Prestige Wealth Management Group LLC Has $391,000 Stock Position in Constellation Brands, Inc. (NYSE:STZ)

Prestige Wealth Management Group LLC cut its holdings in shares of Constellation Brands, Inc. (NYSE:STZ) by 4.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,521 shares of the company’s stock after selling 74 shares during the quarter. Prestige Wealth Management Group LLC’s holdings in Constellation Brands were worth $391,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in STZ. Capital International Investors grew its position in Constellation Brands by 39.4% in the first quarter. Capital International Investors now owns 11,685,249 shares of the company’s stock worth $3,175,583,000 after acquiring an additional 3,304,709 shares in the last quarter. Norges Bank bought a new position in Constellation Brands during the fourth quarter valued at about $443,844,000. Capital World Investors raised its stake in shares of Constellation Brands by 8.7% in the first quarter. Capital World Investors now owns 9,040,669 shares of the company’s stock valued at $2,456,892,000 after purchasing an additional 723,549 shares in the last quarter. Boston Partners acquired a new position in shares of Constellation Brands in the 4th quarter valued at $156,358,000. Finally, Manning & Napier Advisors LLC acquired a new position in Constellation Brands in the second quarter worth about $119,394,000. 77.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Constellation Brands

In related news, EVP Kaneenat Kristann Carey sold 977 shares of Constellation Brands stock in a transaction that occurred on Friday, July 12th. The stock was sold at an average price of $261.00, for a total transaction of $254,997.00. Following the sale, the executive vice president now directly owns 2,706 shares in the company, valued at $706,266. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Kaneenat Kristann Carey sold 977 shares of the stock in a transaction on Friday, July 12th. The stock was sold at an average price of $261.00, for a total value of $254,997.00. Following the sale, the executive vice president now directly owns 2,706 shares of the company’s stock, valued at $706,266. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Daniel J. Mccarthy sold 1,854 shares of the stock in a transaction dated Friday, July 26th. The shares were sold at an average price of $252.43, for a total transaction of $468,005.22. Following the sale, the director now directly owns 3,232 shares in the company, valued at $815,853.76. The disclosure for this sale can be found here. Insiders have sold 16,414 shares of company stock worth $3,982,922 over the last 90 days. 12.19% of the stock is owned by company insiders.

Constellation Brands Price Performance

Shares of STZ traded up $0.72 during midday trading on Friday, reaching $249.01. The stock had a trading volume of 1,171,782 shares, compared to its average volume of 1,176,895. The company has a current ratio of 1.19, a quick ratio of 0.53 and a debt-to-equity ratio of 1.06. The company has a market capitalization of $45.56 billion, a price-to-earnings ratio of 18.56, a price-to-earnings-growth ratio of 1.59 and a beta of 1.75. The company’s 50-day moving average is $246.35 and its 200 day moving average is $253.71. Constellation Brands, Inc. has a 12-month low of $227.50 and a 12-month high of $274.87.

Constellation Brands (NYSE:STZ) last posted its quarterly earnings results on Wednesday, July 3rd. The company reported $3.57 earnings per share for the quarter, topping the consensus estimate of $3.46 by $0.11. Constellation Brands had a net margin of 22.70% and a return on equity of 23.72%. The business had revenue of $2.66 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same period in the previous year, the firm posted $2.91 earnings per share. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, equities analysts predict that Constellation Brands, Inc. will post 13.54 EPS for the current fiscal year.

Constellation Brands Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Stockholders of record on Wednesday, August 14th were paid a dividend of $1.01 per share. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.62%. The ex-dividend date of this dividend was Wednesday, August 14th. Constellation Brands’s payout ratio is 30.10%.

Wall Street Analyst Weigh In

Several analysts have weighed in on STZ shares. Truist Financial reaffirmed a “hold” rating and set a $265.00 price objective on shares of Constellation Brands in a research note on Wednesday, July 3rd. JPMorgan Chase & Co. dropped their price target on shares of Constellation Brands from $320.00 to $307.00 and set an “overweight” rating for the company in a research note on Tuesday, September 3rd. BMO Capital Markets reaffirmed an “outperform” rating and issued a $315.00 price target on shares of Constellation Brands in a research note on Friday, July 5th. Morgan Stanley lowered their price target on Constellation Brands from $305.00 to $280.00 and set an “overweight” rating for the company in a report on Monday, August 26th. Finally, Barclays boosted their price objective on shares of Constellation Brands from $287.00 to $295.00 and gave the company an “overweight” rating in a research report on Friday, July 19th. Three equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat.com, Constellation Brands currently has a consensus rating of “Moderate Buy” and a consensus price target of $298.17.

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.