DAVENPORT & Co LLC Has $35.94 Million Stock Position in Constellation Brands Inc $STZ

Key Points

• DAVENPORT & Co LLC increased its stake in Constellation Brands by 6.6%, owning 221,377 shares valued at about $35.94 million.
• Constellation Brands is set to pay a quarterly dividend of $1.02 on November 13, with an annualized yield of 2.9%, despite a negative dividend payout ratio of -170.71%.
• Zacks Research downgraded Constellation Brands from "hold" to "strong sell," while several analysts have adjusted their price targets, reflecting a mixed outlook on the stock's performance.

DAVENPORT & Co LLC boosted its position in Constellation Brands Inc (NYSE:STZ - Free Report) by 6.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 221,377 shares of the company's stock after acquiring an additional 13,722 shares during the period. DAVENPORT & Co LLC owned 0.13% of Constellation Brands worth $35,937,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Strategic Financial Concepts LLC increased its stake in Constellation Brands by 5.8% during the 1st 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 grew its holdings in shares of Constellation Brands by 1.7% during the first quarter. World Investment Advisors now owns 3,801 shares of the company's stock valued at $698,000 after buying an additional 62 shares during the last quarter. V Square Quantitative Management LLC raised its holdings in shares of Constellation Brands by 3.8% in the 2nd quarter. V Square Quantitative Management LLC now owns 1,682 shares of the company's stock worth $274,000 after acquiring an additional 62 shares during the last quarter. Bessemer Group Inc. lifted its position in Constellation Brands by 3.0% in the 1st quarter. Bessemer Group Inc. now owns 2,242 shares of the company's stock valued at $412,000 after acquiring an additional 65 shares in the last quarter. Finally, Oak Asset Management LLC boosted its stake in Constellation Brands by 0.4% during the 2nd quarter. Oak Asset Management LLC now owns 18,281 shares of the company's stock valued at $2,974,000 after purchasing an additional 70 shares during the last quarter. Institutional investors own 77.34% of the company's stock.

Insider Transactions at Constellation Brands

In other Constellation Brands news, EVP James O. Bourdeau sold 821 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $169.00, for a total transaction of $138,749.00. Following the sale, 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 12.45% of the company's stock.

Constellation Brands Price Performance

Shares of NYSE STZ opened at $142.20 on Monday. The company has a current ratio of 1.07, a quick ratio of 0.68 and a debt-to-equity ratio of 1.30. The stock has a fifty day simple moving average of $153.72 and a two-hundred day simple moving average of $169.35. Constellation Brands Inc has a 1-year low of $131.20 and a 1-year high of $247.96. The firm has a market cap of $25.07 billion, a price-to-earnings ratio of -59.50, a price-to-earnings-growth ratio of 0.43 and a beta of 1.75.

Constellation Brands Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 13th. Investors of record on Thursday, October 30th will be issued a $1.02 dividend. The ex-dividend date of this dividend is Thursday, October 30th. This represents a $4.08 annualized dividend and a yield of 2.9%. Constellation Brands's dividend payout ratio (DPR) is -170.71%.

Wall Street Analyst Weigh In

STZ has been the topic of a number of recent research reports. Zacks Research lowered Constellation Brands from a "hold" rating to a "strong sell" rating in a report on Tuesday, September 9th. Bank of America cut their price target on shares of Constellation Brands from $150.00 to $142.00 and set an "underperform" rating on the stock in a report on Wednesday, September 3rd. TD Cowen reduced their target price on Constellation Brands from $180.00 to $152.00 and set a "hold" rating for the company in a report on Thursday, September 4th. The Goldman Sachs Group dropped their price target on Constellation Brands from $196.00 to $168.00 and set a "buy" rating on the stock in a report on Thursday. Finally, Needham & Company LLC reduced their price objective on Constellation Brands from $200.00 to $180.00 and set a "buy" rating for the company in a research note on Wednesday, September 3rd. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, nine have given a Hold rating and five have issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $188.96.

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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