Constellation Brands Inc (NYSE:STZ) Shares Sold by Commerce Bank

Key Points

• Commerce Bank significantly decreased its stake in Constellation Brands Inc by 85.1%, selling 128,829 shares, leaving it with 22,481 shares valued at approximately $4.12 million.
• Several hedge funds have made modest increases in their holdings of Constellation Brands, with Piscataqua Savings Bank boosting its stake by 1.7% in the first quarter.
• Constellation Brands announced a $1.02 quarterly dividend due on August 14th, 2023, with a dividend yield of 2.5%, despite a negative payout ratio of -170.71%.

Commerce Bank lowered its position in Constellation Brands Inc (NYSE:STZ - Free Report) by 85.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 22,481 shares of the company's stock after selling 128,829 shares during the period. Commerce Bank's holdings in Constellation Brands were worth $4,126,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the stock. Piscataqua Savings Bank lifted its holdings in shares of Constellation Brands by 1.7% in the first quarter. Piscataqua Savings Bank now owns 3,720 shares of the company's stock valued at $683,000 after purchasing an additional 62 shares in the last quarter. Strategic Financial Concepts LLC lifted its holdings in shares of Constellation Brands by 5.8% in the first quarter. Strategic Financial Concepts LLC now owns 1,128 shares of the company's stock valued at $207,000 after purchasing an additional 62 shares in the last quarter. World Investment Advisors lifted its holdings in shares of Constellation Brands by 1.7% in the first quarter. World Investment Advisors now owns 3,801 shares of the company's stock valued at $698,000 after purchasing an additional 62 shares in the last quarter. Moody National Bank Trust Division lifted its holdings in shares of Constellation Brands by 0.9% in the first quarter. Moody National Bank Trust Division now owns 6,991 shares of the company's stock valued at $1,283,000 after purchasing an additional 64 shares in the last quarter. Finally, Bessemer Group Inc. lifted its holdings in shares of Constellation Brands by 3.0% in the first quarter. Bessemer Group Inc. now owns 2,242 shares of the company's stock valued at $412,000 after purchasing an additional 65 shares in the last quarter. Institutional investors own 77.34% of the company's stock.

Constellation Brands Stock Performance

STZ traded down $1.21 during trading hours on Wednesday, hitting $169.44. The stock had a trading volume of 1,306,212 shares, compared to its average volume of 1,854,233. 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 stock has a market cap of $29.87 billion, a PE ratio of -70.89, a price-to-earnings-growth ratio of 10.33 and a beta of 0.67. Constellation Brands Inc has a 1 year low of $159.35 and a 1 year high of $261.06. The company's fifty day simple moving average is $169.60 and its 200 day simple moving average is $177.06.

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 business had revenue of $2.52 billion for the quarter, compared to analysts' expectations of $2.57 billion. Constellation Brands had a negative net margin of 4.11% and a positive return on equity of 31.41%. Constellation Brands's quarterly revenue was down 5.5% on a year-over-year basis. During the same period last year, the firm posted $3.57 earnings per share. Equities analysts anticipate that Constellation Brands Inc will post 13.5 earnings per share for the current year.

Constellation Brands Dividend Announcement

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on STZ shares. Morgan Stanley dropped their target price on Constellation Brands from $202.00 to $195.00 and set an "equal weight" rating on the stock in a report on Friday, April 11th. Truist Financial upgraded Constellation Brands from a "hold" rating to a "buy" rating and lifted their target price for the stock from $190.00 to $215.00 in a research note on Wednesday, May 7th. Bernstein Bank decreased their target price on Constellation Brands from $260.00 to $225.00 and set an "outperform" rating for the company in a research report on Thursday, April 10th. DA Davidson reduced their price target on Constellation Brands from $272.00 to $241.00 in a research report on Friday, April 11th. Finally, Citigroup lifted their price target on Constellation Brands from $170.00 to $174.00 and gave the company a "neutral" rating in a research report on Thursday, July 3rd. Eleven equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Constellation Brands has an average rating of "Moderate Buy" and a consensus price target of $213.74.

Insider Buying and Selling at Constellation Brands

In related news, EVP James O. Bourdeau sold 821 shares of the company's stock in a transaction dated Monday, July 21st. The stock was 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 of the company's stock, valued at $1,595,022. This represents a 8.00% decrease in their position. The sale was disclosed in a 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 that occurred on Tuesday, May 13th. The shares were sold at an average price of $188.54, for a total value of $593,901.00. Following the transaction, the executive vice president directly owned 3,126 shares of the company's stock, valued at $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.

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.