SouthState Corp Sells 8,841 Shares of Constellation Brands Inc (NYSE:STZ)

Key Points

• SouthState Corp has decreased its position in Constellation Brands Inc by 28.7%, now holding 22,016 shares worth approximately $4.04 million.
• Analysts have raised price targets for Constellation Brands, with ratings indicating a consensus of "Moderate Buy" and a target of about $213.74.
• Constellation Brands will pay a quarterly dividend of $1.02 per share on August 14th, representing an annualized dividend yield of 2.4%.

SouthState Corp lessened its holdings in Constellation Brands Inc (NYSE:STZ - Free Report) by 28.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 22,016 shares of the company's stock after selling 8,841 shares during the quarter. SouthState Corp's holdings in Constellation Brands were worth $4,040,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Harbor Capital Advisors Inc. increased its position in shares of Constellation Brands by 36.4% in the first quarter. Harbor Capital Advisors Inc. now owns 3,051 shares of the company's stock valued at $560,000 after acquiring an additional 815 shares during the period. Golden State Wealth Management LLC increased its position in shares of Constellation Brands by 137.0% during the first quarter. Golden State Wealth Management LLC now owns 2,204 shares of the company's stock valued at $405,000 after buying an additional 1,274 shares during the period. Oppenheimer Asset Management Inc. increased its position in shares of Constellation Brands by 28.9% during the first quarter. Oppenheimer Asset Management Inc. now owns 7,360 shares of the company's stock valued at $1,351,000 after buying an additional 1,651 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Constellation Brands by 7.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 17,206 shares of the company's stock valued at $3,180,000 after buying an additional 1,185 shares during the period. Finally, Bessemer Group Inc. increased its position in shares of Constellation Brands by 3.0% during the first quarter. Bessemer Group Inc. now owns 2,242 shares of the company's stock valued at $412,000 after buying an additional 65 shares during the period. Hedge funds and other institutional investors own 77.34% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on STZ shares. Cowen reiterated a "hold" rating on shares of Constellation Brands in a research report on Monday, July 7th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Constellation Brands from $191.00 to $185.00 and set a "hold" rating on the stock in a research report on Thursday, June 5th. Citigroup boosted their price target on shares of Constellation Brands from $170.00 to $174.00 and gave the company a "neutral" rating in a research report on Thursday, July 3rd. Wall Street Zen raised shares of Constellation Brands from a "sell" rating to a "hold" rating in a research note on Tuesday, May 20th. Finally, Truist Financial raised shares of Constellation Brands from a "hold" rating to a "buy" rating and boosted their price objective for the stock from $190.00 to $215.00 in a research note on Wednesday, May 7th. Eleven 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 presently has an average rating of "Moderate Buy" and a consensus target price of $213.74.

Insiders Place Their Bets

In related news, EVP James O. Bourdeau sold 821 shares of the firm'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 completion of the transaction, the executive vice president directly owned 9,438 shares of the company's stock, valued at approximately $1,595,022. This trade represents a 8.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 12.45% of the company's stock.

Constellation Brands Stock Performance

STZ traded up $0.37 during trading on Wednesday, hitting $170.35. The company's stock had a trading volume of 1,429,446 shares, compared to its average volume of 2,413,258. 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 Inc has a one year low of $159.35 and a one year high of $261.06. The firm has a market cap of $30.03 billion, a PE ratio of -71.28, a P/E/G ratio of 10.21 and a beta of 0.67. The business's 50 day simple moving average is $168.89 and its 200-day simple moving average is $176.67.

Constellation Brands (NYSE:STZ - Get Free Report) last announced its quarterly earnings data on Tuesday, July 1st. The company reported $3.22 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.45 by ($0.23). The firm had revenue of $2.52 billion during 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 business's revenue for the quarter was down 5.5% on a year-over-year basis. During the same period last year, the company earned $3.57 earnings per share. As a group, sell-side analysts predict that Constellation Brands Inc will post 13.5 EPS for the current fiscal year.

Constellation Brands Announces Dividend

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

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.