Allspring Global Investments Holdings LLC Trims Stake in Constellation Brands Inc $STZ

Key Points

• Allspring Global Investments Holdings LLC significantly reduced its stake in Constellation Brands Inc by 62.5%, holding 6,451 shares worth approximately $1.07 million at the end of the second quarter.
• Other institutional investors, such as LRI Investments LLC and Vanguard Personalized Indexing Management LLC, increased their stakes in Constellation Brands by over 150% and 18.4%, respectively, during the same period.
• Constellation Brands announced a quarterly dividend of $1.02 per share, representing an annualized yield of 2.9%, with the ex-dividend date set for October 30.

Allspring Global Investments Holdings LLC lowered its position in Constellation Brands Inc (NYSE:STZ - Free Report) by 62.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,451 shares of the company's stock after selling 10,755 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Constellation Brands were worth $1,074,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in STZ. LRI Investments LLC increased its stake in Constellation Brands by 153.5% in the 2nd quarter. LRI Investments LLC now owns 801 shares of the company's stock worth $130,000 after buying an additional 485 shares during the period. OFI Invest Asset Management increased its stake in Constellation Brands by 0.6% in the 2nd quarter. OFI Invest Asset Management now owns 38,596 shares of the company's stock worth $6,279,000 after buying an additional 239 shares during the period. Vanguard Personalized Indexing Management LLC increased its stake in Constellation Brands by 18.4% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 14,680 shares of the company's stock worth $2,388,000 after buying an additional 2,286 shares during the period. Johnson Investment Counsel Inc. increased its stake in Constellation Brands by 27.2% in the 2nd quarter. Johnson Investment Counsel Inc. now owns 3,174 shares of the company's stock worth $516,000 after buying an additional 679 shares during the period. Finally, Apollon Wealth Management LLC increased its stake in Constellation Brands by 230.2% in the 2nd quarter. Apollon Wealth Management LLC now owns 6,471 shares of the company's stock worth $1,053,000 after buying an additional 4,511 shares during the period. Hedge funds and other institutional investors own 77.34% of the company's stock.

Constellation Brands Stock Performance

Shares of Constellation Brands stock opened at $140.27 on Thursday. The firm has a market capitalization of $24.55 billion, a P/E ratio of 20.48, a PEG ratio of 0.42 and a beta of 0.66. The company has a quick ratio of 0.54, a current ratio of 1.08 and a debt-to-equity ratio of 1.26. The company has a 50 day moving average price of $146.00 and a 200 day moving average price of $165.88. Constellation Brands Inc has a 52 week low of $131.20 and a 52 week high of $245.31.

Constellation Brands (NYSE:STZ - Get Free Report) last posted its quarterly earnings results on Thursday, February 23rd. The company reported $3.12 earnings per share (EPS) for the quarter. The company had revenue of $2.32 billion during the quarter. Constellation Brands had a net margin of 11.88% and a return on equity of 29.82%. Sell-side analysts expect that Constellation Brands Inc will post 13.5 EPS for the current year.

Constellation Brands Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, November 13th. Investors of record on Thursday, October 30th will be paid a $1.02 dividend. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $4.08 dividend on an annualized basis and a yield of 2.9%. Constellation Brands's dividend payout ratio (DPR) is currently 59.56%.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Zacks Research downgraded shares of Constellation Brands from a "hold" rating to a "strong sell" rating in a research note on Tuesday, September 9th. UBS Group set a $160.00 target price on shares of Constellation Brands in a report on Tuesday, October 7th. BNP Paribas Exane cut shares of Constellation Brands from a "neutral" rating to an "underperform" rating and set a $123.00 target price on the stock. in a report on Wednesday, September 3rd. BMO Capital Markets dropped their target price on shares of Constellation Brands from $215.00 to $190.00 and set an "outperform" rating on the stock in a report on Thursday, September 4th. Finally, Roth Capital reiterated a "buy" rating and set a $209.00 target price (down from $239.00) on shares of Constellation Brands in a report on Wednesday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, nine have given a Hold rating and five have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $186.44.

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.

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