Bryce Point Capital LLC Sells 5,285 Shares of Constellation Brands Inc (NYSE:STZ)

Key Points

• Bryce Point Capital LLC significantly reduced its holdings in Constellation Brands Inc by 53.1%, selling 5,285 shares to now own 4,669 shares worth approximately $807,000.
• Constellation Brands reported earnings per share of $3.22 for the quarter, missing estimates by $0.23, and revenue declined by 5.5% year-over-year, totaling $2.52 billion.
• The company announced a quarterly dividend of $1.02 per share, with a scheduled payment date of August 14th, resulting in an annualized yield of 2.32%.

Bryce Point Capital LLC reduced its position in Constellation Brands Inc (NYSE:STZ - Free Report) by 53.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 4,669 shares of the company's stock after selling 5,285 shares during the period. Bryce Point Capital LLC's holdings in Constellation Brands were worth $807,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Minot DeBlois Advisors LLC purchased a new stake in Constellation Brands during the 4th quarter valued at approximately $29,000. Optiver Holding B.V. acquired a new position in Constellation Brands during the 4th quarter worth approximately $31,000. Laurel Wealth Advisors LLC acquired a new position in Constellation Brands during the 1st quarter worth approximately $32,000. Rakuten Securities Inc. increased its position in Constellation Brands by 805.0% during the 1st quarter. Rakuten Securities Inc. now owns 181 shares of the company's stock worth $33,000 after purchasing an additional 161 shares during the period. Finally, Fourth Dimension Wealth LLC acquired a new position in Constellation Brands during the 4th quarter worth approximately $44,000. 77.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on STZ. BMO Capital Markets dropped their target price on Constellation Brands from $260.00 to $215.00 and set an "outperform" rating on the stock in a research report on Friday, April 11th. Piper Sandler boosted their target price on Constellation Brands from $165.00 to $170.00 and gave the stock a "neutral" rating in a research report on Friday, June 6th. Royal Bank Of Canada lowered their price target on Constellation Brands from $289.00 to $233.00 and set an "outperform" rating on the stock in a report on Monday, April 14th. JPMorgan Chase & Co. upped their price target on Constellation Brands from $170.00 to $182.00 and gave the stock a "neutral" rating in a report on Thursday, July 3rd. Finally, Raymond James Financial upgraded Constellation Brands to a "strong-buy" rating in a report on Monday, July 7th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $213.74.

Constellation Brands Stock Down 2.3%

Shares of Constellation Brands stock traded down $3.89 during trading hours on Thursday, hitting $167.57. 1,342,491 shares of the company's stock traded hands, compared to its average volume of 2,466,547. The stock has a 50 day simple moving average of $170.91 and a 200-day simple moving average of $177.51. The company has a quick ratio of 0.68, a current ratio of 1.07 and a debt-to-equity ratio of 1.30. The company has a market cap of $29.54 billion, a PE ratio of -70.12, a PEG ratio of 10.64 and a beta of 0.67. Constellation Brands Inc has a twelve month low of $159.35 and a twelve month high of $261.06.

Constellation Brands (NYSE:STZ - Get Free Report) last posted its quarterly earnings results on Tuesday, July 1st. The company reported $3.22 EPS for the quarter, missing analysts' consensus estimates of $3.45 by ($0.23). Constellation Brands had a positive return on equity of 31.41% and a negative net margin of 4.11%. The firm had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same quarter last year, the business posted $3.57 earnings per share. The firm's revenue for the quarter was down 5.5% on a year-over-year basis. Equities research analysts anticipate that Constellation Brands Inc will post 13.5 earnings per share for the current fiscal year.

Constellation Brands Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Wednesday, July 30th will be given a dividend of $1.02 per share. This represents a $4.08 annualized dividend and a yield of 2.43%. The ex-dividend date is Wednesday, July 30th. Constellation Brands's payout ratio is -170.71%.

Insider Buying and Selling at Constellation Brands

In other news, EVP James O. Bourdeau sold 821 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $169.00, for a total transaction of $138,749.00. Following the transaction, the executive vice president directly owned 9,438 shares in the company, valued at $1,595,022. The trade was a 8.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Samuel J. Glaetzer sold 3,150 shares of Constellation Brands stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $188.54, for a total transaction of $593,901.00. Following the completion of the sale, the executive vice president directly owned 3,126 shares of the company's stock, valued at approximately $589,376.04. The trade was a 50.19% decrease in their position. The disclosure for this sale can be found here. Insiders own 12.45% of the company's stock.

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.