares of the company’s stock, valued at $1,220,482.90. This trade represents a 23.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert Sands sold 119,274 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 431,729 shares in the company, valued at $104,638,157.73. This trade represents a 21.65 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 189,296 shares of company stock valued at $45,899,031 over the last quarter. 12.19% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on STZ shares. Evercore ISI lowered their price objective on Constellation Brands from $310.00 to $300.00 and set an “outperform” rating on the stock in a research note on Friday, October 4th. Royal Bank of Canada reiterated an “outperform” rating and set a $308.00 price target on shares of Constellation Brands in a research report on Tuesday. TD Cowen cut Constellation Brands from a “buy” rating to a “hold” rating and decreased their price target for the company from $300.00 to $270.00 in a research report on Tuesday, October 8th. Roth Mkm reiterated a “buy” rating and set a $298.00 price target on shares of Constellation Brands in a research report on Friday, October 4th. Finally, Truist Financial cut their price objective on Constellation Brands from $265.00 to $255.00 and set a “hold” rating for the company in a report on Friday, October 4th. Four equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $290.47.

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.