Glenview Trust Co Sells 22,056 Shares of Constellation Brands Inc $STZ

Key Points

• Glenview Trust Co cut its Constellation Brands stake by 39.7% in the fourth quarter, selling 22,056 shares and leaving it with 33,565 shares worth about $4.63 million.
• Constellation Brands reported better-than-expected quarterly earnings, posting $1.90 EPS versus the $1.71 estimate, though revenue fell 11.3% year over year to $1.92 billion.
• The company also raised its quarterly dividend to $1.03 per share, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $175.37.

Glenview Trust Co trimmed its position in Constellation Brands Inc (NYSE:STZ - Free Report) by 39.7% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,565 shares of the company's stock after selling 22,056 shares during the period. Glenview Trust Co's holdings in Constellation Brands were worth $4,631,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in STZ. Ameriprise Financial Inc. increased its position in Constellation Brands by 650.6% in the 2nd quarter. Ameriprise Financial Inc. now owns 1,769,741 shares of the company's stock valued at $287,889,000 after buying an additional 1,533,961 shares in the last quarter. Pzena Investment Management LLC bought a new stake in Constellation Brands in the 4th quarter valued at about $81,381,000. Vanguard Group Inc. increased its position in Constellation Brands by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 18,202,611 shares of the company's stock valued at $2,451,346,000 after buying an additional 573,766 shares in the last quarter. Worldquant Millennium Advisors LLC increased its position in Constellation Brands by 1,249.7% in the 2nd quarter. Worldquant Millennium Advisors LLC now owns 476,702 shares of the company's stock valued at $77,550,000 after buying an additional 441,382 shares in the last quarter. Finally, Hotchkis & Wiley Capital Management LLC increased its position in Constellation Brands by 26.8% in the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 1,664,151 shares of the company's stock valued at $224,111,000 after buying an additional 351,241 shares in the last quarter. 77.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Constellation Brands

In other news, EVP James O. Bourdeau sold 4,407 shares of the business's stock in a transaction that occurred on Tuesday, May 12th. The stock was sold at an average price of $143.24, for a total value of $631,258.68. Following the transaction, the executive vice president owned 9,109 shares in the company, valued at $1,304,773.16. The trade was a 32.61% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 12.45% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Bank of America raised their price objective on shares of Constellation Brands from $142.00 to $154.00 and gave the company an "underperform" rating in a research note on Friday, April 10th. Needham & Company LLC raised their price objective on shares of Constellation Brands from $180.00 to $185.00 and gave the company a "buy" rating in a research note on Friday, April 10th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Constellation Brands in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Constellation Brands from $154.00 to $155.00 and gave the company a "hold" rating in a research note on Friday, April 10th. Finally, TD Cowen upgraded Constellation Brands from a "hold" rating to a "buy" rating and lifted their price target for the company from $142.00 to $190.00 in a research note on Monday, April 13th. One research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $175.37.

Constellation Brands Price Performance

STZ stock opened at $149.50 on Tuesday. The company has a market capitalization of $25.74 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 3.28 and a beta of 0.43. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.55 and a current ratio of 1.08. Constellation Brands Inc has a 52-week low of $126.45 and a 52-week high of $186.40. The business has a 50-day simple moving average of $152.75 and a two-hundred day simple moving average of $148.88.

Constellation Brands (NYSE:STZ - Get Free Report) last announced its earnings results on Wednesday, April 8th. The company reported $1.90 earnings per share for the quarter, topping analysts' consensus estimates of $1.71 by $0.19. Constellation Brands had a return on equity of 26.18% and a net margin of 17.29%.The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.84 billion. During the same quarter in the previous year, the business earned $2.63 EPS. The company's revenue was down 11.3% compared to the same quarter last year. Research analysts expect that Constellation Brands Inc will post 11.9 EPS for the current fiscal year.

Constellation Brands Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 14th. Stockholders of record on Wednesday, April 29th were paid a $1.03 dividend. This represents a $4.12 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Wednesday, April 29th. This is a boost from Constellation Brands's previous quarterly dividend of $1.02. Constellation Brands's dividend payout ratio (DPR) is presently 42.96%.

Constellation Brands Company Profile

Constellation Brands, Inc is a leading producer and marketer of beer, wine and spirits, with operations spanning production, importation, marketing and distribution. The company's beverage portfolio includes a range of premium and mainstream wines and spirits alongside major imported beer brands; in the U.S. market Constellation is widely known for its role in bringing Mexican imports such as Corona and Modelo to American consumers. Constellation supplies retail, on‑premise and foodservice channels and supports its brands with national sales and marketing platforms and supply‑chain capabilities.

The company traces its roots to the Canandaigua Wine Company, founded by Marvin Sands in 1945, and evolved through organic growth and acquisition into a diversified beverage company.

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