Cadence Bank Increases Stake in Constellation Brands, Inc. (NYSE:STZ)

Cadence Bank lifted its position in shares of Constellation Brands, Inc. (NYSE:STZ) by 1.0% during the third quarter, HoldingsChannel reports. The fund owned 36,388 shares of the company’s stock after acquiring an additional 354 shares during the quarter. Cadence Bank’s holdings in Constellation Brands were worth $9,377,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in the company. New Millennium Group LLC acquired a new stake in shares of Constellation Brands in the 2nd quarter valued at approximately $25,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of Constellation Brands during the 2nd quarter worth approximately $29,000. Horizon Bancorp Inc. IN purchased a new stake in Constellation Brands during the second quarter worth $32,000. Opal Wealth Advisors LLC acquired a new stake in Constellation Brands in the second quarter valued at $36,000. Finally, Ashton Thomas Private Wealth LLC purchased a new position in shares of Constellation Brands in the second quarter valued at $36,000. 77.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on STZ shares. Roth Mkm reaffirmed a “buy” rating and issued a $298.00 price target on shares of Constellation Brands in a report on Friday, October 4th. TD Cowen cut Constellation Brands from a “buy” rating to a “hold” rating and cut their price target for the stock from $300.00 to $270.00 in a report on Tuesday, October 8th. Wells Fargo & Company dropped their price objective on Constellation Brands from $300.00 to $295.00 and set an “overweight” rating for the company in a research report on Tuesday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $308.00 price target on shares of Constellation Brands in a research note on Tuesday, November 19th. Finally, Truist Financial reduced their price objective on shares of Constellation Brands from $265.00 to $255.00 and set a “hold” rating on the stock in a research note on Friday, October 4th. Five analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to data from MarketBeat.com, Constellation Brands currently has a consensus rating of “Moderate Buy” and an average price target of $289.16.

Insider Activity at Constellation Brands

In other news, CEO William A. Newlands sold 7,426 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $237.24, for a total value of $1,761,744.24. Following the transaction, the chief executive officer now directly owns 7,274 shares in the company, valued at approximately $1,725,683.76. This trade represents a 50.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, major shareholder Wildstar Partners Llc sold 660 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $241.00, for a total transaction of $159,060.00. Following the sale, the insider now directly owns 1,736,884 shares of the company’s stock, valued at approximately $418,589,044. This represents a 0.04 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 189,956 shares of company stock valued at $46,058,091 over the last three months. 12.19% of the stock is owned by insiders.

Constellation Brands Trading Down 3.3 %

Shares of STZ opened at $233.68 on Wednesday. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.53 and a current ratio of 1.25. Constellation Brands, Inc. has a one year low of $224.76 and a one year high of $274.87. The stock has a 50-day moving average price of $242.42 and a 200 day moving average price of $247.08. The company has a market capitalization of $42.43 billion, a P/E ratio of 75.62, a P/E/G ratio of 1.71 and a beta of 0.90.

Constellation Brands (NYSE:STZ) last released its earnings results on Thursday, October 3rd. The company reported $4.32 EPS for the quarter, beating the consensus estimate of $4.08 by $0.24. The company had revenue of $2.92 billion during 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 was up 2.9% on a year-over-year basis. During the same period in the prior year, the business posted $3.70 EPS. Sell-side analysts forecast that Constellation Brands, Inc. will post 13.57 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, November 21st. Stockholders of record on Tuesday, November 5th were paid a $1.01 dividend. The ex-dividend date was Tuesday, November 5th. This represents a $4.04 dividend on an annualized basis and a dividend yield of 1.73%. Constellation Brands’s dividend payout ratio (DPR) is presently 130.74%.

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.