Constellation Brands Inc (NYSE:STZ) Shares Sold by Avantax Advisory Services Inc.

Key Points

• Avantax Advisory Services Inc. has significantly reduced its stake in Constellation Brands Inc by 75.9%, selling over 26,000 shares, bringing its total holdings down to 8,306 shares valued at approximately $1.52 million.
• Several institutional investors have increased their positions in Constellation Brands, with Harbor Capital Advisors Inc. boosting its stake by 36.4% and Golden State Wealth Management LLC increasing its holdings by 137.0% during the same period.
• Constellation Brands reported earnings of $3.22 EPS for the last quarter, falling short of analysts' expectations and marking a 5.5% decline in revenue year-over-year.

Avantax Advisory Services Inc. cut its stake in shares of Constellation Brands Inc (NYSE:STZ - Free Report) by 75.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 8,306 shares of the company's stock after selling 26,226 shares during the quarter. Avantax Advisory Services Inc.'s holdings in Constellation Brands were worth $1,524,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Harbor Capital Advisors Inc. grew its position in shares of Constellation Brands by 36.4% during the first quarter. Harbor Capital Advisors Inc. now owns 3,051 shares of the company's stock worth $560,000 after buying an additional 815 shares in the last quarter. Golden State Wealth Management LLC boosted its holdings in Constellation Brands by 137.0% in the first quarter. Golden State Wealth Management LLC now owns 2,204 shares of the company's stock valued at $405,000 after purchasing an additional 1,274 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in Constellation Brands by 28.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 7,360 shares of the company's stock valued at $1,351,000 after purchasing an additional 1,651 shares in the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in Constellation Brands by 7.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 17,206 shares of the company's stock valued at $3,180,000 after purchasing an additional 1,185 shares in the last quarter. Finally, Bessemer Group Inc. boosted its holdings in 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. 77.34% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

STZ has been the subject of a number of research analyst reports. Royal Bank Of Canada lowered their price target on Constellation Brands from $289.00 to $233.00 and set an "outperform" rating for the company in a report on Monday, April 14th. Deutsche Bank Aktiengesellschaft lowered their price target on Constellation Brands from $191.00 to $185.00 and set a "hold" rating for the company in a report on Thursday, June 5th. Morgan Stanley lowered their price target on Constellation Brands from $202.00 to $195.00 and set an "equal weight" rating for the company in a report on Friday, April 11th. Citigroup upped their price target on Constellation Brands from $170.00 to $174.00 and gave the company a "neutral" rating in a report on Thursday, July 3rd. Finally, DA Davidson lowered their price target on Constellation Brands from $272.00 to $241.00 in a report on Friday, April 11th. Eleven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Constellation Brands has a consensus rating of "Moderate Buy" and an average target price of $213.74.

Constellation Brands Price Performance

Constellation Brands stock opened at $167.07 on Friday. Constellation Brands Inc has a 12 month low of $159.35 and a 12 month high of $261.06. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.07 and a quick ratio of 0.68. The business has a 50 day simple moving average of $170.55 and a 200-day simple moving average of $177.38. The stock has a market capitalization of $29.45 billion, a PE ratio of -69.90, a price-to-earnings-growth ratio of 10.38 and a beta of 0.67.

Constellation Brands (NYSE:STZ - Get Free Report) last released its quarterly earnings results on Tuesday, July 1st. The company reported $3.22 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%. Constellation Brands's revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter last year, the company earned $3.57 EPS. Equities analysts predict that Constellation Brands Inc will post 13.5 earnings per share for the current year.

Constellation Brands Dividend Announcement

The firm 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 $1.02 dividend. The ex-dividend date is Wednesday, July 30th. This represents a $4.08 annualized dividend and a yield of 2.4%. Constellation Brands's dividend payout ratio is presently -170.71%.

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 value of $138,749.00. Following the completion of the transaction, the executive vice president owned 9,438 shares in the company, valued at approximately $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 can be accessed through 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 completion of the transaction, the executive vice president 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. Corporate insiders own 12.45% of the company's stock.

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.

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