Garner Asset Management Corp Boosts Stake in Constellation Brands, Inc. (NYSE:STZ)

Garner Asset Management Corp boosted its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 2.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,110 shares of the company’s stock after purchasing an additional 123 shares during the period. Garner Asset Management Corp’s holdings in Constellation Brands were worth $1,315,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Stifel Financial Corp raised its position in Constellation Brands by 3.2% in the fourth quarter. Stifel Financial Corp now owns 192,585 shares of the company’s stock worth $46,570,000 after acquiring an additional 5,951 shares during the period. KBC Group NV lifted its position in Constellation Brands by 100.4% during the fourth quarter. KBC Group NV now owns 250,945 shares of the company’s stock valued at $60,666,000 after purchasing an additional 125,730 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in Constellation Brands during the second quarter valued at about $119,394,000. Vanguard Group Inc. increased its position in Constellation Brands by 3.5% in the first quarter. Vanguard Group Inc. now owns 13,705,793 shares of the company’s stock worth $3,724,686,000 after buying an additional 462,891 shares in the last quarter. Finally, Howland Capital Management LLC lifted its position in shares of Constellation Brands by 3.0% during the 1st quarter. Howland Capital Management LLC now owns 141,314 shares of the company’s stock valued at $38,403,000 after buying an additional 4,051 shares in the last quarter. 77.34% of the stock is currently owned by hedge funds and other institutional investors.

Constellation Brands Stock Down 0.7 %

Shares of STZ opened at $251.00 on Thursday. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.19 and a quick ratio of 0.53. The stock has a market capitalization of $45.93 billion, a price-to-earnings ratio of 18.70, a price-to-earnings-growth ratio of 1.69 and a beta of 1.75. Constellation Brands, Inc. has a 1 year low of $227.50 and a 1 year high of $274.87. The business’s 50 day simple moving average is $245.88 and its 200-day simple moving average is $253.94.

Constellation Brands (NYSE:STZ) last released its quarterly earnings results on Wednesday, July 3rd. The company reported $3.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.46 by $0.11. Constellation Brands had a net margin of 22.70% and a return on equity of 23.72%. The company had revenue of $2.66 billion for the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the prior year, the firm earned $2.91 earnings per share. Constellation Brands’s revenue was up 5.8% on a year-over-year basis. As a group, equities analysts expect that Constellation Brands, Inc. will post 13.53 earnings per share for the current fiscal year.

Constellation Brands Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Wednesday, August 14th were given a $1.01 dividend. The ex-dividend date was Wednesday, August 14th. This represents a $4.04 annualized dividend and a yield of 1.61%. Constellation Brands’s dividend payout ratio is currently 30.10%.

Insiders Place Their Bets

In other news, EVP Kaneenat Kristann Carey sold 977 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 2,706 shares of the company’s stock, valued at approximately $706,266. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Constellation Brands news, CFO Garth Hankinson sold 13,583 shares of the business’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $240.00, for a total transaction of $3,259,920.00. Following the transaction, the chief financial officer now owns 11,702 shares in the company, valued at $2,808,480. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Kaneenat Kristann Carey sold 977 shares of the stock in a transaction on Friday, July 12th. The shares were sold at an average price of $261.00, for a total transaction of $254,997.00. Following the completion of the sale, the executive vice president now directly owns 2,706 shares in the company, valued at approximately $706,266. The disclosure for this sale can be found here. Insiders have sold 16,414 shares of company stock valued at $3,982,922 over the last ninety days. 12.19% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on STZ shares. UBS Group reduced their target price on shares of Constellation Brands from $320.00 to $295.00 and set a “buy” rating for the company in a report on Monday, September 9th. Barclays increased their price objective on shares of Constellation Brands from $287.00 to $295.00 and gave the stock an “overweight” rating in a research note on Friday, July 19th. Truist Financial restated a “hold” rating and set a $265.00 target price on shares of Constellation Brands in a research note on Wednesday, July 3rd. Jefferies Financial Group increased their price target on Constellation Brands from $310.00 to $311.00 and gave the stock a “buy” rating in a research note on Friday, July 5th. Finally, Morgan Stanley lowered their price objective on Constellation Brands from $305.00 to $280.00 and set an “overweight” rating on the stock in a research report on Monday, August 26th. Three equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $296.78.

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.