HighTower Advisors LLC Reduces Holdings in Constellation Brands Inc (NYSE:STZ)

Key Points

• HighTower Advisors LLC has reduced its holdings in Constellation Brands Inc by 50.4%, now owning approximately 113,120 shares valued at $20.76 million.
• Constellation Brands reported a negative net margin of 4.11% and reported EPS of $3.22, missing analysts' expectations by $0.23.
• Multiple brokerages have increased their price targets for Constellation Brands, with UBS Group raising theirs to $205.00 and Needham & Company to $200.00, indicating optimistic market sentiment.

HighTower Advisors LLC decreased its position in shares of Constellation Brands Inc (NYSE:STZ - Free Report) by 50.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 113,120 shares of the company's stock after selling 115,021 shares during the period. HighTower Advisors LLC owned approximately 0.06% of Constellation Brands worth $20,760,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Minot DeBlois Advisors LLC purchased a new stake in Constellation Brands in the 4th quarter worth about $29,000. Optiver Holding B.V. bought a new position in shares of Constellation Brands during the fourth quarter valued at approximately $31,000. Laurel Wealth Advisors LLC purchased a new stake in shares of Constellation Brands in the first quarter worth approximately $32,000. Rakuten Securities Inc. raised its holdings in shares of Constellation Brands by 805.0% in the first quarter. Rakuten Securities Inc. now owns 181 shares of the company's stock worth $33,000 after buying an additional 161 shares during the period. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of Constellation Brands during the 4th quarter worth approximately $44,000. Hedge funds and other institutional investors own 77.34% of the company's stock.

Insider Transactions at Constellation Brands

In other news, EVP James O. Bourdeau sold 821 shares of the company's stock in a transaction on 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 approximately $1,595,022. This represents a 8.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.45% of the company's stock.

Constellation Brands Trading Down 0.7%

Shares of NYSE STZ opened at $168.26 on Friday. Constellation Brands Inc has a 1-year low of $159.35 and a 1-year high of $261.06. The business has a fifty day moving average price of $168.67 and a 200 day moving average price of $176.39. The stock has a market capitalization of $29.66 billion, a P/E ratio of -70.40, a price-to-earnings-growth ratio of 10.26 and a beta of 0.67. The company has a debt-to-equity ratio of 1.30, a current ratio of 1.07 and a quick ratio of 0.68.

Constellation Brands (NYSE:STZ - Get Free Report) last released its quarterly earnings results 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 previous year, the company posted $3.57 earnings per share. The business's quarterly revenue was down 5.5% compared to the same quarter last year. Equities research analysts expect that Constellation Brands Inc will post 13.5 EPS for the current fiscal year.

Constellation Brands Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 14th. Shareholders of record on Wednesday, July 30th were issued a $1.02 dividend. This represents a $4.08 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Wednesday, July 30th. Constellation Brands's payout ratio is currently -170.71%.

Analysts Set New Price Targets

Several brokerages have commented on STZ. UBS Group upped their price objective on Constellation Brands from $195.00 to $205.00 and gave the company a "buy" rating in a research report on Thursday, July 3rd. Needham & Company LLC upped their price target on shares of Constellation Brands from $195.00 to $200.00 and gave the stock a "buy" rating in a report on Thursday, July 3rd. Barclays set a $202.00 price target on shares of Constellation Brands and gave the stock an "overweight" rating in a research note on Thursday, June 26th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Constellation Brands from $191.00 to $185.00 and set a "hold" rating for the company in a research report on Thursday, June 5th. Finally, Truist Financial raised shares of Constellation Brands from a "hold" rating to a "buy" rating and raised their target price for the stock from $190.00 to $215.00 in a research report on Wednesday, May 7th. Eleven analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $213.74.

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.

Want to see what other hedge funds are holding STZ? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Constellation Brands Inc (NYSE:STZ - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.