Carnegie Investment Counsel Sells 1,546 Shares of Constellation Brands Inc (NYSE:STZ)

Key Points

• Carnegie Investment Counsel reduced its holdings in Constellation Brands Inc by 30.3%, owning 3,550 shares after selling 1,546 shares in the last quarter, worth approximately $613,000.
• Constellation Brands missed earnings estimates for the recent quarter, reporting $3.22 earnings per share, below the expected $3.45, and a 5.5% year-over-year decline in revenue.
• The company announced a quarterly dividend of $1.02 per share, with an ex-dividend date on July 30, representing an annual yield of 2.32%.

Carnegie Investment Counsel trimmed its holdings in Constellation Brands Inc (NYSE:STZ - Free Report) by 30.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,550 shares of the company's stock after selling 1,546 shares during the period. Carnegie Investment Counsel's holdings in Constellation Brands were worth $613,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Piscataqua Savings Bank increased its holdings in Constellation Brands by 1.7% during the 1st quarter. Piscataqua Savings Bank now owns 3,720 shares of the company's stock worth $683,000 after purchasing an additional 62 shares in the last quarter. Strategic Financial Concepts LLC increased its holdings in Constellation Brands by 5.8% during the 1st quarter. Strategic Financial Concepts LLC now owns 1,128 shares of the company's stock worth $207,000 after purchasing an additional 62 shares in the last quarter. World Investment Advisors increased its holdings in Constellation Brands by 1.7% during the 1st quarter. World Investment Advisors now owns 3,801 shares of the company's stock worth $698,000 after purchasing an additional 62 shares in the last quarter. Moody National Bank Trust Division increased its holdings in Constellation Brands by 0.9% during the 1st quarter. Moody National Bank Trust Division now owns 6,991 shares of the company's stock worth $1,283,000 after purchasing an additional 64 shares in the last quarter. Finally, Bessemer Group Inc. increased its holdings in Constellation Brands by 3.0% during the 1st quarter. Bessemer Group Inc. now owns 2,242 shares of the company's stock worth $412,000 after purchasing an additional 65 shares in the last quarter. 77.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have commented on STZ shares. Cowen reissued a "hold" rating on shares of Constellation Brands in a report on Monday, July 7th. CJS Securities cut their target price on Constellation Brands from $196.00 to $194.00 in a research note on Monday, May 19th. Citigroup boosted their target price on Constellation Brands from $170.00 to $174.00 and gave the stock a "neutral" rating in a research note on Thursday, July 3rd. Jefferies Financial Group upgraded Constellation Brands from a "hold" rating to a "buy" rating and boosted their target price for the stock from $194.00 to $205.00 in a research note on Monday, July 7th. Finally, Truist Financial upgraded Constellation Brands from a "hold" rating to a "buy" rating and boosted their target price for the stock from $190.00 to $215.00 in a research note on Wednesday, May 7th. Eleven investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Constellation Brands has a consensus rating of "Moderate Buy" and an average target price of $213.74.

Insider Buying and Selling at Constellation Brands

In other Constellation Brands news, EVP James O. Bourdeau sold 821 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $169.00, for a total transaction of $138,749.00. Following the sale, the executive vice president owned 9,438 shares in the company, valued at $1,595,022. This represents a 8.00% decrease in their ownership of the stock. 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 the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $188.54, for a total value of $593,901.00. Following the sale, the executive vice president owned 3,126 shares in the company, valued at approximately $589,376.04. This represents a 50.19% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 12.45% of the company's stock.

Constellation Brands Stock Performance

Constellation Brands stock traded down $4.22 during trading on Wednesday, hitting $171.61. The stock had a trading volume of 1,398,697 shares, compared to its average volume of 2,078,480. The stock has a market cap of $30.25 billion, a price-to-earnings ratio of -71.80, a price-to-earnings-growth ratio of 10.64 and a beta of 0.67. The stock's 50 day moving average is $170.91 and its two-hundred day moving average is $177.51. Constellation Brands Inc has a 1 year low of $159.35 and a 1 year high of $261.06. The company has a quick ratio of 0.68, a current ratio of 1.07 and a debt-to-equity ratio of 1.30.

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

Constellation Brands Dividend Announcement

The business also recently announced 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. The ex-dividend date is Wednesday, July 30th. This represents a $4.08 annualized dividend and a dividend yield of 2.38%. Constellation Brands's dividend payout ratio is currently -170.71%.

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.