Forsta AP Fonden Sells 6,700 Shares of Constellation Brands Inc (NYSE:STZ)

Key Points

• Forsta AP Fonden has reduced its stake in Constellation Brands Inc by 18.4%, selling 6,700 shares and now holding a total of 29,800 shares worth approximately $5.47 million.
• Constellation Brands reported earnings of $3.22 per share for the last quarter, falling short of estimates by $0.23, and saw a 5.5% decline in revenue compared to the previous year.
• The company announced a quarterly dividend of $1.02 per share, with an ex-dividend date of July 30th, representing an annualized yield of 2.4%.

Forsta AP Fonden lessened its stake in Constellation Brands Inc (NYSE:STZ - Free Report) by 18.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,800 shares of the company's stock after selling 6,700 shares during the period. Forsta AP Fonden's holdings in Constellation Brands were worth $5,469,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Minot DeBlois Advisors LLC bought a new position in Constellation Brands during the 4th quarter valued at approximately $29,000. Optiver Holding B.V. purchased a new stake in shares of Constellation Brands in the 4th quarter worth approximately $31,000. Laurel Wealth Advisors LLC purchased a new stake in Constellation Brands during the 1st quarter valued at $32,000. Rakuten Securities Inc. boosted its stake in Constellation Brands by 805.0% during the 1st quarter. Rakuten Securities Inc. now owns 181 shares of the company's stock valued at $33,000 after purchasing an additional 161 shares during the last quarter. Finally, Fourth Dimension Wealth LLC purchased a new stake in Constellation Brands during the 4th quarter valued at $44,000. Institutional investors own 77.34% of the company's stock.

Constellation Brands Price Performance

Shares of NYSE:STZ traded up $0.37 during trading on Wednesday, reaching $170.35. The company had a trading volume of 1,429,446 shares, compared to its average volume of 2,413,258. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.68 and a current ratio of 1.07. The firm's fifty day moving average is $168.89 and its 200 day moving average is $176.67. Constellation Brands Inc has a twelve month low of $159.35 and a twelve month high of $261.06. The firm has a market capitalization of $30.03 billion, a PE ratio of -71.28, a price-to-earnings-growth ratio of 10.21 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 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 for the quarter, compared to analyst estimates of $2.57 billion. Constellation Brands had a negative net margin of 4.11% and a positive return on equity of 31.41%. The firm's revenue was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.57 EPS. On average, equities analysts forecast that Constellation Brands Inc will post 13.5 EPS for the current year.

Constellation Brands Dividend Announcement

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 is Wednesday, July 30th. Constellation Brands's dividend payout ratio is presently -170.71%.

Analyst Ratings Changes

A number of equities analysts recently commented on STZ shares. Bank of America raised their target price on Constellation Brands from $180.00 to $182.00 and gave the stock a "neutral" rating in a report on Thursday, July 3rd. Cowen reiterated a "hold" rating on shares of Constellation Brands in a research report on Monday, July 7th. Roth Capital dropped their target price on Constellation Brands from $256.00 to $239.00 and set a "buy" rating for the company in a research report on Tuesday, May 20th. Citigroup boosted 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, 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 issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Constellation Brands presently has a consensus rating of "Moderate Buy" and a consensus target price of $213.74.

Insider Buying and Selling

In other news, EVP James O. Bourdeau sold 821 shares of the firm'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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 12.45% of the stock is currently owned by insiders.

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.