Oppenheimer Asset Management Inc. Reduces Stock Holdings in Constellation Brands, Inc. (NYSE:STZ)

Oppenheimer Asset Management Inc. lessened its stake in shares of Constellation Brands, Inc. (NYSE:STZ) by 7.1% during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 7,033 shares of the company’s stock after selling 534 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Constellation Brands were worth $1,812,000 at the end of the most recent quarter.

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

Insider Transactions at Constellation Brands

In related news, CEO William A. Newlands sold 7,426 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $237.24, for a total transaction of $1,761,744.24. Following the completion of the transaction, the chief executive officer now owns 7,274 shares in the company, valued at $1,725,683.76. The trade was a 50.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Samuel J. Glaetzer sold 1,510 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $245.57, for a total transaction of $370,810.70. Following the completion of the sale, the executive vice president now directly owns 4,970 shares in the company, valued at approximately $1,220,482.90. This trade represents a 23.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 189,296 shares of company stock valued at $45,899,031. 12.19% of the stock is currently owned by insiders.

Constellation Brands Stock Performance

STZ opened at $237.51 on Monday. The stock’s 50 day simple moving average is $244.13 and its 200 day simple moving average is $248.01. Constellation Brands, Inc. has a 1-year low of $224.76 and a 1-year high of $274.87. The stock has a market cap of $43.12 billion, a P/E ratio of 76.86, a P/E/G ratio of 1.68 and a beta of 0.90. 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 (NYSE:STZ) last issued its earnings results on Thursday, October 3rd. The company reported $4.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.08 by $0.24. Constellation Brands had a return on equity of 25.34% and a net margin of 5.29%. The business had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.95 billion. During the same quarter in the previous year, the business earned $3.70 EPS. The company’s revenue for the quarter was up 2.9% on a year-over-year basis. As a group, equities analysts anticipate that Constellation Brands, Inc. will post 13.57 EPS for the current fiscal year.

Constellation Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 21st. Shareholders of record on Tuesday, November 5th will be issued a $1.01 dividend. The ex-dividend date is Tuesday, November 5th. This represents a $4.04 dividend on an annualized basis and a yield of 1.70%. Constellation Brands’s dividend payout ratio is currently 130.74%.

Analyst Ratings Changes

STZ has been the subject of several recent research reports. TD Cowen lowered Constellation Brands from a “buy” rating to a “hold” rating and reduced their price target for the stock from $300.00 to $270.00 in a research report on Tuesday, October 8th. UBS Group decreased their price objective on Constellation Brands from $320.00 to $295.00 and set a “buy” rating for the company in a report on Monday, September 9th. JPMorgan Chase & Co. lowered their target price on shares of Constellation Brands from $307.00 to $293.00 and set an “overweight” rating for the company in a research note on Friday, October 4th. BMO Capital Markets dropped their price target on Constellation Brands from $315.00 to $305.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 15th. Finally, Truist Financial dropped their target price on Constellation Brands from $265.00 to $255.00 and set a “hold” rating on the stock in a research report on Friday, October 4th. Four research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, Constellation Brands has an average rating of “Moderate Buy” and an average 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.