Cobblestone Capital Advisors LLC NY Sells 2,689 Shares of Constellation Brands Inc (NYSE:STZ)

Key Points

• Cobblestone Capital Advisors LLC reduced its stake in Constellation Brands by 30.6%, selling 2,689 shares, leaving them with 6,096 shares valued at approximately $1.12 million.
• Constellation Brands reported a quarterly loss with EPS of $3.22, missing estimates and showing a 5.5% decline in year-over-year revenue.
• The company has announced a quarterly dividend of $1.02 per share, indicating a yield of 2.4% for shareholders.

Cobblestone Capital Advisors LLC NY cut its stake in shares of Constellation Brands Inc (NYSE:STZ - Free Report) by 30.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,096 shares of the company's stock after selling 2,689 shares during the period. Cobblestone Capital Advisors LLC NY's holdings in Constellation Brands were worth $1,119,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in STZ. Nuveen LLC purchased a new position in Constellation Brands during the 1st quarter valued at about $63,377,000. Cooper Financial Group lifted its position in Constellation Brands by 9.4% in the first quarter. Cooper Financial Group now owns 3,568 shares of the company's stock valued at $655,000 after purchasing an additional 307 shares during the last quarter. Sierra Summit Advisors LLC bought a new position in shares of Constellation Brands during the first quarter valued at approximately $841,000. Benjamin Edwards Inc. raised its holdings in shares of Constellation Brands by 4.0% during the first quarter. Benjamin Edwards Inc. now owns 4,667 shares of the company's stock valued at $857,000 after acquiring an additional 181 shares in the last quarter. Finally, Koa Wealth Management LLC raised its holdings in shares of Constellation Brands by 69.7% during the first quarter. Koa Wealth Management LLC now owns 17,875 shares of the company's stock valued at $3,280,000 after acquiring an additional 7,340 shares in the last quarter. 77.34% of the stock is owned by hedge funds and other institutional investors.

Constellation Brands Price Performance

Shares of STZ stock traded up $1.40 during trading hours on Tuesday, reaching $170.12. 1,655,899 shares of the company were exchanged, compared to its average volume of 1,691,744. The stock's fifty day moving average is $168.89 and its two-hundred day moving average is $176.67. Constellation Brands Inc has a fifty-two week low of $159.35 and a fifty-two week high of $261.06. The company has a market cap of $29.99 billion, a price-to-earnings ratio of -71.18, a P/E/G ratio of 10.21 and a beta of 0.67. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.07 and a quick ratio of 0.68.

Constellation Brands (NYSE:STZ - Get Free Report) last issued its quarterly 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). Constellation Brands had a negative net margin of 4.11% and a positive return on equity of 31.41%. The business had revenue of $2.52 billion during the quarter, compared to analyst estimates of $2.57 billion. During the same quarter in the previous year, the firm posted $3.57 earnings per share. The firm's quarterly revenue was down 5.5% on a year-over-year basis. Sell-side analysts forecast that Constellation Brands Inc will post 13.5 earnings per share for the current fiscal year.

Constellation Brands Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, August 14th. Stockholders of record on Wednesday, July 30th will be issued a dividend of $1.02 per share. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, July 30th. Constellation Brands's dividend payout ratio is -170.71%.

Insider Buying and Selling at Constellation Brands

In other news, EVP James O. Bourdeau sold 821 shares of the company's stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 9,438 shares of the company's stock, valued at approximately $1,595,022. This represents a 8.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 12.45% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Citigroup boosted their target price on shares of Constellation Brands from $170.00 to $174.00 and gave the company a "neutral" rating in a report on Thursday, July 3rd. Piper Sandler increased their target price on Constellation Brands from $165.00 to $170.00 and gave the company a "neutral" rating in a report on Friday, June 6th. The Goldman Sachs Group set a $225.00 price objective on Constellation Brands and gave the stock a "buy" rating in a research note on Friday, June 27th. Bank of America lifted their target price on Constellation Brands from $180.00 to $182.00 and gave the company a "neutral" rating in a research note on Thursday, July 3rd. Finally, Truist Financial upgraded Constellation Brands from a "hold" rating to a "buy" rating and raised their price target for the company from $190.00 to $215.00 in a report on Wednesday, May 7th. Eleven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $213.74.

Constellation Brands 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.