Welch & Forbes LLC Trims Stock Holdings in Constellation Brands Inc (NYSE:STZ)

Welch & Forbes LLC cut its holdings in Constellation Brands Inc (NYSE:STZ - Free Report) by 55.8% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 33,519 shares of the company's stock after selling 42,351 shares during the quarter. Welch & Forbes LLC's holdings in Constellation Brands were worth $6,151,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Minot DeBlois Advisors LLC purchased a new stake in shares of Constellation Brands during the fourth quarter valued at about $29,000. Optiver Holding B.V. acquired a new position in shares of Constellation Brands during the fourth quarter valued at about $31,000. Laurel Wealth Advisors LLC acquired a new position in shares of Constellation Brands during the first quarter valued at about $32,000. Rakuten Securities Inc. increased its holdings in shares of Constellation Brands by 805.0% during the first quarter. Rakuten Securities Inc. now owns 181 shares of the company's stock valued at $33,000 after acquiring an additional 161 shares in the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new position in shares of Constellation Brands during the fourth quarter valued at about $44,000. 77.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Constellation Brands news, EVP Samuel J. Glaetzer sold 3,150 shares of the firm's 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 sale, the executive vice president directly owned 3,126 shares of the company's stock, valued at $589,376.04. This trade represents a 50.19% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 12.45% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on STZ shares. BMO Capital Markets cut their price objective on shares of Constellation Brands from $260.00 to $215.00 and set an "outperform" rating on the stock in a report on Friday, April 11th. The Goldman Sachs Group set a $225.00 price objective on shares of Constellation Brands and gave the company a "buy" rating in a report on Friday, June 27th. Citigroup upped their price objective 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. 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 report on Thursday, April 10th. Finally, Roth Mkm cut their price objective on shares of Constellation Brands from $284.00 to $256.00 and set a "buy" rating on the stock in a report on Thursday, April 3rd. Eleven research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $213.74.

Constellation Brands Stock Performance

Constellation Brands stock traded down $1.32 during mid-day trading on Friday, hitting $170.20. The company had a trading volume of 576,973 shares, compared to its average volume of 1,934,269. The company has a current ratio of 1.07, a quick ratio of 0.68 and a debt-to-equity ratio of 1.30. Constellation Brands Inc has a 12-month low of $159.35 and a 12-month high of $261.06. The company's fifty day moving average is $173.86 and its 200-day moving average is $180.18. The company has a market capitalization of $30.00 billion, a price-to-earnings ratio of -71.27, a P/E/G ratio of 10.18 and a beta of 0.67.

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 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 negative net margin of 4.11% and a positive return on equity of 31.41%. The company's revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.57 EPS. Equities research analysts predict that Constellation Brands Inc will post 13.5 EPS for the current year.

Constellation Brands Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, August 14th. Shareholders of record on Wednesday, July 30th will be paid a $1.02 dividend. This represents a $4.08 dividend on an annualized basis and a dividend yield of 2.40%. The ex-dividend date of this dividend is Wednesday, July 30th. Constellation Brands's dividend payout ratio (DPR) is presently -170.71%.

About Constellation Brands

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.