Constellation Brands Inc (NYSE:STZ) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia has reduced its holdings in Constellation Brands Inc by 20.6%, owning 16,748 shares valued at approximately $3.07 million after selling 4,343 shares in the first quarter.
• Recent analyst ratings show a trend of decreasing price targets for Constellation Brands, with Deutsche Bank lowering its target from $191 to $185 while still maintaining a "hold" rating.
• Constellation Brands announced a quarterly dividend of $1.02, with a yield of 2.4%, despite a negative dividend payout ratio of -170.71% reported earlier.

Bank of Nova Scotia decreased its holdings in shares of Constellation Brands Inc (NYSE:STZ - Free Report) by 20.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,748 shares of the company's stock after selling 4,343 shares during the quarter. Bank of Nova Scotia's holdings in Constellation Brands were worth $3,074,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its holdings in Constellation Brands by 23.0% during the 4th quarter. Brighton Jones LLC now owns 1,001 shares of the company's stock worth $221,000 after acquiring an additional 187 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Constellation Brands by 39.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 6,096 shares of the company's stock worth $1,347,000 after acquiring an additional 1,733 shares in the last quarter. Arrowstreet Capital Limited Partnership acquired a new position in Constellation Brands during the 4th quarter worth $4,180,000. Russell Investments Group Ltd. grew its holdings in Constellation Brands by 2.3% during the 4th quarter. Russell Investments Group Ltd. now owns 69,016 shares of the company's stock worth $15,244,000 after acquiring an additional 1,520 shares in the last quarter. Finally, FMR LLC boosted its holdings in shares of Constellation Brands by 18.3% in the 4th quarter. FMR LLC now owns 1,641,087 shares of the company's stock valued at $362,680,000 after buying an additional 253,740 shares during the period. Hedge funds and other institutional investors own 77.34% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on STZ. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Constellation Brands from $191.00 to $185.00 and set a "hold" rating for the company in a report on Thursday, June 5th. CJS Securities decreased their price target on shares of Constellation Brands from $196.00 to $194.00 in a report on Monday, May 19th. Wells Fargo & Company decreased their price target on shares of Constellation Brands from $210.00 to $196.00 and set an "overweight" rating for the company in a report on Wednesday, June 25th. Citigroup lifted their price objective 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. Finally, Bernstein Bank cut their price objective on shares of Constellation Brands from $260.00 to $225.00 and set an "outperform" rating on the stock in a research report on Thursday, April 10th. Eleven equities research 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 MarketBeat, Constellation Brands currently has a consensus rating of "Moderate Buy" and a consensus target price of $213.74.

Constellation Brands Stock Performance

Shares of STZ stock opened at $170.70 on Wednesday. The stock has a fifty day moving average of $169.60 and a 200 day moving average of $177.06. Constellation Brands Inc has a 52 week low of $159.35 and a 52 week high of $261.06. The firm has a market capitalization of $30.09 billion, a price-to-earnings ratio of -71.42, a PEG ratio of 10.31 and a beta of 0.67. 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 announced its quarterly earnings data on Tuesday, July 1st. The company reported $3.22 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 firm had revenue of $2.52 billion for the quarter, compared to analysts' expectations of $2.57 billion. During the same period in the prior year, the business posted $3.57 EPS. The business's quarterly revenue was down 5.5% compared to the same quarter last year. As a group, research analysts expect that Constellation Brands Inc will post 13.5 earnings per share for the current year.

Constellation Brands Announces Dividend

The company 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 $1.02 dividend. 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%.

Insider Activity

In other news, EVP James O. Bourdeau sold 821 shares of Constellation Brands 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. The trade was a 8.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Samuel J. Glaetzer sold 3,150 shares of the business's stock in a transaction that occurred 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 directly owned 3,126 shares in the company, valued at approximately $589,376.04. This represents a 50.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company 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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