JPMorgan Chase & Co. cut its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 19.0% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,766,617 shares of the company’s stock after selling 1,354,100 shares during the period. JPMorgan Chase & Co. owned 2.97% of Constellation Brands worth $1,314,787,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also modified their holdings of the company. Glassman Wealth Services increased its position in Constellation Brands by 120.4% during the 1st quarter. Glassman Wealth Services now owns 108 shares of the company’s stock valued at $25,000 after buying an additional 59 shares in the last quarter. Fieldpoint Private Securities LLC increased its holdings in shares of Constellation Brands by 686.7% during the first quarter. Fieldpoint Private Securities LLC now owns 118 shares of the company’s stock valued at $27,000 after acquiring an additional 103 shares in the last quarter. Private Ocean LLC purchased a new position in shares of Constellation Brands in the 1st quarter valued at approximately $29,000. CVA Family Office LLC boosted its stake in Constellation Brands by 3,150.0% in the 1st quarter. CVA Family Office LLC now owns 130 shares of the company’s stock worth $30,000 after purchasing an additional 126 shares in the last quarter. Finally, Safeguard Investment Advisory Group LLC acquired a new stake in Constellation Brands in the 4th quarter worth approximately $33,000. Hedge funds and other institutional investors own 70.60% of the company’s stock.
A number of equities research analysts have recently weighed in on STZ shares. Wolfe Research initiated coverage on shares of Constellation Brands in a report on Monday, April 19th. They set an “outperform” rating and a $265.00 price objective on the stock. Sanford C. Bernstein started coverage on Constellation Brands in a research note on Monday, May 24th. They set an “outperform” rating and a $305.00 price target on the stock. MKM Partners reduced their price objective on Constellation Brands from $219.00 to $216.00 and set a “neutral” rating for the company in a research note on Friday, April 9th. Truist cut Constellation Brands from a “buy” rating to a “hold” rating and set a $240.00 price objective for the company. in a research note on Tuesday, February 16th. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of Constellation Brands from $219.00 to $223.00 and gave the stock a “hold” rating in a research report on Thursday, March 25th. Ten equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $244.50.
Constellation Brands (NYSE:STZ) last announced its earnings results on Wednesday, April 7th. The company reported $1.82 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.55 by $0.27. Constellation Brands had a net margin of 21.36% and a return on equity of 15.28%. The business had revenue of $1.96 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the business earned $2.18 earnings per share. The company’s revenue for the quarter was up 3.2% compared to the same quarter last year. As a group, analysts expect that Constellation Brands, Inc. will post 10.03 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 18th. Shareholders of record on Tuesday, May 4th were issued a dividend of $0.76 per share. The ex-dividend date was Monday, May 3rd. This represents a $3.04 dividend on an annualized basis and a dividend yield of 1.28%. This is a boost from Constellation Brands’s previous quarterly dividend of $0.75. Constellation Brands’s dividend payout ratio is presently 9.33%.
In other Constellation Brands news, EVP Thomas Michael Kane sold 4,035 shares of the firm’s stock in a transaction on Tuesday, May 4th. The stock was sold at an average price of $242.03, for a total value of $976,591.05. Following the transaction, the executive vice president now owns 6,182 shares in the company, valued at approximately $1,496,229.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeremy S. G. Fowden sold 6,517 shares of Constellation Brands stock in a transaction on Thursday, April 29th. The stock was sold at an average price of $241.90, for a total transaction of $1,576,462.30. Following the sale, the director now directly owns 24,451 shares in the company, valued at approximately $5,914,696.90. The disclosure for this sale can be found here. In the last 90 days, insiders sold 49,999 shares of company stock worth $11,986,684. Company insiders own 15.77% of the company’s stock.
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. It provides beer primarily under the Corona Extra, Corona Premier, Corona Familiar, Corona Light, Corona Refresca, Corona Hard Seltzer, Modelo Especial, Modelo Negra, Modelo Chelada, Pacifico, and Victoria brands.
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